Proc.  2039   Amended by Procs. 2040, 2070, 2725
              Eliminated by FR Doc. 82-34163, Dec. 10, 1982 (47 FR 56351)
Proc.  2039.  March 6, 1933
                 [Bank Holiday, March 6-9, 1933, Inclusive]
                            By The President Of
                        The United States Of America
                               A PROCLAMATION
  Whereas there have been heavy and unwarranted withdrawals of gold and
currency from our banking institutions for the purpose of hoarding; and
  Whereas continuous and increasingly extensive speculative activity abroad
in foreign exchange has resulted in severe drains on the Nation's stocks of
gold; and
  Whereas these conditions have created a national emergency; and
  Whereas it is in the best interests of all bank depositors that a period
of respite be provided with a view to preventing further hoarding of coin,
bullion or currency or speculation in foreign exchange and permitting the
application of appropriate measures to protect the interests of our people;
  Whereas it is provided in Section 5(b) of the Act of October 6, 1917, (40
Stat. L. 411) as amended, "That the President may investigate, regulate, or
prohibit, under such rules and regulations as he may prescribe, by means of
licenses or otherwise, any transactions in foreign exchange and the export,
hoarding, melting, or earmarkings of gold or silver coin or bullion or
currency ***"; and
  Whereas it is provided in Section 16 of the said Act "that whoever shall
willfully violate any of the provisions of this Act or of any license,
rule, or regulation issued thereunder, and whoever shall willfully violate,
neglect, or refuse to comply with any order of the President issued in
compliance with the provisions of this Act, shall, upon conviction, be
fined not more that $10,000, or, if a natural person, imprisoned for not
more than ten years or both; ***";
  Now, therefore, I, Franklin D. Roosevelt, President of the United States
of America, in view of such national emergency and by virtue of the
authority vested in me by said Act and in order to prevent the export,
hoarding, or earmarking of gold or silver coin or bullion or currency, do
hereby proclaim, order, direct and declare that from Monday, the sixth day
of March, to Thursday, the ninth day of March, Nineteen Hundred and Thirty
Three, both dates inclusive, there shall be maintained and observed by all
banking institutions and all branches thereof located in the United States
of America, including the territories and insular possessions, a bank
holiday, and that during said period all banking transactions shall be
suspended.  During such holiday, excepting as hereinafter provided, no such
banking institution or branch shall pay out, export, earmark, or permit the
withdrawal or transfer in any manner or by any device whatsoever, of any
gold or silver coin or bullion or currency or take any other action which
might facilitate the hoarding thereof; nor shall any such banking
institution or branch pay out deposits, make loans or discounts, deal in
foreign exchange, transfer credits from the United States to any place
abroad, or transact any other banking business whatsoever.
  During such holiday, the Secretary of the Treasury, with the approval of
the President and under such regulations as he may prescribe, is authorized
and empowered (a) to permit any or all of such banking institutions to
perform any or all of the usual banking functions, (b) to direct, require
or permit the issuance of clearing house certificates or other evidences of
claims against assets of banking institutions, and (c) to authorize and
direct the creation in such banking institutions of special trust accounts
for the receipt of new deposits which shall be subject to withdrawal on
demand without any restriction or limitation and shall be kept separately
in cash or on deposit in Federal Reserve Banks or invested in obligations
of the United States.
  As used in this order the term "banking institutions" shall include all
Federal Reserve banks, national banking associations, banks, trust
companies, savings banks, building and loan associations, credit unions, or
other corporations, partnerships, associations or persons, engaged in the
business of receiving deposits, making loans, discounting business paper,
or transacting any other form of banking business.
  In Witness whereof, I have hereunto set my hand and caused the seal of
the United States to be affixed.
  Done in the City of Washington this 6th day of March - 1 a.m. in the year
of our Lord One Thousand Nine Hundred and Thirty-three, and of the
Independence of the United States the One Hundred and Fifty-seventh.
  By the President:
  Cordell Hull
  Secretary of State.