” 
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.