15 
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SEC. 18 
FEDERAL RESERVE ACT 
The Federal reserve banks are hereby authorized to 
act as depositories for and fiscal agents of any National 
Agricultural Credit Corporation or Federal Intermediate 
Credit Bank. 
NOTE ISSUES 
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Sec. 16. Federal reserve notes, to be issued at the dis- 4° *=e ed >S 
cretion of the Federal Reserve Board for the purpose of $5: %,%8 2 
making advances to Federal reserve banks through the ran 
Federal reserve agents as hereinafter set forth and for no A 
other purpose, are hereby authorized. The said notes $67. chap. 17). 
shall be obligations of the United States and shall be re- 
ceivable by all national and member banks and Federal 
reserve banks and for all taxes, customs, and other public 
dues. They shall be redeemed in gold on demand at the 
Treasury Department of the United States, in the city of 
Washington, District of Columbia, or in gold or lawful 
Money at any Federal reserve bank. 
Any Federal reserve bank may make application to the 
local Federal reserve agent for such amount of the Federal 
reserve notes hereinbefore provided for as it may require. 
Such application shall be accompanied with a tender to 
the local Federal reserve agent of collateral in amount 
equal to the sum of the Federal reserve notes thus applied 
for and issued pursuant to such application. The col- 
lateral security thus offered shall be notes, drafts, bills of 
exchange, or acceptances acquired under the provisions 
of section thirteen of this act, or bills of exchange indorsed 
by a member bank of any Federal reserve district and 
purchased under the provisions of section fourteen of this 
act, or bankers’ acceptances purchased under the pro- 
visions of said section fourteen, or gold or gold certifi- 
cates; but in no event shall such collateral security, 
whether gold, gold certificates, or eligible paper, be less 
than the amount of Federal reserve notes applied for. 
The Federal reserve agent shall each day notify the Fed- 
eral Reserve Board of all issues and withdrawals of Federal 
reserve notes to and by the Federal reserve bank to which 
he is accredited. The said Federal Reserve Board may 
at any time call upon a Federal reserve bank for additional 
security to protect the Federal reserve notes issued to it. 
Every Federal reserve bank shall maintain reserves in 
gold or lawful money of not less than thirty-five per 
centum acainst its deposits and reserves in gold of not