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associations and other member banks of the Federal Reserve System, shall not apply to deposits of public moneys by the United States in designated depositaries.

APPENDIX E

and

The "Pittman Actof April 23, 1918, which pro

vides for the substitution of federal reserve bank notes for silver certificates.

An Act to conserve the gold supply of the United States; to permit the settlement in silver of trade balances adverse to the United States; to provide silver for subsidiary coinage and for commercial use; to assist foreign governments at war with the enemies of the United States; and for the above purposes to stabilize the price and encourage the production of silver.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That the Secretary of Silver dollars to be the Treasury is hereby authorized from time to melted and time to melt or break up and to sell as bullion sold as bullion

silver not in excess of three hundred and fifty million certificates to standard silver dollars now or hereafter held in be retired.

the Treasury of the United States. Any silver certificates which may be outstanding against such standard silver dollars so melted or broken up shall be retired at the rate of $1 face amount of such certificates for each standard silver dollar so melted or broken up. Sales of such bullion shall be made at such prices not less than $1 per ounce of silver one thousand fine and upon such terms as shall be established from time to time by the Secretary of the Treasury.

Sec. 2. That upon every such sale of bullion from time to time the Secretary of the Treasury shall immediately direct the Director of the Mint to purchase, in the United States, of the product of mines situated in the United States and of reduction works so located, an

186

to

by of

of per ounce.

amount of silver equal to three hundred ard seventy-one and twenty-five hundredths grains of pure silver in respect of every standard silver dollar so melted or broken up and sold as bullion. Such purchases shall be made in accordance with Equivalent the then existing regulations of the Mint and at purchases the fixed price of $1 per ounce of silver one made thousand fine, delivered at the option of the Di- Mint at fixed rector of the Mint at New York, Philadelphia, price $1 Denver, or San Francisco. Such silver so purchased may be resold for any of the purposes hereinafter specified in section three of this Act, under rules and regulations to be established by the Secretary of the Treasury, and any excess of such silver so purchased over and above the requirements for such purposes, shall be coined into standard silver dollars or held for the purpose of such coinage, and silver certificates shall be issued to the amount of such coinage. The net amount of silver so purchased, after making allowance for all resales, shall not exceed at any one time the amount needed to coin an aggregate number of standard silver dollars equal to the aggregate number of standard silver dollars theretofore melted or broken up and sold as bullion under the provisions of this Act, but such purchases of silver shall continue until the net amount of silver so purchased, after making allowance for all resales, shall be sufficient to coin therefrom an aggregate number of standard silver dollars equal to the aggregate number of standard silver dollars theretofore so melted or broken up and sold as bullion.

SEC. 8. That sales of silver bullion under authority of this Act may be made for the purpose of conserving the existing stock of gold in the United States, of facilitating the settlement in silver of trade balances adverse to the United States, of providing silver for subsidiary coin

age, and for commercial use, and of assisting foreign governments at war with the enemies of the United States. The allocation of any silver to the Director of the Mint for subsidiary coinage shall, for the purposes of this Act, be regarded as a sale or resale.

Sec. 4. That the Secretary of the Treasury is authorized, from any moneys in the Treasury not otherwise appropriated, to reimburse the Treasurer of the United States for the difference between the nominal or face value of all standard silver dollars so melted or broken up and the value of the silver bullion, at $1 per ounce of silver one thousand fine, resulting from the melting or breaking up of such standard silver dollars.

Sec. 5. That in order to prevent contraction Issue of of the currency, the Federal reserve banks may Federal

be either permitted or required by the Federal Reserve Bank

Reserve Board, at the request of the Secretary authorized take place of

to of the Treasury, to issue Federal reserve bank

dollars notes, in any denominations (including denomicertificates

nations of $1 and $2) authorized by the Fedretired.

eral Reserve Board, in an aggregate amount not exceeding the amount of standard silver dollars melted or broken up and sold as bullion under authority of this Act, upon deposit as provided by law with the Treasurer of the United States as security therefor, of United States certificates of indebtedness, or of United States oneyear gold notes. The Secretary of the Treasury may, at his option, extend the time of payment of any maturing United States certificates of indebtedness deposited as security for such Federal reserve bank notes for any period not exceeding one year at any one extension and may, at his option, pay such certificates of indebtedness prior to maturity, whether or not so extended. The deposit of United States certifi

notes

silver
and silver

notes

to

be

are

cates of indebtedness by Federal reserve banks as security for Federal reserve bank notes under authority of this Act shall be deemed to constitute an agreement on the part of the Federal reserve bank making such deposit that the Secretary of the Treasury may so extend the time of payment of such certificates of indebtedness beyond the original maturity date or beyond any maturity date to which such certificates of indebtedness may have been extended, and that the Secretary of the Treasury may pay such certificates in advance of maturity, whether or not so extended.

SEC. 6. That as and when standard silver dollars shall be coined out of bullion purchased Federal under authority of this Act, the Federal reserve

Reserve Bank banks shall be required by the Federal Reserve retired when Board to retire Federal reserve bank notes is

standard silver

dollars sued under authority of section five of this Act, again

coined

bullion if then outstanding, in an amount equal to the purchased. amount of standard silver dollars so coined, and the Secretary of the Treasury shall pay off and cancel any

United States certificates of indebtedness deposited as security for Federal reserve bank notes so retired.

Sec. 7. That the tax on any Federal reserve bank notes issued under authority of this Act, secured by the deposit of United States certifi-' cates of indebtedness or United States one-year gold notes, shall be so adjusted that the net return on such certificates of indebtedness, or such one-year gold notes, calculated on the face value thereof, shall be equal to the net return on United States two per cent bonds, used to secure Federal reserve bank notes, after deducting the amount of the tax upon such Federal reserve bank notes so secured.

Sec. 8. That, except as herein provided, Federal reserve bank notes issued under author

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