Imperial Valley press., 1933-10-26
ROOSEVELT
AUTHORIZES
GOLD BUYING
Mints And Assay Offices Per-
mitted To Purchase Newly
Mined Metal At Once.
REVOKES FORMER ORDER
New Executive Order Designed
To Carry Out Provisions Of
Price Lifting Plan.

WASHINGTON, Oct 26. U.P) -
President Roosevelt, in a new ex-
ecutive order, today authorized the
government s mints and assays Of
fices to begin purchases of newly
mined gold.
Mints were authorized to make
purchases at the new price of $3l .54
set this morning by the govern
ment for newly mined gold in car
ryng out the administration IS price
lifting plan.
The new executive order of the
President today revoked the order
of August 30, authorized the mints
to buy gold for the Reconstruction
Finance Corporation and permitted
export of articles fabricated from
gold.
The executive order said: 1.-The
executive order of August 20, 1888.
relating to the sale and export of
gold recovered from natural depos-
its is hereby revoked, provided,
however, that the secretary of the
treasury is authorized to sell in ac-
cordance herewith gold received
on consignment for sale on or be-
fore the date of this executive Or
der.
1.-The United States mints and
assay offices are thereby author
lied, subject to such regulations as
may from time to time be prescrib-
ed by the secretary of the treasury,
to receive on consignment gold
which the mint or assay office to
which the gold is delivered is sat-
isfied as being recovered from nat
ural deposits in the United States
or any place subject to jurisdic-
ton thereof.
RFC May Purchase
1.-The Reconstruction Finance
Corporation is authorized, subject
:, to such regulations as may from
time to time be prescribed by the
secretary of the treasury, to ac-
uuire gold which has been received
on consignment by United States
mint or assay office, and to hold,
earmarked for foreign account, ex-
port, or otherwise dispose Of such
gold.
1.-The executive order of August
20, 1888 relating to the boarding,
export, and earmarking OF gold
coin, bullion, or currency, and to
transactions in foreign exchange,
is hereby amended to permit, sub
ject to such regulations as may
from time to time be prescribed by
the secretary of the treasury, the
export of articles fabricated from
gold.
1.-The secretary of the treasury is
hereby authorized and empowered
to issue such regulations as he may
deem necessary to carry out the
purpose Of this executive order.
""This executive order and any
regulations issued hereunder may
be modified or revoked at any
time.D
SACRAMENTO, Oct. 26. (U.P) -
Approximately $4,000 men are work
ing the gold-bearing regions OF Cal
ifcrnia. attempting to take advan-
tage of the high world price offered
for the yellow metal, according to
Walter w. Bradley, state mineral
ogist.
California has yielded approx
mately 81 300, 100000 worth of gold
since 1849, and there remains about
,5OO0OO,OO0 which may require 10
or 100 years to find, he estimated.
Rise of the gold price to more
than $31, compared with the $20.67
paid before the initiation, will not
start general rush to the gold
fields. however, under the present
system of having to provide afflda-
Wits to show the source of the gold
and assure mint authorities it was
newly mined, small pick and sho-
vel" miners make too little profit to
induce large numbers into the min
ing business.
The $1,000 wandering prospectors
who are doing placer mining on a
small scale average 80 to so cents a
day. Out of this they must pay so
cents or 81 for affidavits whenever
they dispose of their gold. Some
help was offered when government
authorities agreed to accept affi-
davits from postmasters of noun
tain towns where notaries public
were not available.