HOUSE BILL. GOVERNMENT DEPOSITS. SEC. 16. That all moneys now held in the general fund of the Treasury except the five per centum fund for the redemption of outstanding national-bank notes shall, upon the direction of the Secretary of the Treasury, within twelve months after the passage of this Act, 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. : The Secretary of the Treasury shall, subject to the approval of the Federal Reserve Board, from time to time, apportion the funds of the Government among the said Federal reserve banks, distributing them, as far as practicable, equitably between different sections, and may, at their joint discretion, charge interest thereon and fix, from month to month, month, a rate which shall be regularly paid by the banks holding such deposits: Provided, That no Federal reserve bank shall pay interest upon any deposits except those of the United States. 29 SECTION 16. PASSED BY SENATE. 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 shall may, 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, 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. The Secretary-of-the-Treasury shall, subject to the approval-of-the Federal Reserve Board, from time to time, apportion the funds--of-the Government among the said Federal reserve-banks, distributing them, as faras practicable, equitably between different sections, and may, at their joint discretion, charge--interest thereon and fix, from month-to month, a rate which shall be regularly paid by the banks holding such--deposits: Provided,-That-ne Federal-reserve bank shall-pay-interest-upon any deposits except those of the United States. No Federal reserve bank shall No Federal-reserve-bank shall receive or credit deposits except reeeive-or-eredit-deposits-exeept from the Government of the United from the Government-of-the-United States, its own member banks, and, States, its own member-banks,-and, to the extent permitted by this Act, to the extent permitted by this from other Federal reserve banks. Aet,-from-other-Federal-reserve All domestic transactions of the banks. All-domestic-transactions Federal reserve banks involving of the Federal-reserve-banks-inloans made by such banks, redis- volving loans made by such banks, count operations or the creation of rediscount-operations-or-the-erea deposit accounts shall be confined to tion-of-deposit-accounts-shall-be the Government and the depositing eonfined to the Government-and-the and Federal reserve banks, with the depositing and Federal-reserve exception of the purchase or sale of banks,-with-the-exception of the Government or State securities or purchase-or-sale-of Government or of gold coin or bullion. State-securities-or-of-gold-coin-or bullion, CONFERENCE AGREEMENT. GOVERNMENT DEPOSITS. SEC. 15. The moneys held in the general fund of the Treasury, except the five per centum fund for the redemption of outstanding nationalbank notes and the funds provided in this Act for the redemption of Federal reserve notes may, upon the direction of the Secretary of the Treasury, be deposited in Federal reserve banks, which banks, when required by the Secretary of the Treasury, shall act as fiscal agents of the United States; and the revenues of the Government or any part thereof may be deposited in such banks, and disbursements 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. HOUSE BILL 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. 30 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 withdrawals 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. SECTION 17. PASSED BY SENATE. NOTE ISSUES. 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 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 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 or 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. CONFERENCE AGREEMENT. NO TE ISSUES. SEC. 16. 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 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 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 collateral security thus offered shall be notes and bills, accepted for rediscount under the provisions of section 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 accred 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 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 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. ited. 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. Whenever any Federal-reserve bank shall pay out or disburse-Federal reserve notes-issued-to-it ashereinbefore provided,it shall segregate in its own vaults and shall carry to a special reserve-account-on-its-books-re The said Federal Reserve Board shall be authorized] MAY at any time [to] call upon a Federal reserve bank for additional security to protect the Federal reserve notes issued to it. HOUSE BILL. SECTION 17-Continued. Whenever any Federal reserve bank shall pay out or disburse Federal reserve notes issued to it as herein before provided, it shall segregate in its own vaults and shall carry to a special reserve account on its books gold or lawful money equal in amount to thirty-three and one-third per centum of the reserve notes so paid out by it, such reserve to be used for the redemption of said reserve notes as presented; but any Federal reserve bank so using any part of such reserve to redeem 31 notes shall immediately carry to said reserve account an amount of gold or lawful money sufficient to make said reserve equal to thirty-three and onethird per centum of its outstanding Federal reserve notes. Notes so paid out shall bear upon their faces a distinctive letter and serial number, which shall be assigned by the Federal Reserve Board to each Federal reserve bank. Whenever Federal reserve notes issued through one Federal reserve bank shall be received by another Federal reserve bank they shall be returned for redemption to the Federal reserve bank through which they were originally issued, or shall be charged off against Government deposits and roturned to the Treasury of the United States, or shall be presented to the said Treasury for redemption. No Federal reserve bank shall pay out notes issued through another under penalty of a tax of ten per centum upon the face value of notes S D-63-2-vol 25-13 PASSED BY SENATE. serve gold or lawful money equal-in-amount to thirty-three-and one-third-per-centum-of-the-reserve notes-so-paid-out-by-it, such reserve to-be-used-for-the-redemption-of said-reserve-notes-as-presented; but any-Federal-reserve bank so using any part of such-reserve-to-redeem notes,-shall-immediately carry-to said-reserve-account-an-amount of gold-or-lawful-money-sufficient-te make said-reserve equal-to-thirtythree-and-one-third per centum of its outstanding Federal reserve notes: Every Federal reserve bank shall maintain reserves in gold or lawful money of not less than thirty-five per centum against its deposits and its Federal reserve notes in actual circulation, but the amount of gold in the Federal reserve bank together with the Federal reserve bank together with the amount deposited by it with the Treasury, shall be at least equal to forty ury, shall be at least equal to forty per centum of the Federal reserve notes issued to said bank and in actual circulation and not offset by gold or lawful money deposited with the Federal reserve agent. CONFERENCE AGREEMENT. Every Federal reserve bank shall maintain reserves in gold or lawful money of not less than thirty-five per centum against its deposits and RE SERVES IN GOLD OF NOT LESS THAN FORTY PER CENTUM AGAINST its Federal reserve notes in actual circulation, but the amount of gold in the Federal reserve bank together with the amount deposited by it with the Treasury, shall be at least equal to forty per centum of the Federal reserve notes issued to said bank and in actual circulation and not offset by gold or lawful money deposited with the Federal reserve agent. Notes so paic out shall bear upon their faces a disdis-out tinctive letter and serial number, which shall be assigned by the Federal Reserve Board to each Federal reserve bank. Whenever Federal reserve notes issued through one Federal reserve bank shall be received by another Federal reserve bank they shall be promptly returned for credit or redemption to the Federal reserve bank through which they were originally issued. Notes so paid out shall bear upon their faces a distinctive letter and serial number, which shall be assigned by the Federal Reserve Board to each Federal reserve bank. Whenever Federal reserve notes issued through one Federal reserve bank shall be received by another Federal reserve bank they shall be promptly returned for credit or redemption to the Federal reserve bank through which they were originally issued, or shall be charged off against Government deposits and returned to the Treas ury of the United States, or shall be presented to the said Treasury for redemption. No Federal reserve bank shall pay out notes issued through another under penalty of a tax of ten per centum upon the face No Federal reserve bank shall pay out notes issued through another under penalty of a tax of ten per centum upon the face |