Executive Order 6102

I'm sorry, I just couldn't let this slide.

"Beck and other pundits love talking about how FDR and the other "progressives" in the White House destroyed the American financial system by making it "illegal" for citizens to own gold bullion (constantly referencing the New Deal policy of removing gold coins from circulation). This was NOT a seizure of private assets as it is so often described by Congressman Ron Paul... it was a means of buying the coins back from private ownership by the Fed at an established rate and building a stockpile of bullion (at Fort Knox) to have on reserve for the US Government. Period. Were this NOT the case, Glenn Beck would not be making hourly claims to "owning" such a precious and protecting commodity as gold in his own portfolio, would he? "

I don't think Beck has ever claimed that FDR's gold seizures "destroyed" the American financial system (but yes, he has routinely referenced it as an example of progressive failings), but then again I can not claim to have bore witness to every word he's ever uttered. What you are absolutely wrong about is FDR did seize private assets. This was no simple "buy back" program. This was the equivalent to a hostile take over, an illegitimate financial eminent domain claim.

Executive Order 6102 was the Executive Order signed on April 5, 1933, by Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation over $100, in gold coins. Executive Order 6102 required U.S. citizens to deliver on or before May 1, 1933, all but that small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 or up to ten years in prison, or both.

Order 6102 specifically exempted "customary use in industry, profession or art", a provision that covered artists, jewelers, dentists, and sign makers among others. The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected gold coin collections from legal seizure and likely melting. The regulations prescribed within Executive Order 6102 were modified by Executive Order 6111 of April 20, 1933, both of which were ultimately revoked and superseded by Executive Orders 6260 and 6261 of August 28 and 29, 1933, which were even MORE restrictive.

The limitation on gold ownership in the U.S. was repealed after Gerald Ford signed a bill legalizing private ownership of all gold coins, bars, bullion and certificates in 1974 (post Nixon taking us off the standard, obviously).

FDR enforced the forced "buy back program" under the auspices of the Trading With The Enemy Act for goodness sake! You're right, that's not a seizure, it's totalitarianism (in my opinion). I don't care what you compensate the private owner with, to force his sale of his possessions - under penalty of imprisonment - IS A SEIZURE. And while we're at it, this post makes it perfectly plausable for Beck to simultaneously rail against FDR's executive gold seizure orders of the 1930's AND advertise the current ownership of gold within his portfolio.