You may find it helpful to study the SILVER E.O. of 1934, the subsequent Silver act of 1946, and the attending reasons why Lyndon Baines started repealing the FUncTION of the 1946 requirement to turn over everything above 500 troy silver ounces, beginning with legislation in 1961.

Make no mistake, the original SILVER confiscation E.O. is STILL on the books and can be re-inacted at any time. Lotsa folks have heard about the gold confiscation. Silver? Not so much.
The Silver Purchase Act of 1934, President Roosevelt issued Executive Order 6814, nationalizing the nation’s hoard of privately owned non-monetary silver, and prohibiting private ownership of quantities exceeding 500 troy ounces.
Quite an illuminating article about all of this which totally addresses/answers your question, Sparky, can be found here:
http://www.silvermonthly.com/why-did...united-states/

All has to do with intrinsic silver values, seinorage on coins, and strategic reserves--millions and millions of ounces-- which started to be liquidated via public auction, shortly thereafter. Said strategic silver reserves, including the famous "CC" silver dollar hoard found in the basement of the CC Mint which was to come along, the GAO blew out to the public by means of very public, full page ads in the WSJ and elsewhere.


beefsteak