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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oc, 18 nqq she red er 1al n- ar ot, Ei ny Ar 1t. ae d, ch its se an Wd ve d, to ls Is 3] Al of 11 I. is y 1] 1] LO SEC. 18 FEDERAL RESERVE ACT secured by such bonds, which notes shall be canceled and Dermanently retired when redeemed. The Federal reserve banks purchasing such bonds shall be permitted to take out an amount of circulating notes *qual to the par value of such bonds. . Upon the deposit with the Treasurer of the United States of bonds so purchased, or any bonds with the cir- culating privilege acquired under section four of this Act, any Federal reserve bank making such deposit in the manner provided by existing law, shall be entitled to receive from the Comptroller of the Currency circulating Dotes in blank, registered and countersigned as provided by law, equal in amount to the par value of the bonds 30 deposited. Such notes shall be the obligations of the Federal reserve bank procuring the same, and shall be in form prescribed by the Secretary of the Treasury, and to the same tenor and effect as national-bank notes now provided by law. They shall be issued and redeemed under the same terms and conditions as national-bank notes except that they shall not be limited to the amount of the capital stock of the Federal reserve bank issuing them, Upon application of any Federal reserve bank, ap- proved by the Federal Reserve Board, the Secretary of the Treasury may issue, in exchange for United States two per centum gold bonds bearing the circulation privilege, but against which no circulation is outstanding, one- year gold notes of the United States without the circula- tion privilege, to an amount not to exceed one-half of the ‘wo per centum bonds so tendered for exchange, and “hirty-year three per centum gold bonds without the circulation privilege for the remainder of the two per centum bonds so tendered: Provided, That at the time of such exchange the Federal reserve bank obtaining such one-year gold notes shall enter into an obligation with the Secretary of the Treasury binding itself to purchase from the United States for gold at the maturity of such one-year notes, an amount equal to those delivered in ex- change for such bonds, if so requested by the Secretary, and at each maturity of one-year notes so purchased by such Federal reserve bank, to purchase from the United States such an amount of one-year notes as the Secretary may tender to such bank, not to exceed the amount issued to such bank in the first instance, in exchange for the two 45

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