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Thread: When FDR Confiscated SILVER

  1. #1

    When FDR Confiscated SILVER

    The story of FDR's confiscation of gold is well known. Little known, is that FDR also confiscated silver.

    Here is the story.

    https://smaulgld.com/silver-confiscation/
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  3. #2
    How Much Did People Get For Their Silver?

    People turning in their silver got $1.29 an ounce. Payment was made in the form of “standard silver dollars, silver certificates, or any other coin or currency of the United States.” There was a catch however; there was fee of 61 8/25 percent (61.32%) taken from the $1.29 an ounce for “seigniorage, brassage, coinage, and other mint charges.” After the fee, it worked out to a payment of about fifty cents an ounce.
    Sounds cheap but in 1934:

    The market price of silver was stuck around 45 cents per ounce during the first half of 1934. It rose to 49 cents per ounce by Aug. 9, the day when the Silver Purchase Act was passed. The act artificially set the price of silver at a nationalized rate of 50.01 cents per ounce, which was somewhat above the market rate. The nationalization order had been ready since June 1934, and the Roosevelt administration had been waiting until the market price for silver was approaching 50 cents per ounce before nationalizing the metal.
    http://classroom.synonym.com/silver-...1934-8535.html

  4. #3
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    Quote Originally Posted by Zippyjuan View Post
    So you are saying that the people of the USA were forced to give up their freedom to own metal for a fair price from an authoritarian government?
    Citizen of Arizona
    @cleaner4d4

    I am a libertarian. I am advocating everyone enjoy maximum freedom on both personal and economic issues as long as they do not bring violence unto others.

  5. #4
    Quote Originally Posted by Cleaner44 View Post
    So you are saying that the people of the USA were forced to give up their freedom to own metal for a fair price from an authoritarian government?
    Sounds about right. Eminent domain. What used to be yours is now ours but, hey, you got a good price for it.

  6. #5
    Quote Originally Posted by phill4paul View Post
    Sounds about right. Eminent domain. What used to be yours is now ours but, hey, you got a good price for it.
    the price rose after the executive order - see post
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  7. #6
    Thanks I made a note of the price action before and after the executive order
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  8. #7
    Quote Originally Posted by Smaulgld View Post
    the price rose after the executive order - see post
    Usually does in the practice of eminent domain. Forced buyout of beachfront single family property owners at the going market rate, bulldoze and build condos and hotels and raise the property value so that there are higher tax gains.

  9. #8
    Quote Originally Posted by phill4paul View Post
    Usually does in the practice of eminent domain. Forced buyout of beachfront single family property owners at the going market rate, bulldoze and build condos and hotels and raise the property value so that there are higher tax gains.
    Silver and gold then were highly manipulated and it was done in public by congressional acts. Today its behind the scenes
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  11. #9
    Quote Originally Posted by Smaulgld View Post
    Silver and gold then were highly manipulated and it was done in public by congressional acts. Today its behind the scenes
    How was the confiscation enforced and what were the penalties? I would imagine many would have not trusted to turn in their bars of silver. Admittedly this is not a point of history that I am versed in.

  12. #10
    Quote Originally Posted by Smaulgld View Post
    Silver and gold then were highly manipulated and it was done in public by congressional acts. Today its behind the scenes
    Which Congressional act allowed the government to confiscate precious metals?
    Pfizer Macht Frei!

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    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  13. #11
    Quote Originally Posted by Danke View Post
    Which Congressional act allowed the government to confiscate precious metals?
    The silver purchase act of 1934 sponsored by Senator Pittman
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  14. #12
    Quote Originally Posted by phill4paul View Post
    How was the confiscation enforced and what were the penalties? I would imagine many would have not trusted to turn in their bars of silver. Admittedly this is not a point of history that I am versed in.
    The gold executive order had penalties listed in it, the silver one did not
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  15. #13
    Quote Originally Posted by Smaulgld View Post
    The gold executive order had penalties listed in it, the silver one did not
    So it was more of a voluntary compliance?

  16. #14
    Quote Originally Posted by Smaulgld View Post
    The silver purchase act of 1934 sponsored by Senator Pittman
    Was there on for gold too?
    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  17. #15
    Quote Originally Posted by phill4paul View Post
    So it was more of a voluntary compliance?
    I cant find the proscribed penaties if any-will do more research. I've read that even though there were enumerated penalties for the gold order virtually no one was prosecuted
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  18. #16
    Quote Originally Posted by Smaulgld View Post
    I cant find the proscribed penaties if any-will do more research. I've read that even though there were enumerated penalties for the gold order virtually no one was prosecuted
    You must spread some Reputation around before giving it to Smaulgld again.



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  20. #17
    Quote Originally Posted by Danke View Post
    Was there on for gold too?
    Yes the Gold Reserve Act of 1934- set the price at $35
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  21. #18
    Quote Originally Posted by phill4paul View Post
    You must spread some Reputation around before giving it to Smaulgld again.
    lol Thanks, i get that all the time- give some to zippy :-)
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  22. #19
    Quote Originally Posted by phill4paul View Post
    You must spread some Reputation around before giving it to Smaulgld again.
    You must spread some Reputation around before giving it to phill4paul again.

    lol Thanks, i get that all the time- give some to zippy :-)
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  23. #20
    Quote Originally Posted by Smaulgld View Post
    I cant find the proscribed penaties if any-will do more research. I've read that even though there were enumerated penalties for the gold order virtually no one was prosecuted
    It was considered "Trading with the Enemy"

    Sec. 16.

    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; and the officer, director, or agent of any corporation who knowingly participates in such violation shall be punished by a like fine, imprisonment, or both, and any property, funds, securities, papers, or other articles or documents, or any vessel, together with her tackle, apparel, furniture, and equipment, concerned in such violation shall be forfeited to the United States.
    https://en.wikisource.org/wiki/Tradi...my_Act#Sec._16.
    https://en.wikisource.org/wiki/Proclamation_2039
    https://en.wikipedia.org/wiki/Executive_Order_6102

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

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  24. #21
    Thanks- yes I saw the "the War Power act" in my review..
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  25. #22
    Quote Originally Posted by Smaulgld View Post
    Thanks- yes I saw the "the War Power act" in my review..
    The bankers have been at war with the American people for a long time.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  26. #23
    Quote Originally Posted by Zippyjuan View Post
    - rep. I'll take private property over tyranny at a good price, thank you.

  27. #24
    Quote Originally Posted by Smaulgld View Post
    Yes the Gold Reserve Act of 1934- set the price at $35
    The Treasury still values gold at only $42.22 per oz. Silver barely over a buck per oz.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book



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