He stipulated that the capital for the prizes should be invested only in " safe securities, " which at the time meant bonds with a " gold clause, " or those that allowed the holders to demand payment in gold.
12.
McReynolds also wrote the dissent in the " Gold Clause Cases ", which required the surrender of all gold coins, gold bullion, and gold certificates to the government by May 1, 1933 under Executive Order 6102, issued by President Franklin Roosevelt.
13.
The terms of the bond included : " The principal and interest hereof are payable in United States gold coin of the present standard of value . " This type of " gold clause " was common in both public and private contracts of the time, and was intended to guarantee that bond-holders would not be harmed by a devaluation of the currency.
14.
In the Consolidated Gold Clause Cases ( independently known as Perry v . U . S ., U . S . v . Bankers Trust Co ., Norman v . Baltimore & Ohio R . Co ., Nortz v . U . S . ) the Gold Reserve act was subject to scrutiny by the United States Supreme Court, which narrowly upheld Roosevelt s gold confiscation policy.
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