SECTION 16.

OWEN AMENDMENT.

GOVERNMENT DEPOSITS.

SEC. 16 15. That all The moneys new held in the general fund of the Treasury, except the five per centum fund for the redemption of outstanding national-bank notes and the funds provided in this Act for the redemption of Federal reserve notes shalf may, upon the direction of the Secretary of the Treasury, within twelve months after the pas sage of this Aet, be deposited in Federal reserve banks, which banks shall, when required by the Secretary of the Treasury, shall act as fiscal agents of the United States; and thereafter the revenues of the Government or any part thereof shall may be regularly deposited in such banks, and disbursements shall may be made by checks drawn against such deposits.

No public funds of the Philippine Islands, or of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by this Act: Provided, however, That nothing in this Act shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositories.

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The Secretary of the Treasury shall, subject to the approval of the Federal Reserve Beard, from time to time, appor tion the funds of the Government among the said Federal reserve banks, distributing them, as far as practicable, equitably between dif ferent sections, and may, at their joint-discretion, charge-interest thereon and fix, from month to month, a rate which shall be regu larly paid by the banks holding such deposits: Provided, That no Federal reserve bank shall pay in terest upon any deposits except

those of the United States.

No Federal reserve bank-shall receive or credit deposits except from the Government of the United States, its own member banks, and, to the extent permitted by this

HITCHCOCK AMENDMENT.

GOVERNMENT DEPOSITS.

SEC. 16. That all moneys now held in the general fund of the Treasury except the five percentum fund for the redemption of outstanding national-bank notes and the funds provided in this Act for the redemption of Federal reserve notes shall, upon the direction of the Secretary of the Treasury, within twelve months after the passage of this Aet, be deposited in Federal reserve banks, which banks shall act as fiscal agents of the United States; and thereafter the revenues of the Government shall be regularly deposited in such banks, and disbursements shall be made by checks drawn against such deposits.

HOUSE BILL.

from other Federal reserve banks. All domestic transactions of the Federal reserve banks involving loans made by such banks, rediscount operations or the creation of deposit accounts shall be confined to the Government and the depositing and Federal reserve banks, with the exception of the purchase or sale of Government or State securities or of gold coin or bullion.

NOTE ISSUES.

SEC. 17. That Federal reserve notes, to be issued at the discretion of the Federal Reserve Board for the purpose of making advances to Federal reserve banks as hereinafter set forth and for no other purpose, are hereby authorized. The said notes shall be obligations of the United States and shall be receivable for all taxes, customs, and other public dues. They shall be redeemed in gold or lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal reserve bank.

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Any Federal reserve bank. may, upon vote of its directors, make application to the local Federal reserve agent for such amount of the Federal reserve notes herein before provided for as it may deem best. 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 collateral security thus offered shall be notes and bills accepted for rediscount under the provisions of section 14 of this Act, and the Federal reserve agent shall each day notify the Federal Reserve Board of issues and with drawals of notes to and by the Federal reserve bank to which he is accredited. The said Federal Reserve Board shall be authorized at any time to call upon a Federal reserve bank for additional security to protect the Federal reserve notes issued to it.

SEC. 17 16. That Federal reserve notes, to be issued at the discretion of the Federal Reserve Board for the purpose of making advances to Federal reserve banks through the Federal reserve agents as here49 inafter set forth and for no other purpose, are hereby authorized. The said notes shall be obligations of the United States and shall be receivable for all taxes, customs, and other public dues. They shall be redeemed in gold er lawful money 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, upon vote of its directors, make application to the local Federal reserve agent for such amount of the Federal reserve notes hereinbefore provided for as it may deem best 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 collateral security thus offered shall be notes and bills accepted for rediscount under the provisions of section 44 13 of this act, and the Federal reserve agent shall each day notify the Federal 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 shall be authorized at any time to call upon a Federal reserve bank for additional security to protect the Federal reserve notes issued to it.

HITCHCOCK AMENDMENT.

Act, from other Federal reserve banks. All domestic transactions of the Federal reserve banks in volving loans made by such banks, rediscount-operations or the erea tion of deposit accounts shall be confined to the Government and the depositing and Federal-reserve banks, with the exception of the purchase or sale of Government or State securities or of gold coin or bullion.

NOTE ISSUES.

SEC. 17. That Federal reserve notes, to be issued at the discretion under authority of the Federal Reserve Board for the purpose of making advances to Federal reserve banks as hereinafter set forth and for no other purpose, are hereby authorized. The said notes shall be obligations of the United States and shall be receivable for all taxes, customs, and other public dues but shall not be held as reserves by member banks or by a reserve bank. They shall be redeemed in gold or lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal reserve bank.

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Any Federal reserve bank may, upon vote of its directors, make application to the local Federal reserve agent for such amount of the Federal reserve notes herein before provided for as it may deem best require. Such application shall be accompanied with a tender to the local Federal reserve agent of collateral security in amount equal to the sum of the Federal reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes and bills accepted for rediscount under the provisions of section-14-of this Act, and the Federal reserve agent shall each day notify the Federal 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 shall be authorized at any time to call upon a Federal reserve bank for additional security to protect the Federal reserve notes issued to it.