The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1934-01-18
Hoarders to Face
Severe Penalties

Collectors Coins, Unmelted Scrap
and Sweepings of Less Than
500 Are Exempt
A treasury department order
which fixed Wednesday as the last
day on which the government would
receive gold and make payments
thereon was in the hands Of all
Minneapolis banks and trust COM
panies Tuesday.
The order, issued by Henry Nor
genthau, Jr., secretary of the treas
ury, with the approval of Presi-
dent Roosevelt, applies to all gold
coin, gold bullion and gold certif1-
Gates withheld in noncompliance"
of the present order and the earlier
order calling in all gold.
The order not only applies to
continental United States but to
ANY place subject to the jurdsdic-
ton thereof"
The effect of the order, bankers
said, will be to eliminate gold as
a medium of exchange. One bank
er declared he could receive gold
or gold certificates Tuesday for
collection only"
Merchants who received gold or
gold certificates Tuesday expert
enced no difficulty in receiving pay
ment from banks if the gold was
surrendered before midnight Wed
nesday the deadline under terms of
the Morgenthau order, it was point
ed out. Should gold come in from
business houses later than that,
however, an affidavit explaining it's
acquisition probably will be neces-
sary before any payment can be
made.
Under the ruling, the secretary
of the treasury may pay "only such
part or none of the amount payable
therefor as the secretary of the
treasury may from time to time
prescribe" Gold surrendered after
midnight tomorrow may be held
by the treasury department for pen
alties payable for noncompliance
with the collaborating regulations.
The ruling was received at the
Minneapolis Federal Reserve Bank
in telegram from Mr.. Morgen-
than. It was transcribed, immed-
ately and sent out to all Minneap-
oils banks and trust companies and
members in the Ninth federal re-
serve district.
The order reads, in part, as fol-
lows:
Whereas a reasonable time has
elapsed within which any person
required to deliver gold coin, gold
bullion and gold certificates could
pay and deliver to the treasurer Of
the United States, in the manner
provided in said order of Dec. %,
1888, the gold coin, gold bullion and
gold certificates situated in the Uni
ted States owned by. such persons,
and
Whereas in my judgment such
action is necessary to protect the
currency system of the United
States;
"Now, therefore, I, Henry
Morgenthau, Jr., secretary of the
treasury, do hereby fix midnight of
Wednesday, Jan. II, 1884, as the
EXPIRATION of the period within which
any gold coin, gold bullion or gold
certificates may be paid and deliv-
cred to the treasurer of the United
States in compliance with the re-
quirements contained in such order
of Dec. %, 1888, as amended.
I'm the event that any gold coin,
gold bullion or gold certificate with
held in noncompliance with said
order and of this order are offered
after Jan. II, 1884, to the secretary
of the treasury, the treasurer of
the treasury, the treasurer of the
United States, any United States
mint or assay office, or to any ifs
cal agent of the United States,
there shall be paid therefor only
such part or none of the amount
otherwise payable therefor as the
secretary of the treasury may from
time to time prescribe shall be
whole or any balance shall be
1OIoahCo c1Au epPP2ACo W IkAC PSAc1Iy
payable for failure to comply with
the requirements of such order and
of this order.
1.-THE acceptance of any such
coin, bullion or certificates af-
ter Jan. IT, 1884, whether or not
such part of all of the amount
otherwise payable therefore is so
retained shall be without preju-
dice to the right to collect by suit
or otherwise the full penalty pro
vided in Section II of the federal
reserve act, as amended, less such
portion of the penalty as may have
been retained as hereinbefore pro-
vided.'
It was pointed out that those who
receive gold in good faith Tuesday
and Wednesday and surrender it
promptly will have no trouble in
receiving 100 cents on the dollar in
payment. For hoarders, however,
the regulation provided enough
teeth to make their treasures prac-
|tically worthless, at least for the
time being.
Because he charged his wife was
absent from home many nights dur
inor tho xxyaok md y-of11cad IN tell