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APPENDIX 
Section 8 of the Third Liberty Bond Act, approved April 4, 19184 
Sec. 8. That the Secretary of the Treasury, in his dis- 
retion, is hereby authorized to deposit, in such incor- 
porated banks and trust companies as he may designate, 
‘he proceeds, or any part thereof, arising from the sale of 
the bonds and certificates of indebtedness and war-savings 
certificates authorized by this Act, and arising from the 
Payment of income and excess profits taxes, and such 
deposits shall bear such rate or rates of interest, and shall 
%¢ secured in such manner, and shall be made upon and 
subject to such terms and conditions as the Secretary of 
the Treasury may from time to time prescribe: Provided, 
That, the provisions of section fifty-one hundred and 
Oinety-one of the Revised Statutes, as amended by the 
Federal Reserve Act, and the amendments thereof, with 
teference to the reserves required to be kept by national 
banking associations and other member banks of the 
Federal Reserve System, shall not apply to deposits of 
public moneys by the United States in designated de- 
positaries. The Secretary of the Treasury is hereby 
authorized to designate depositaries in foreign countries 
with which shall be deposited all public money which it 
may be necessary or desirable to have on deposit in such 
sountries to provide for current disbursements to the 
military and naval forces of the United States and to the 
diplomatic and consular and other representatives of the 
United States in and about such countries until six months 
after the termination of the war between the United 
States and the Imperial German Government, and to 
preserihe the terms and conditions of such deposits. 
TREASURY BILLS AND CERTIFICATES OF INDEBTED- 
NESS 
Section 5 of the Second Liberty Bond Act, as amended by the act 
of Tune 17. 1929 
Src. 5. (a) That in addition to the bonds and notes 
authorized by sections 1 and 18 of this Act, as amended, 
the Secretary of the Treasury is authorized to borrow 
from time to time, on the credit of the United States, for 
the purposes of this Act, to provide for the purchase or 
redemption before maturity of any certificates of indebt- 
4 This section further amends sec. 15, Federal Reserve Act, which relates to Govern» 
nent deposits, and see. 19. which prescribes reserve requirements of member banks. 
7 
oy- 
nks.