Word: coins
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Though gold coin passed out of the lives of most U. S. citizens two months ago, it continues to engage the energetic attentions of Secretary of the Treasury Woodin and Attorney General Cummings who last week began a nation-wide hunt for hoarders...
Cause of the uproar and indignation was comparatively trivial. On May 2 matured a $239,197,000 issue of 2% Treasury certificates, "payable in U. S. gold coin of the present standard of value'' But President Roosevelt had forbidden all payments in gold on all obligations, public or private. U. S. certificate-holders got paper dollars still nominally worth 100? while foreigners were asked to take paper dollars worth only 84? in their currency. The President's embargo likewise prevented gold exports to meet the June 15 Liberty Loan interest payments abroad, despite the "gold clause...
...into the discard-and economic life went on about the same. Lawyers talked of taking a test case to the Supreme Court but admitted that their chief obstacle lay in proving that a bondholder had been actually damaged by being paid in paper money instead of in gold coin. Hoarders. Up last week also was the time limit set by President Roosevelt for hoarders to return to the Government all their gold holdings above $100 under pain of $10,000 fine and ten years imprisonment. Since March 6 nearly a billion dollars in gold had flowed back to the Treasury...
...bill not only confirmed and approved all President Roosevelt had done but also re-enacted for peacetime those parts of the Trading-With-the-Enemy Act that had to do with gold, currency and foreign exchange. The Secretary of the Treasury was empowered to call in all private gold coin and gold certificates. Violators of any executive order could be fined $10,000, jailed for ten years...
...gold currency to be called Federal Reserve Bank Notes.* Behind it were to be U. S. Government obligations at par, discounted commercial paper at 90% of its estimated value. Some $2,000,000,000 worth of this new currency was expected to be issued to replace cash & coin now hoarded, but the total was not limited. The Federal Reserve banks were to advance it to member banks on the thinnest sort of security ("cats & dogs," Senator Glass called it). Individuals were also permitted to borrow direct from the Federal Reserve on Government securities...