The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

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” 4) FEDERAL RESERVE ACT SEc. 16 per centum United States gold bonds; said obligation to purchase at maturity such notes shall continue in force for a period not to exceed thirty years. For the purpose of making the exchange herein pro- vided for, the Secretary of the Treasury is authorized to issue at par Treasury notes in coupon or registered form as he may prescribe in denominations of one hundred dollars, or any multiple thereof, bearing interest at the rate of three per centum per annum, payable quarterly, such Treasury notes to be payable not more than one year from the date of their issue in gold coin of the present standard value, and to be exempt as to principal and interest from the payment of all taxes and duties of the United States except as provided by this Act, as well as from taxes in any form by or under State, municipal, or local authorities. And for the same purpose, the Secre- tary is authorized and empowered to issue United States gold bonds at par, bearing three per centum interest payable thirty years from date of issue, such bonds to be of the same general tenor and effect and to be issued under the same general terms and conditions as the United States three per centum bonds without the circu- lation privilege now issued and outstanding. Upon application of any Federal reserve bank, ap- proved by the Federal Reserve Board, the Secretary may issue at par such three per centum bonds in exchange for ‘he one-year gold notes herein provided for. BANK RESERVES ats mended by See. 19. Demand deposits within the meaning of this Stor, oor 38 Act shall comprise all deposits payable within thirty ro ES Sa and fim Sepa shall comprise all deposits paya- 36. Tots 40 Sent: y days, all savings accounts and certificates 6%. chap. 170. of deposit which are subject to not less than thirty days’ notice before payment, and all postal savings deposits.? Every bank, banking association, or trust company which is or which becomes a member of any Federal reserve bank shall establish and maintain reserve balances with its Federal reserve bank as follows: 12 Deposits of public moneys by the United States in designated depositaries, other han postal savings deposits, are not subject to reserve requirements, See sec. 7 of First iberty Bond Act, approved Apr. 24, 1917, Appendix, p. 73; sec. 8 of Second Liberty Bond Act, approved Sept. 24, 1917, Appendix, p. 74; and see. 8 of Third Liberty Bond Act, approved Apr. 4. 1018. Appendix. ©. 75.

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