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Foreign Exchange DepositorY (FED) Policy Document Summary
October 31, 1945: Financial Branch, Currency Section RG 260, Entry Financial
division, Box 420; File, 940.15: Subject-Restitution Policy as to items in foreign
exchange depository
1. Interim Policy: Cables CC-15668, September 4, 1945; W-65159 September 17,
1945; S-27954, October 14,1945 and WX-77546, October 20, 1945; "establish
interim policy as to claims for restitution ofgold and silver coin and bullion,
securities, jewelry, precious stones and similiar valuables held in foreign
Exchange Depository. Currently, the policy is that no action will be taken at this·
time on such claims other than the recording of them." Included are non-German
currencies. Waiting for inter-governmental agreement to decide the disposition.
Only exceptions are objects of art.
2. Proposed Policy: Cable WX-75141, October 12, 1945 "Eventual restitution is
dependent on submission by interested governments, of consolidated lists of
claims, followed by visitation from missions from such countries for the .purpose .
of substantiating claims, locating, identifying and inspecting properties involved."
A system of receipts will be given. First these countries are being instructed to
make lists of claims and they will send their missions later. No claims of
individuals are to be considered. Currency is to be delivered to the country of
issue without proof of being looted or otherwise acquired. A comprehensive
directive from Washington is excepted when discussion is concluded
,3. During the interim peTiod, qualified personnel will have begun the work of
inventorying and cataloguing items such as securities, jewelry and precious stones
now held in the Foreign Exchange Depository. (see WX-77546, 20 Oct. 1945.)
October 12, 1945 (WX 75141 RG 260; entry Fin. div. Box 420) Restitution by zone
commanders.
a. Cable says to seek to obtain agreement in the Control Council ofother zones of
policy mentioned here. Property to be restituted must be certified by tl!e
ilPpropriate representative of the claimant country. This directive deals with the
following categories of property to be restituded:
1. Works of art, paintings, or religious property identified as having be acquired
in any way by Germans from UN countries during the German occupation
2. Heavy and power driven industrial and agricultural machinery and equipment
as having been looted or acquired in any way by Germans from UN during
German occupation Other goods, valuable, materials, equipment, livestock
and other property
found in storage and havn't been identified as
looted or acquired in any way by Germans from UN during German
occupation
1
�b. Cable continues listing procedures for restitution and general provisions. such as
the cost of administering this program will be counted as part of the cost of
occupation.
November 9 1945, GE-FIN 123-5-2 RG 260, Rec.,Box 437 looted valuables
1. Currency section will hold all valuables
a. substantial amount of looted material is already held by the currency
section
b. valu~bles must be safeguarded and military agencies do not have
appropriate facilities
c. an appropriate plan for distribution must be designed
December ,1945 WX-85965; (RG 260, MG Exec. Off. Box 111; file: restitution policy)
" Gives specifics for items that are subject to restitution:
J. all currencies of the UN occupied by Germany
'2. Works of art and other cultural, religious, artistic, documentary,
scholastic or historic works
3. Heavy and power-driven industrial and agricultural machinery and
equipment '
4. Other goods, valuables excluding gold, securities, and foreign
currencies
,
Mentions process including giving of receipts for goods and record keeping
March, 1946 -- WX-99226 RG 260 Subject-restitution from Germany and Austria to
Italy, Hungary, Rumania, and Finland; From Germany to Austria-supplements
WX85965 Nov. 29, 1945; RG 260-MG Exe Off Box 111 file: restitution (policy)
1. Suggested that MG will seek agreement of Control Council, if not quadripartite, then
tripartite in the three Western zones. specific references include:
a. works of art and cultural works
:b. heavy and power-driven machinery
