Similar Laws in Other Countries
In Australia part IV of the Banking Act 1959 allowed the Commonwealth government to seize private citizens' gold in return for paper money where the Governor-General "is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth." As of January 30, 1976, this part's operation is "suspended".
Read more about this topic: Executive Order 6102
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“Custom, then, is the great guide of human life. It is that principle alone, which renders our experience useful to us, and makes us expect, for the future, a similar train of events with those which have appeared in the past.”
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