On April 5, 1933, President Franklin D. Roosevelt signed Executive Order 6102 “forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” The effect of the order was to criminalize the possession of monetary gold by any individual, partnership, association or corporation.
Two months later, on June 5, 1933, Congress passed House Joint Resolution (HJR) 192. It was passed to suspend the gold standard and do an end-run around the constitution. Since then, no one in America has been able to “lawfully” require a debt to be paid in gold.
Under the Constitution, however, things are much different. In Article I, Section 10, it mandates that “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.”
Full Text of HJR192:
To assure uniform value to the coins and currencies of the Unites States,
Whereas the holding of or dealing in gold affect public interest, and are therefore subject to proper regulation and restriction; and
Whereas the existing emergency has disclosed that provisions of obligations which purport to give the obligee a right to require payment in gold or a particular kind of coin or currency of the United States, or in an amount in money of the United States measured thereby, obstruct the power of the Congress to regulate the value of the money of the United States, and are inconsistent with the declared policy of the Congress to maintain at all times the equal power of every dollar, coined or issued by the…