c. other goods and valuables
d. property taken will be restored to the government of the country it was taken
from
.(RefNo. W-83042 April 5, 1946--RG 260, External Assets, File Policy German
External Assets, Fox 650) - Clarification of US Policy on German external assets
I
a. .Jurisdictional line basic to Potsdam and law No.5 taken together; lines of
responsibility were established under Potsdam and vest title GEPC to facilitate
2
�elimination of German assets in European neutrals and Turkey (Ref. No. W-83042
April 5, 1946)
b. Law No 5 designed to meet unprecedented situation in international law and fill legal
gap existing prior to vesting decrees when Allies (as supreme authority in Germany)
were without legal act to base claims to German assets in neutrals. "Passage of Law 5
reduced question to 1 of whether exercise of legislative power of ACC as de facto
government should be granted extra~territorial effect by neutrals." (Ref. No. W
83042 April 5, 1946)
c. State Department recognizes that terms of Law 5 apply to German external assets in
areas outside territories of 4 occupying powers. USSR ~as no interest in external
security aspect in disposition of German assets (Ref. No. W -83042 April 5, 1946)
d. Law No.5 'does not grant ACC greater responsibilities; rather a jeans to achieve
~ontrol over German assets in neutrals than as ex extension of ACC jurisdiction into
areas such as Brazil, China, Japan etc. Basic position remains that Law No.5 is a
means to extirpate German influence and reduce German external assets to control for
disposition as reparations.. Assume that the GEPC will carry out such unilateral
agreements in both east and west. WD Feb. WX 96688 "states intention to keep
GEPC advised of progress of negotiations and provided procedure for General Clay to
raise question ofGEPC participation in negotiations." (Ref. No. W-83042 April 5,
1946)
e. Paris Reparations Act disposes of German assets in territory of signatories. US
member of GEPC instructed to support French resolution exemption assets within
signatories territory from Law 5 and indicate that resolution is in accordance with
Potsdam. (Ref. No. W-83042 April 5, 1946)
f. Law No 5 applies to German assets in Argentina, Turkey etc., steps possible to take
'control raise diplomatic and governmental issues. (Ref. No. W-83042 April 5,
1946)
g. ,Question of application of Law 5 by ACC in such countries as Mexico-national
relations (Ref. No. W-83042 AprilS, 1946)
h. US proposed exclusion of American Republics which participated in War under
Article 9 of Law 5 to take effect "only after certification by InterAmerican body to be
'set up under Inter-American Economic and Social Council. Member GEPC will
'support agreement which it is hoped to reach between US, UK, and France and
support specific actions and recommendations made pursuant to this general program.
(Ref. No. W-83042 April 5, 1946)
1. US policy is against reparation from Italy since they would be financed by US
.German assets in Italy should be turned over to Italy with elimination of German
influence (Ref. No. W-83042 April 5, 1946)
J. Regarding remote areas such as China, a program should be worked out for turning
.over responsibility for German assets-actions of these governments would be cleared
on a broad scale with GEPC and ACC. (Ref. No. W-83042 April 5, 1946)
k. ACC has no territorial jurisdiction outside of Germany. (Ref. No. W-83042 April 5,
1946)
3
�Jul~1
1.
2.
3.
4.
5.
1946 WX-93567 - RG 260, Box 160 "currencies restitution"
,
Questions how gold, precious metals and currencies are to be handled; securities are
being separately considered
Helpful if have cut-off date on small sums or values delivered under Law 53; note
that these cut-off dates do not apply to substantial sums or values
Monetary gold and gold coin (not included numismatic or historical value) subject to
restitution in accordance with Paris Reparation agreement Part III
Latin American currencies should be retained subject to decision on disposition
German external assets in Latin America
Requests information regarding the French government-a) under what disposition
MG Law French seizure and removal made and b) whether French consider
'restitution, reparations or export.
