Proclamation 2039-Bank Holiday, March 6-9, 1933, Inclusive

Franklin D.
Roosevelt
32nd President of the United States: 1933 ‐ 1945
Proclamation 2039—Bank Holiday, March 6-

9, 1933, Inclusive
March 06, 1933
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 those 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; and
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 than
$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.
FRANKLIN D. ROOSEVELT
By the President:
CORDELL HULL
Secretary of State.

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Franklin D.

Proclamation 2039—Bank Holiday, March 6-

By the President of the United States of America

Whereas those conditions have created a national emergency; and

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