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FEDERAL RESERVE ACT Sec. 16 
so much of the gold held by him as collateral security for 
Federal reserve notes as may be required for the exclusive 
purpose of the redemption of such Federal reserve notes, 
but such gold when deposited with the Treasurer shall 
be counted and considered as if collateral security on 
deposit with the Federal reserve agent. 
Any Federal reserve bank may at its discretion with- 
draw collateral deposited with the local Federal reserve 
agent for the protection of its Federal reserve notes 
issued to it and shall at the same time substitute therefor 
other collateral of equal amount with the approval of 
the Federal reserve agent under regulations to be pre- 
scribed by the Federal Reserve Board. Any Federal 
reserve bank may retire any of its Federal reserve notes 
by depositing them with the Federal reserve agent or 
with the Treasurer of the United States, and such Federal 
reserve bank shall thereupon be entitled to rece ve back 
the collateral deposited with the Federal reserve agent 
for the security of such notes. Federal reserve banks 
shall not be required to maintain the reserve or the re- 
demption fund heretofore provided for against Federal 
reserve notes which have been retired. Federal reserve 
notes so deposited shall not be reissued except upon 
compliance with the conditions of an original issue. 
All Federal reserve notes and all gold, gold certificates, 
and lawful money issued to or deposited with any 
Federal reserve agent under the provisions of the Federal 
reserve act shall hereafter be held for such agent, under 
such rules and regulations as the Federal Reserve Board 
may prescribe, in the joint custody of himself and the 
Federal reserve bank to which he is accredited. Such 
agent and such Federal reserve bank shall be jointly 
liable for the safe-keeping of such Federal reserve notes, 
gold, gold certificates, and lawful money. Nothing 
herein contained, however, shall be construed to pro- 
hibit a Federal reserve agent from depositing gold or 
gold certificates with the Federal Reserve Board, to be 
held by such board subject to his order, or with the 
Treasurer of the United States for the purposes author- 
ized by law. 
In order to furnish suitable notes for circulation as 
Federal reserve notes, the Comptroller of the Currency 
shall, under the direction of the Secretary of the Treasury, 
cause plates and dies to be engraved in the best manner