[Enclosure]
The Assistant Secretary of the Treasury
(Gilbert) to the Director
of the Mint (Baker)
Washington, December 23, 1920.
Sir: By direction of the Secretary and
in accordance with supplemental advices received from the
Department of State and an announcement of December 20 by the
Secretary of the Treasury and the Federal Reserve Board, a copy
of which is enclosed,22 the instructions set
forth in my letter of November 26, 1920,21 are hereby withdrawn
and the following policy should be pursued until further notice
with respect to gold presented to United States Mints and Assay
Offices as to which any possible suspicion of Soviet origin
arises:
- 1.
- All gold known to be of Soviet origin or which on its
face or as the result of investigation appears to be of
Soviet origin will be rejected by United States Mints
and Assay Offices, no matter by whom tendered. No
warranties of title or of non-Soviet origin will be
sufficient to justify the acceptance of any such gold.
All such gold tendered and rejected shall be reported to
the Director of the Mint, Treasury Department,
Washington, with a statement of all material facts and
circumstances known to the Mint or Assay Office
concerned.
- 2.
- Gold which is suspected to be of Soviet origin, if
tendered to United States Mints or Assay Offices, will
be received only subject to investigation. All such
cases shall be reported promptly to the Director of the
Mint, Treasury Department, Washington, with a statement
of all material facts and circumstances known to the
Mint or Assay Office concerned, in order that the case
may be referred to
[Page 726]
the Department of State for
investigation. No action will be taken by the Mint or
Assay Office concerned looking toward the acceptance of
any gold so tendered, and no payment whatever will be
made thereon except pursuant to specific instructions
from the Director of the Mint, Washington, who will
await the receipt of report from the Department of State
before authorizing acceptance or payment. If the reports
received by the Treasury, including those received from
the Department of State, indicate Soviet origin or fail
to remove the suspicion of Soviet origin the gold will
be rejected as under class (1). If, however, the reports
received remove the suspicion of Soviet origin, the gold
may be accepted upon the filing with the Mint or Assay
Office of a duly executed and acknowledged certificate
of ownership and non-Soviet origin in the form attached
to my letter of November 26th. No gold which after
investigation is known or still suspected to be of
Soviet origin shall be accepted on the basis of any such
certificate.
- 3.
- Gold which is neither known nor suspected to be of
Soviet origin and which bears on its face no indication
of Soviet origin, but as to which at the most a mere
possibility of Soviet origin suggests itself, may be
accepted when tendered to United States Mints or Assay
Offices if presented by parties of known responsibility
and accompanied by duly executed and acknowledged
certificate of ownership and non-Soviet origin in the
form hereinbefore referred to. Such gold may be so
accepted without specific reference to the Treasury
Department for instructions. The certificates of
ownership should be retained in the permanent files of
the Mint or Assay Office concerned, and advice of
acceptance of the gold, together with copies of the
certificates of ownership, should be filed with the
Director of the Mint, Treasury Department.
Gold bearing the official coinage or mint stamp of the government
of Great Britain, France, Italy, Belgium, Holland, Japan, China,
Norway, Sweden, Denmark, or other recognized nation with which
the United States is not technically at war, will be considered
as free from any suspicion or possibility of Soviet origin, and
therefore as not falling within any of the above classes.
Any doubtful cases arising under any of these classes shall be
referred to this office for further instructions. In all cases
arising hereunder, whether or not submitted to this office for
specific instructions, letters shall be prepared in your office
for the Assistant Secretary’s signature, transmitting to the
State Department for their information copies of all pertinent
papers on file in the Department. A similar letter addressed to
the Governor of the Federal Reserve Board shall be prepared as
to any case presenting circumstances of unusual interest or
questions of general policy.
[Page 727]
In general, it will be the policy of the Department and of the
Mints and Assay offices not to give any assurances in advance as
to the acceptance of Russian gold or of gold of possible Soviet
origin. Action will be taken only upon actual tender of the gold
to a Mint or Assay Office and will then be taken in accordance
with the instructions herein set forth. Replies to any inquiries
as to Russian or Soviet gold shall be made along the lines
heretofore indicated by this office.
Nothing herein contained shall be construed to permit the
acceptance of any gold whatever which is not rightfully owned by
the party presenting it.
You will advise all United States Mints and Assay Offices to
proceed in accordance with the instructions herein
contained.
Respectfully,
