silver to Director of of made by Mint at fixed price of $1 per ounce. amount of silver equal to three hundred and 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 thousand fine, delivered at the option of the Director of the Mint at New York, Philadelphia, 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. 3. 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 Issue of Federal Reserve Bank notes authorized and silver certificates retired. to 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 of the currency, the Federal reserve banks may be either permitted or required by the Federal Reserve Board, at the request of the Secretary take place of of the Treasury, to issue Federal reserve bank silver dollars notes, in any denominations (including denominations of $1 and $2) authorized by the Federal 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 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. Reserve Bank notes to be when dollars are 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 banks shall be required by the Federal Reserve retired Board to retire Federal reserve bank notes is- standard silver sued under authority of section five of this Act, again coined 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 from bullion ity of this Act shall be subject to all existing provisions of law relating to Federal reserve bank notes. SEC. 9. That the provisions of Title VII of an Act approved June fifteenth, nineteen hundred and seventeen, entitled "An Act to punish acts of interference with the foreign relations, the neutrality, and the foreign commerce of the United States, to punish espionage, and better to enforce the criminal laws of the United States, and for other purposes," and the powers conferred upon the President by subsection (b) of section five of an Act approved October sixth, nineteen hundred and seventeen, known as the "Trading with the Enemy Act,” shall, in so far as applicable to the exportation from or shipment from or taking out of the United State of silver coin or silver bullion, continue until the net amount of silver required by section two of this Act shall have been purchased as therein provided. INDEX TO FEDERAL RESERVE ACT AND ITS AMENDMENTS1 A SECTION Acceptances: By foreign banks under U. S. charter.. Acts amended, repealed, or otherwise referred to: Act of July 12, 1882 Act of January 16, 1883. Act of March 14, 1900. Act of March 2, 1911.. Act of October 15, 1914.. Act of June 12, 1916.. United States Revised Statutes, 324. For cancellation of stock.. For establishment of foreign branches. For Federal Reserve notes... 25-a 13 13 13 14 13 17, 20 17 16, 26 16 16, 27 16 25 16 10 28 27 8 17 27 16 27 13 9 27 9, 21 30 9 25 16 1 This index was compiled and officially published under the |