October, 1946 RG 260-Box 713 Office of Military Government for Germany (U) Public
Relations Office
Law on the establishment of a Special Fund for Measures of Restitution
Article 1: special fund shall be established used for needy persons whose health, freedom
or property has suffered damage under the Nazi dictatorship
a. regular monthly payments not to exceed RM 250 per calendar month
b. payment for necessary medical treatment
c. payment for professional training
d. payments not exceeds RM 3000 as special for purpose of establishing a profession,
trade or business
e. supplemental paYl,11ents not exceeding RM 1000 to needy persons in cases of
emergency
Article 2: interim payments will be deducted from total claim of restitution
Article 3: Barvaria details
Article 4:· Wuerttemberg-Baden and Greater Hess details
Article 5: who is in charge in each locality for the final decision
Article 6: Not complying with this law may mean imprisonment for up to 5 years and/or
a fine up to RM· 50,000 or both
4
�·,
Oct., 1946: reply from Clay responding to CC-5664 RG 260, reparations and restitution
branch, file: misc. restitution Box: 27
Clay requests that no action be taken until they receive the draft law which is being
forwarded by airmail. He agrees that unclaimed or unidentifiable Jewish property be
turned over to an International Jewish Organization as trustee for Jewry generally, but
does not feel that the Military Government at this time is ready to tum over materials to
be restituted; he also does not feel that there is enough time for these claims to be
pro~essed. He continues that the current proposals f~r the transfer of cultural materials
are violations of the Hague Convention of 1907 "which together with the requested
power of seizure would if utilized as a precedent for other purposes by other powers" will
lead to the cultural rape of Germany"
He concludes that "the International character of Agency must be so cle'ar as to be
acceptable to Allied control Authority and generally to world opinion for otherwise
country entitled to restitution might take position it would be prefer to care ~d preserve
. the artifacts itself."
November 1946 WX85682- RG 260. "curriencies restitution"
Specific FED policy spelled out: included:
1. Available on demand, all valuable perosnal property to duly accredited representatives
ofIntergovemmental Committee on Regugees
(specifics of propety)
2. Permit property transferred here from Germany or Austria to be sold; proceeds in
acceptable foreign currency
3. Obtain Control Council agreement
4. valuable personal property excludes ordinary items of furniture, clothing and other
personal property items
January, 1947 - RG 260 box 161: Finance Division, Foreign Exchange Depository;
Disposition of valuables
5
�.
Report consists of analysis covering
Monetary gold -- what is and is not
non-monetary gold
currenCies
securities
precious metals
Gives details and discussion of each major point. Answers common ques.tions
Sept. 1948 RG 260, Box 400 FED
subject: Policy guiding disposition of assets held in the depository section of
the FED
Law 53 assets: gold, silver, platinum - maintained in the FED until disposition decided;
the 338 boxes containing Yugoslavian Diner and Rumanian Lei silver coins are to be held
in custody for OMGUS until Washington decides their disposition
,
.
Iridium, rhodium, pailadium are precious metals not covered by Military Goveniment
Law No. 53 and their disposition
Industrial diamonds are to be held at the FED until disposition
has been stipulated
Foreign (non-German) currencies; those which origins are not known will be sorted to
the.countries of issue; if additional foreign currencies representing "non-monetary gold"
areJound in the FED, they should be reported to Washington, and then if approved be
.turned over to the PCIRO
.
All foreign (non-German) securities should be inventoried and deposited with the
Landeszentralbank, Hessen under MG Law No. 53
All restitutab1e property should "be restituted upon receipt of proper claim and upon
receipt of written request from Property Division stating that the item in question should
be restituted"
All items whose "origin qllalifies them as non-monetary gold for basic definition are to
be turned over to the Preparatory commission of the International Refugee Organization
IRO."
