MONEY: We Mean Business

When for the second time President Roosevelt ordered gold out of hoarding and into the Treasury last August, there rose to plague him this legal question: should the order, under the Emergency Banking Act, have been signed by the Secretary of the Treasury? Last week Acting Secretary of the Treasury Morgenthau cleaned up the legal debris by issuing a new order calling in gold. More drastic than the President's, it carried no exemption for holders of $100 or less; fixed an additional penalty for evasion at twice the amount of gold held....

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!