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In a letter released today in response to an inquiry from GATA, the
U.S. Treasury Department declared that it has no statutory authority to confiscate gold.
GATA made the inquiry last fall through the office of U.S. Rep. John
B. Larson, Democrat of Connecticut, co-sponsor with U.S. Rep. Ron Paul, Republican of Texas, of legislation to
require the Treasury Department to obtain the approval of Congress before
intervening in the gold market.
GATA's inquiry was prompted by
enduring fears and rumors among gold investors
about the legal security of their gold, prompted in part by the U.S.
government's attempt in 1933 to confiscate monetary gold by presidential
decree.
The Treasury Department's letter was dated December 17, 2004 and was
received today by Representative Larson's office. The letter was signed by
Roberta K. McInerney, the department's assistant
general counsel, and addressed to Michael Kirk, Representative Larson's press
secretary. The letter reads as follows:
"Dear Mr. Kirk:
"I am writing in response to your e-mail of November 29, 2004,
which forwarded a question from a constituent of Congressman Larson's as to
whether the Treasury Department could force the redemption of U.S. gold
bullion coins at face value, or the surrender of foreign bullion coins.
"In Public Law 97-258 (Sept. 13, 1982), Congress eliminated a
statute (12 USC 248 n) which had allowed the secretary of the Treasury to
require individuals and others to deliver to the Treasury gold coins,
bullion, and certificates. As a result, this statutory authority
no longer exists.
"I hope this information is helpful. Please let us know if you
have further questions or need additional information.
"Roberta K. McInerney
"Assistant General
Counsel
"(Banking and Finance)
"Department of the Treasury
"Washington, D.C.
20220"
Chris Powell
Secretary /
Treasurer
Gold Anti-Trust
Action Committee
www.GATA.org
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S.
Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe
at www.GATA.org. GATA is
grateful for financial contributions, which are federally tax-deductible in
the United States.
 
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