6
��
Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
Presidential Advisory Commission on Holocaust Assets
Description
An account of the resource
<p>The Presidential Advisory Commission on Holocaust Assets in the United States, formed in 1998, was charged with investigating what happened to the assets of victims of the Holocaust that ended up in the possession of the United States Federal government. The final report of the Commission, <a href="http://govinfo.library.unt.edu/pcha/PlunderRestitution.html/html/Home_Contents.html"> “Plunder and Restitution: Findings and Recommendations of the Presidential Advisory Commission on Holocaust Assets in the United States and Staff Report"</a> was submitted to President Clinton in December 2000.</p>
<p>Chairman - Edgar Bronfman<br /> Executive Director - Kenneth Klothen</p>
<p>The collection consists of 19 series. The first fifteen series of the collection are composed mostly of photocopied federal records. These records were reproduced at the National Archives and Records Administration by commission members for their research. The records relate to Holocaust assets created between the mid 1930’s and early 1950’s by a variety of U. S. Government agencies and foreign sources.</p>
<p>Subseries:<br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Art+and+Cultural+Property+">Art and Cultural Property</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Gold+">Gold</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Gold+Team+Review+Form+Binders+">Gold Team Review Form Binders</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Art+and+Cultural+Property+and+%E2%80%9COthers%E2%80%9D+Review+Form+Binders">Art and Cultural Property and “Others” Review Form Binders</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Non-Gold+Financial+Assets+Review+Form+Binders">Non-Gold Financial Assets Review Form Binders</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=History+Associates+Binder+">History Associates Binder</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Non-Gold+Financial+Assets+Review+Form+Binders+%282%29">Non-Gold Financial Assets Review Form Binders (2)</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Financial+Assets+Documents">Financial Assets Documents</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=RG+84%2C+Foreign+Service+Posts+of+the+State+Department%E2%80%94Turkey">RG 84, Foreign Service Posts of the State Department—Turkey</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Financial+Assets+Documents">Financial Assets Documents</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?search=&advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=%5BJewish+Restitution+Successor+Organization+%28JRSO%29%2C+Oral+Histories%5D&range=&collection=20&type=&user=&tags=&public=&featured=&exhibit=&submit_search=Search+for+items">[Jewish Restitution Successor Organization (JRSO), Oral Histories]</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=PCHA+Secondary+Sources">PCHA Secondary Sources</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Researcher+Notes">Researcher Notes</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Unnumbered+Documents+from+Archives+II+and+Various+Notes">Unnumbered Documents from Archives II and Various Notes</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=RG+260%2C+Finance+Inventory+Forms">RG 260, Finance Inventory Forms</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Reparations">Reparations</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Chase+National+Bank">Chase National Bank</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Administrative+Files">Administrative Files</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Art+%26+Cultural+Property+Theft">Art & Cultural Property Theft</a></p>
<p>Topics covered by these records include the recovery of confiscated art and cultural property; the reparation of gold and other financial assets; and the investigation of events surrounding capture of the Hungarian Gold Train at the close of World War II. These files contain memoranda, correspondence, inventories, reports, and secondary source material related to the final disposition of art and cultural property, gold, and other financial assets confiscated during the Holocaust.</p>
<p>For more information concerning this collection consult the<a href="http://clinton.presidentiallibraries.us/items/show/35992"> finding aid</a>.</p>
Provenance
A statement of any changes in ownership and custody of the resource since its creation that are significant for its authenticity, integrity, and interpretation. The statement may include a description of any changes successive custodians made to the resource.
Clinton Presidential Records: White House Staff and Office Files
Publisher
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Clinton Presidential Library & Museum
Is Part Of
A related resource in which the described resource is physically or logically included.
<a href="http://clinton.presidentiallibraries.us/items/show/35992" target="_blank">Collection Finding Aid</a>
<a href="https://catalog.archives.gov/id/1040718" target="_blank">National Archives Catalog Description</a>
Extent
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2954 folders
Text
A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text.
Original Format
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Paper
Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
[FED - Foreign Exchange Depository]
Creator
An entity primarily responsible for making the resource
Presidential Advisory Commission on Holocaust Assets in the United States
Art & Cultural Property Theft
Is Part Of
A related resource in which the described resource is physically or logically included.
Box 225
<a href="http://clintonlibrary.gov/assets/Documents/Finding-Aids/Systematic/Holocaust-Assets.pdf" target="_blank">Collection Finding Aid</a>
<a href="http://catalog.archives.gov/description/6997222" target="_blank">National Archives Catalog Description</a>
Provenance
A statement of any changes in ownership and custody of the resource since its creation that are significant for its authenticity, integrity, and interpretation. The statement may include a description of any changes successive custodians made to the resource.
Clinton Presidential Records: White House Staff and Office Files
Format
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Adobe Acrobat Document
Publisher
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Clinton Presidential Library & Museum
Medium
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Reproduction-Reference
Date Created
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6/24/2013
Source
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6997222-fed-foreign-exchange-depository
6997222