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THE PROPERTY FROM A PRIVATE COLLECTION
ROOSEVELT, Franklin D. (1882-1945), President. Typed letter signed ("F.D.R."), AS PERSIDENT, to Frederic A. Delano (1863-1953), Washington, D. C. 27 October 1933. 1 page, 4to, White House stationery.
Details
ROOSEVELT, Franklin D. (1882-1945), President. Typed letter signed ("F.D.R."), AS PERSIDENT, to Frederic A. Delano (1863-1953), Washington, D. C. 27 October 1933. 1 page, 4to, White House stationery.
FDR DEFENDS HIS CONTROVERSIAL MOVE TAKING THE U.S. OFF THE GOLD STANDARD
On April 5, 1933, Roosevelt signed Executive Order 6102 which criminalized the hoarding of gold and compelled U.S. citizens to turn in their gold coins, bullion or gold certificates by May 1, 1933, in return for cash at $20.67 an ounce (non-U.S. citizens could still redeem gold in dollars until Nixon took the U.S. completely off the gold standard in 1971). Six months into this experiment, FDR takes stock: "...So far the results seem to be good. The gold purchase method seemed to me the only really sound experiment to try, even though it still is an experiment. I have been in bed for two days with a nose cold, but I am up again and all is well."
The idea was to create an inflationary stimulus by injecting more paper money into the marketplace. It was one of a series of radical-almost desperate-experiments that Roosevelt implemented in his first months in office. In his Inaugural he said, "The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it: If it fails, admit it frankly and try another. But above all, try something." That spirit is evident in this letter, but FDR's gold policy has inflamed conservative "goldbugs" from Herbert Hoover down to Ron Paul, who have decried the inflationary effects of the measure and the way in which it has licensed the federal government to engage in massive deficit spending.
FDR DEFENDS HIS CONTROVERSIAL MOVE TAKING THE U.S. OFF THE GOLD STANDARD
On April 5, 1933, Roosevelt signed Executive Order 6102 which criminalized the hoarding of gold and compelled U.S. citizens to turn in their gold coins, bullion or gold certificates by May 1, 1933, in return for cash at $20.67 an ounce (non-U.S. citizens could still redeem gold in dollars until Nixon took the U.S. completely off the gold standard in 1971). Six months into this experiment, FDR takes stock: "...So far the results seem to be good. The gold purchase method seemed to me the only really sound experiment to try, even though it still is an experiment. I have been in bed for two days with a nose cold, but I am up again and all is well."
The idea was to create an inflationary stimulus by injecting more paper money into the marketplace. It was one of a series of radical-almost desperate-experiments that Roosevelt implemented in his first months in office. In his Inaugural he said, "The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it: If it fails, admit it frankly and try another. But above all, try something." That spirit is evident in this letter, but FDR's gold policy has inflamed conservative "goldbugs" from Herbert Hoover down to Ron Paul, who have decried the inflationary effects of the measure and the way in which it has licensed the federal government to engage in massive deficit spending.