APPENDIX 
edness or Treasury bills issued hereunder, and to meet 
public expenditures authorized by law, such sum or sums 
as in his judgment may be necessary, and to issue therefor 
(1) certificates of indebtedness of the United States at 
not less than par and at such rate or rates of interest, 
payable at such time or times as he may prescribe; or 
2) Treasury bills on a discount basis and payable at 
maturity without interest. Treasury bills to be issued 
hereunder shall be offered for sale on a competitive basis, 
under such regulations and upon such terms and condi 
tions as the Secretary of the Treasury may prescribe, 
and the decisions of the Secretary in respect of any issue 
shall be final. Certificates of indebtedness and Treasury 
bills issued hereunder shall be in such form or forms and 
subject to such terms and ‘conditions, shall be payable at 
such time not exceeding one year from the date of issue, 
and may be redeemable before maturity upon such terms 
and conditions as the Secretary of the Treasury may 
prescribe. Treasury bills issued hereunder shall not be 
acceptable before maturity in payment of interest or of 
principal on account of obligations of foreign governments 
held by the United States of America. The sum of the 
par value of such certificates and Treasury bills out- 
standing hereunder and under section 6 of the First 
Liberty Bond Act shall not at any one time exceed in the 
aggregate $10,000,000,000. 
(b) All certificates of indebtedness and Treasury bills 
issued hereunder (after the date upon which this subdi- 
vision becomes law) shall be exempt, both as to principal 
and interest, from all taxation (except estate and inherit- 
ance taxes) now or hereafter imposed by the United 
States, any State, or any of the possessions of the United 
States, or by any local taxing authority; and the amount 
of discount at which Treasury bills are originally sold by 
the United States shall be considered to be interest within 
she meaning of this subdivision. 
(c) Wherever the words “bonds and notes of the 
United States,” or “bonds and notes of the Government 
of the United States,” or “bonds or notes of the United 
States” are used in the Federal Reserve Act, as amended, 
they shall be held to include certificates of indebtedness 
and Treasury bills issued hereunder.