A FINANCIAL DOCUMENT FOR THE GEORGIA WARM SPRINGS FOUNDATION,
SIGNED TWICE BY FDR –
AND CALLING FOR PAYMENT IN GOLD COINS
WHICH HE WOULD REMOVE FROM CIRCULATION WHEN PRESIDENT
FRANKLIN D. ROOSEVELT. Typed Document Signed, New York [NY], 1 February 1927. Also signed by BASIL O’CONNOR. 1 page, 8½" x 3¾". Signed a second time by FDR on the back, no place, no date.
In 1921, Franklin Roosevelt, the future New York Governor and U. S. President, was stricken by polio and was paralyzed in both legs. In 1924, in his search for treatment, FDR visited Warm Springs, Georgia, and he found swimming in the waters there beneficial. In 1927, he bought a property in Warm Springs and established the Georgia Warm Springs Foundation to provide rehabilitation to other polio victims.
This document is a promissory note in which the Georgia Warm Springs Foundation agrees to repay FDR a loan of $5000 in ten years time. The document is dated February 1, 1927, the year the Foundation was set up, and it states that “On February 1st, 1937...GEORGIA WARM SPRINGS FOUNDATION, INC....promises, for value received, to pay to the order of FRANKLIN D. ROOSEVELT, the sum of Five Thousand Dollars in gold coin of the United States of America of the standard of weight and fineness existing on the date of this note, without interest.” Roosevelt has signed the note, “Franklin D. Roosevelt,” at the bottom right, acting in his capacity as President of the Foundation. Just below, Basil O’Connor, FDR’s law partner and legal advisor, has signed as Treasurer of the Foundation.
On the back of the note, Roosevelt has also signed a typed endorsement that reads, “The within-named payee waives presentment and notice of non-payment of the within note.” This endorsement, in which FDR essentially forgives payment of the promissory note, is not dated. However, it appears to have been typed and signed (“Franklin D. Roosevelt”) at the same time as the main note.
Ironically, had Roosevelt sought payment of this promissory note in 1937, it would not have been possible to pay him in gold coin as the note calls for. In 1933, as President, FDR ordered all gold coins removed from circulation and returned to the U. S. Treasury where they were melted into gold bars. Thereafter, U. S. gold coinage was no longer issued.
The document is in fine condition, and both Roosevelt signatures are dark and bold.
An unusual financial item with excellent association. $2500.00
The front of the document is shown above;
the back of the document is shown below.