Page:United States Statutes at Large Volume 38 Part 1.djvu/284

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SIXTY·THIRD CONGRESS. Sess. II. Ch. 6. 1913. 265 hypothecation of United States bonds or other securities which Federal reserve banks are authorized to hold; (b) To buy and sell, at home or abroad, bonds ahd notes of the ”°“"°·“°°°°·°*°· United States, and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued m anticipation of the collection of taxes or in anticipation of the rece1pt_ o assured revenues by any State, county, district, political subdivision, or municipality in the continental United States including nxation, drainage and reclamation districts, such purchases to be m e in accordance with rules and regulations prescribed by the Federal Reserve Board; (c) To purchase from member banks and to sell, with or without its ,,§§g‘§,{“°'°'°‘ °" indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined; . mm t M (d) To establish from time to time, subject to review and determi- °° " ` nation of the Federal Reserve Board, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business; (e) To establish accounts with other Federal reserve banks for ,,£‘§Q§,§,;§§‘,_“°““'*' exchange pmpcses and, with the consent of the Federal Reserve Board, to open and maintain banking accounts in foreign countries, point correspondents, and establish agencies in uch countries wlieresoever it may deem best for the [purpose of Ipurchasing, selling, . and collecting bills of exchange, and to uy and se with or without its indorsement, through such correspondents or agencies bills of exchange arising out of actual commercia transactions which have not more than ninety days to nm and which bear the signature of two or more responsible partie. · eovnnmrmrr nnrosrrs. ,,_,f’°'°“‘“"“‘ ""°" Sec. 15. The moneys held in the general fimd of the Treasury, ,,%',g'Y,§,”,§Y°.t‘§_°°k 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 may gpon the direction of the Secretary of the ’.l‘reas¤;y be deposited in F eral reserve banks which banks when re?uir by the Secretary of the Treasury, shall act as fiscal agents o the United States; and the revenues 0 the Government or any art thereof may be deposited in such banks, and disbursements msi saebyshra in depts .. me ou'cunote •·1D6S8l1,01'0$i10 tsavings ° or anyPGovemment funds, shalijige deposited in the contldizntal United md, States in any bank not belonging to the system established by this Act: ' Provided, however That nothmiin this ct shaH be construed to deny uauaimueunn the right of the Secretary of the Treasury to use member banks as ”"°P°“*°"”·

 Federal re erve

Norm issues. mm- Sec. 16. Federal reserve notes, to be issued at the discretion of the Imam Federal Reserve Board for theégurpose of making advances to Federal reserve banks through the F eral reserve agents as hereinafter set Rwmww 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 an member banks and Federal reserve banks and for all mdmpml taxes, customs, and other public dues. They shall be redeemed in old on demand at the Treasury Department of the United States, m gba city of Washington, District o Columbia, or in gold or lawful . money at any Federal reserve bank. ° A I Any Federal reserve bank may make application to the local m&’,b,,,k,_ '°'·"’ Federal reserve agent for such amount of the Federal reserye notes ummm hereinbefore provided for as it may require. Such application shall ‘°°""'°·