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WARNING
Bankers over the country are
sending another warning to those
who have gold certificates to turn
them in before May 1, the dead line
set by President Roosevelt. Under
the decree signed by the President,
possession of more than $100 in
gold coins or gold certificates is a
penal offense and is punishable by
a maximum sentence of 10 years in
jail or a $10,000 fine or both.
The danger is not in the gold
coins, it was revealed but in the
possession of gold certificates.
Some bankers believe that many of
the certificates may be mixed up
with other bank notes, in which
event the hoarders will be very
much surprised if they present
them anywhere for payment after
May 1.
It was learned here that orders
for the arrest of holders of gold
certificates after May 1 will soon
be received and a a substantial
period of time has been given, it
is expected that there will be no
clemency for hoarders of gold cer-
tificates.
It is estimated that there is about
$400,000,000 of gold certificates and
$365,000,000 of gold coins outstand-
ing.
Bankers are awaiting with in-
terest to see what measures the
government will adopt to hunt
down the gold hoarders. After May
1 gold will be practically value-
less in the United States except in
small quantities, so that anyone
holding it in the expectation of is-
ing it during a time of stress will
be checkmated.
It will probably not be until the
return of normal economic condi-
tions that this gold can be em-
ployed by private individuals, it
was said, at which time there will
be no need to have the metal on
hand. It is believed that it will be
many years before the gold hoard-
ers will be able to use the metal
as the transfer of it alone is a
penal offense involving the receiv-
er as well as the payer.
Bankers say that while the gold
holders will have on hand a great
deal of potential purchasing power
they will be unable to exercise it,
so that the wisdom of holding gold
is questionable to say the least.