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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15 an ed er od, nt 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 37 ad ve cy his hy er di- dit, ns, at ‘he re- rhe ral ATY ks, the £8, aof av the 0S- not Pm red 18@ 1920 24, ds of nen- Trizee 'd as ded ng of 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

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