Beautifully engraved certificate #20 from the Harrison Telephone Company
issued in 1901. This historic document was printed by Western Banknote company and has an
ornate border around it with a vignette of a woman in the clouds holding an electric light. This item has the signatures of the Company's President, Granville G. Bennett and Secretary, g. w. cornwell and is over 105 years old.
Many times Bonds were Payable in Gold or Gold Coin to give the impression that they were a more secure investment. In reality, they were not more secure since there wasn't any gold set aside as collateral for these bonds.
On April 5, 1933, President Franklin D. Roosevelt signed Presidential Executive Order 6102 which invoked his authority to make it unlawful to own or hold gold coins, gold bullion, or gold certificates. The export of Gold for purposes of payment was also outlawed, except under license from the Treasury.
On January 30, 1934, the Gold Reserve Act became law which made the ownership of gold illegal except for coins of numismatic value. As a result of this law, Bonds were no longer allowed to be Payable in Gold.