Page:United States Statutes at Large Volume 48 Part 2.djvu/476

1784 PROCLAMATIONS, 1934. which has been duly accepted, effective upon the qualification of his successor; M!=;!~g Benr~ NOW, THEREFORE, I, FRANKLIN D. ROOSEVELT, Presi- &pDt. ' Jr., dent of the United States of America, under and by virtue of the authority vested in me by said act, do hereby designate and appoint, effective the seventh day of February, 1934, Henry Morgenthau, Jr., Director General of Railroads, as the agent provided for in said section 206 of the Transportation Act, 1920. IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the United States to be affixed. FehnJsry 16, 1934. DONE at the City of Washington this 7tb day of February, in the year of our Lord nineteen hundred and thirty-four, and of [SEAL] the Independence of the United States of America 'the one hundred and fifty-eighth. By the President: CORDELL HULL Secretary oj State. FRANKLIN D ROOSEVELT [No. 2075] EXTENDING FOR 1 YEAR THE PERIOD WITHIN WHICH ADVANCES MAY BE ~lADE UNDER SECTION lO(B) OF THE FEDERAL RESERVE ACT AS AMENDED " BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION Federal Reserve WHEREAS section 10(b) of the Federal Reserve Act as amended BTarmstroBot (talk). 47, pp . 56, 794; by the act of February 27, 1932 (ch. 58, 47 Stat. 56), by the act of du~ JIi ~; I~S.C., February 3, 1933 (eh. 34, 47 Stat. 794), and by the act of March 9, . ,. 1933 (Public, No.1, 73d Cong.), reads as follows: Advances authorized "SEC. 10 (b). In exceptional and exigent eircumstances, and when ~e:~b:~~sWTarmstroBot (talk) any member bank has no further eligihle and acceptable assets avail- av;:;rableforrediscount. able to enable it to obtain adequate credit accommodations through rediscounting at the Federal reserve bank or any other method ~rovided by this Act other than that/rovided by section 10(a), any Federal reserve bank, under rules an regulations prescribed by the Security. Federal Reserve Board, may make advanees to such member bank on its time or demand notes secured to the satisfaction of such Federal Interest. reserve bank. Each such note shall bear interest at a rate not less than 1 per centum per annum higher than the highest discount rate in Duration. effect at such Federal reserve bank on the date of such note. No advance shall be made under this section after March 3, 1934, or after the expiration of such additional period not exceeding one year as the President may prescribe."; and Continu&tlon dflem· WHEREAS I, FRANKLIN D. ROOSEVELT, President of the ed adVisable. United States of America, deem it advisable that the authority of the Federal reserve banks to make advances under the provisions of said section 10(b) of the Federal Reserve Act be continued for an additional period after March 3, 1934; Provis;on! ntended NOW, THEREFORE, I, FRANKLIN D. ROOSEVELT, Presi- one year. dent of the United States of America, acting under and by virtue of the authority conferred upon me by said section lO(b) of the Federal Reserve Act, do hereby proclaim, declare, and prescribe an additional period of 1 year after March 3, 1934, during which advances may be