§9 752. _ of 2*11*1:.s -31.-—·HON·EY‘ ` 752, Second, cthird, and' fourth Liberty loans; amount; 71 bonds}-—The Secretary of the Treasury, withrthe approval ot, S the President, is authorised to borrow, `trom` time to ttrne, on is the; credit of the `United»Sta§es Vfor the purposes of sections U 752 to 754, 757, 758, 760, 784 to 766,*769; 771, 1773, and’774 `tl _.of t11is"tlt¥e, and to meet expenditures authorized for the ·t4 national security tend defense and other public purposes ix surnerizee by law, not exceeding in the aggregate $20,900,000; an 000, end to issue therefor bonds of the United States, in addi- tl ties to the $2,000,000.000 bonds a1readY‘ issued or? otfered fo'! n _ subscription uindern authority .of the. Act, sppm»;sa‘ April 24, gw 1917 (chapter 4, Fortieth Statutes. Poe 35), entitled ·"An p Act to authorize an issue tot bongkza { zneet expenditures q .1'er*t11e national security and defense; a d, for the purpose of {1 .assistlng ln. the cutiou of the war, to extend credit to 1-. foreign governments, and for other purposes T': Provided, That ii ot this sum $3,063,9%,460 shall be in lieu of that amount of the {4 -unissued bonds authorized by, sections 1 and 4 of said Act d approved April_24,_1917,» _$£-225,000,000 shall be in lieu- of that amount of the unissued bonds authorized by section 39 or the if Act approved August 5, 1909 (chapter `6,Thirty-sixth»Statutes, 1., page 117), $150900,000 shall`-be in lieu of the unlssued bonds Q, authorized by the joint resolution approved March 4, 21917 ` {cbapter"191, Thirty=;1i;1th— Statutes,_pa_ge' 1201), and $100,009,- U
600 shall be in lleu of theunissued bonds authorlzedby section _1_
400·ot the Act a-pproyed.M`arch 3, _1917 (chapter 159, Thirty-- '6 ninth Statutes, page 1002). ~ ·_ _ · · · I ~ The bonds herein authorized shall be ini such» form or forms J . and denomination- or denominations and subject to suchntermsg _ _ _ ‘ , · I and condltious of issue, conversion, medemptiou, ·maturities,_ S payiaent, and rate or rates of interest} not exceeding, 41,-4 per S centum per-annum, and tirne or times of payment, of interest,. il . as the Secretary of the Treasury fro·rn‘·time_to-time at or be- 0 fore t_he.`ls.s1ig’_tl1ereof' may prescribe. The- principal and in- H _ terest» thereof shall be payable ln United States gold` coin of jt the present standard of value. { ._ . _ " · . S in The bonds *herein authorized shall from time to time ilrst‘ 3 be offcredut not less than par as s popular loan, under such I regulations, prescribed by the Secretary of the‘Treasury from I ti1ll€·ti) time, as vwillin his opinion give the people of the t* United States as nearly~‘as- may an equal opportunity to ‘t° participate {therein, ‘_ but he- may make allotment ln full upon H applications fer smaller amounts of bonds luadyauceeof any S` date which he may set for the closipg *of subscriptions and · rnay reject -01* reduce allotments- upon later applications, and ti applications for- larger amounts, and may reject or reduce S allotments upon applications from incorporated banksuand tnus`. ° companies for their own account and make allotrqentln full U or larger allotments to others; and may establish ll graduated scale of .al1otments,”and may from tiine to time adopt any or I all of said methods, should any such action be deemed by hint B to be in thekpublic interest: ‘Pro {:·i-ded, That such reduction or r increase of allotments of such bonds shall be made under `gene ¤ `eral rnles to be prescribed by said Secretary and shallapply at] · to all subscribers simllarlyvsituated. And any portion of the SY bonds so offered and not taken may be otherwise disposed ot b by the.Secretary`.ot the Treasury in such manner and- at such S` price or prices, not less than per, as he may determine,. The 4S` Secretary msymake special arrangements for subscriptions at, notless thanpar from persons in_tl1e military or naval forces. do of the United States, but any bonds issued to such persons shall ti be ru ell respects the same as other bonds°of_ the same issue. te (Sept. _2—1, 1917, c. 50, { 1, 40 Stat. 288; Apr. 4,1918, c. 44, tl 5 1. 40 Stat. 502; July 9,1918, —c. 1;%.2;} 1, 40 Stat. 844.) · vn 9 753. United States notes; (an) `Antherity to issue; amount; oz _ forms and denominations; interest; pnymept and redem#lon,-—— 0 In adrlition to the bonds·.and eertlnmtes of lndebtednas and ti war-savlugs‘certi¤cates authorized by I$¢¤011B’752 to 754, 757, S
