GOLD CALLED UP.

Pahiatua Herald, Volume XLI, Issue 12536, 30 December 1933, Page 5

GOLD CALLED UP.

SWEEPING U.S. ACTION. HEAVY PENALTY PROVIDED. United Press Assn.—By Electric Ted egraph—Copy r j gh t. WASHINGTON, December 28. The Secretary of the Treasury, Mr Morgenthau, to-niglrt issued a sweeping new order requiring the delivery to the Treasury of all gold coin, bullion, and certificates held in the United States. The fallowing five exceptions to the order are permitted: Gold and bullion held under Federal license. Rare gold coin having a recognised value to numismatists. Gold not exceeding 100 dollars in the hands of an individual, and gold in fabrication for industrial, professional, or ornamental use. Gold coin, bullion and certificates owned by the Federal Reserve Banks and the Reconstruction Finance Corporation, and’ Gold now in Hawaii, the Philippines, and other United States possessions Mr Morgenthau’s order was issued under the authority of the Emergency Banking Amendment Act, authorising the Secretary to the Treasury to require the delivery of gold coin, bullion, and certificates to the Treasury whenever, in his judgment, “such action is necessary to protect the currency system of the United States.’' The order provides a penalty for non-compliance of a. 10,000-dollars fine, plus an assessment of twice the amount of gold held and ten years’ imprisonment. It is understood that the regulations issued make more effective President Roosevelt's original gold order. "With reports persisting that some new move is imminent in the Administration’s monetary programme leading to the eventual devaluation of the dollar and seizure by the Government of the profit in gold, the new order is interpreted in some quarters as a final drive to get gold in before such action is taken. This, however, is denied at the Treasury. DEMOCRATS’ POLICY. BROADENING MONETARY BASE WASHINGTON. December 28. After conferring with the President and the Speaker of the House of Representatives, Mr H. T. Rainey predicted that the Congressional session would be brief with no disturbance of the Administration’s monetary and other, programmes. He declared that a Democratic majority not only approves of the monetary programme thus far, but, with even a little encouragement from the President, would monetise silver “broaden our monetary base considerably.”