mm Fgylucn ,1026 58. 760, 764 to 7%, 'L69,’ 771, 773 and 774'ot this title, the ecnjctsry oi the Ticasuryk with the approval ot the President, r oqthoriged tp borrow from ,-tithe to timeeon the `crcdlt ot hm fuitcd, States for the purposes of mid. sections,-to pmvldeh for ue purchase or redemption -015 aixyhotw lashed thércundet, and J Z meet publlc expenditures `authorized by law, notwrcceding 1 the aggregate »$7,500,000,000 at any one time outsténding nd to lssué therefor hotco of the United Statm at hot less; min par in such form_0i· foxms land denomination or denom.; ,_ ctions, containing such tcrma` and conditions, and it such ` stcor rates of lllt€l'€S*t,"8S the Secretary ot the T;·ens¤;·y·mky rescribc, und each scrich ot notwj so Esqcd shall be payable 1 t such time not less than one gw: not porq thou Bte jwrs com the, date of its issue as he mh? Dre•cii'lbe,‘ ind may be cdccmefblc bcforq maturlti '(at theoptlozx of the United States} 1 whole or in- part, upon not more than one ye•r’S not lés than our mimths’ rioticc, and under 8\I€h'1'\ll$’8lId` ¥0gRlItl0IlB`&13d urine such perfiid as he uiiy prescribe. · _ · `, (b) Series; exc ptions.—Thc‘n0ta herein authorized mgm ssucd in any one or more oi the followihgheriea as- the Secetary or the Treasury may prescribe in connection iith the ssucthereof: _ . . _. __ , __ _ (1) Exempt, both qs to principal and interest; from all tan- lou (except éétdte or`l¤hcrita:;cc· thxcs) imposed on September 4, 1917, or thereafter by the United States, n¤y Stgte, ézzrauy f the posscsslohq ot the United, States, or by any local taxing uthorlty; . . . _ ‘ I ` 3 (2) Exempt,. both as ·to`prlnclpgl·_a¤d lntcreét, from alltnxa- _ lon imposed on September 14, 1917, of thércnftcr by the United; · {tutes, any State, or any of the posscésionsj of the United ltates, or by any local taxing huthoxjlti, except (d) ’estnte_or , _ rihcrita{1ce`taxcs,".a,nd (b) graduated dddltional income taxes, omrhonly known as surtaxcs, andjo§·p¢·o¤té gud wax··pro¤tg , , axes, imposed on September 14, 1°917, or thereaI;cr"by the Tnltcd‘ States,--upon the incogno or prohts of individuals; bartcpshipsg associations, or corporatloxis; , 9 `o ‘ (3) Exempt, both as to ‘ prlhclpnl and interest, as `provided _ rn paragraph {2) ; and with up additional exemption ltrom the axes referred to in clause (bf of such ot the in- érest on an amount of such notes the principal of which does ot exceed $30,00ik owned by any individual, partnership, •s·· ociution, or corpogntion;‘ox· _ · _ ‘ _ (.4) Egggupt, ,b6th ashto principal apd interest, from all taxalon imposed on September 14, 1917, or- thereafter by tlic United_- itatcs, any. State, onxahy of the possessions of the United States, - 1- by siny. local taxing authorltycxccpt `(a)_ éstatc or iuhori; pncc taxes, and (b) all income, cxccssvproffts, and wanpxohts Jxes, imposéd on September 14, 1917, or thescaffcr `by the _ Yu1tcd· States, upon thei lncomé 01* broilts of lndiildniiils,. pattcrships, associations, or corpoxjations. __ - , — i ·"(c)' Conversion into other` series.-—If the notes authorized _ ndcr this .sgction are offered inhzorc than onc__scx·le¤ bearing , he sg1mc. date of issqc, the holder ol notcsof any such series hall (undcrsguch rules and rcguldtions as may hc prescribed y the Secretary ot the Treasury) havc the option ot having _ uch notes held by him oconvcrtcdat par into notes ot any other uch series offered bearing the same date of issue, ` (d) No circulation privileges; pgynient in gold coin: “bond·" or “bo¤ds"’ dc6:;cdF——No¤e ot the notes authorized by this scc; o' ‘ F Fon shall bear the circulation pfrivllcgc. The principal and increst thereof shall be payable in United States gold coin ot he prescut·stqudard`of value. The word “bond" or *‘liquds#" there it appcarsln Séctions 735Yto 738, 760,, 765,.771 and 773 I this title `and, section 84 of Titlc 12, but in -such` sections nli, shall be deemed to include notes issued under this scc-, lon.- `(Sept. 24, 1917, c. 50, I 18;_·M¤r. 3, 1919, c. 100, 5 1, 40 tat. 1309.; Nov. 23,.1921, c. 136, S 1401, 42 Stat._321.)·
