The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-04-25

Indebtedness by federal reserve banks
as security for federal reserve bank
notes under authority of this act shall
be deemed to constitute an agreement
on the part of the federal reserve bank
making such deposit that the secre-
tary of the treasury may so extend the
time Of payment of such certificates
of Indebtedness beyond the original
maturity date or beyond any maturity
date to which such certificates of in
debtedness may have been extended,
and that the secretary of the treasury
may pay such certificates in advance
tended.
Sec. 6. That as and when standard
silver dollars shall be coined out of
bullion purchased under authority of
this act. the federal reserve banks
shall be required by the federal re-
serve board to retire federal reserve
bank notes issued under authority of
section five of this act, if then out
standing, in an amount equal to the
amount of standard silver dollars so
COINED, and the secretary of the treas
ury shall pay off and cancel any Unit
ed States certificates of Indebtedness
deposited as security for federal re-
serve bank notes so retired.
Sc. 7. That the tax on any federal
reserve bank notes issued under au-
thority Of this act, secured by the de-
post of United States certificates Of
Indebtedness or United States one
year gold notes, shall be so adjusted
that the net return on such certifi-
Gates Of Indebtedness, or such one
year gold notes, calculated on the face
value thereof, shall be equal to the net
return on United States two per cent
bank notes, after deducting the
amount of the tax upon such federal
reserve bank notes so secured.
Sec. 8. That except as herein pro-
vided federal reserve bank notes is
sued under authority of this act, shall
be subject to all existing provisions of
law relating to federal reserve bank
notes.
Sec. 9. That the provisions of title
WI Of an act approved June Is, 1917,
Ientitled can act to punish acts of in
reference with the foreign relations,
the neutrality, and the foreign COM
Nmerce Of the United States, to punish
respionage, and better to enforce the
criminal laws of the United States,
and for other purposes" and the
powers conferred upon the president
by subsection CD Of section five of
an act approved october 6. 1917,
known as the Trading with the
enemy act" shall, in so far as appli-
cable to the expectation from or ship
ment from or taking out of the Unit
ed States of silver coin or silver bull
lion, continue until the net amount of
silver required by section two of this
act shall have been purchased as
therein provided.
Favorable Report.
Senator Owens, chairman of the
committee on banking and currency
submitted the following report
The committee on banking and cur
rency, to which was referred the bill
Is. 1922 to conserve the gold supply
of the United States; to permit the
settlement in silver of trade balances
adverse to the United States; to pro-
vide silver for subsidiary coinage and
for commercial use; to assist foreign
governments at war with the enemies
of the United States; and for the
above purposes to stabilize the price
and encourage the production of sill
yer, having considered the same, re-
port favorably thereon with certain
amendments.
The bill authorizes the secretary OF
the treasury to melt 25O,OOO,OOO stand.
ard silver dollars and use the same
as means of settling our trade bal
ance adverse to the United States
land thereby conserve the gold supply
of the United States, and for the pur.
Iposes otherwise named The silver sc
used is to be valued at not less than 81
per ounce, upon terms to be establish
ed by the treasury department. II
authorizes the treasury department tC
buy silver at 81 per ounce to restore
the amount of silver dollars melted
up.
Section of the act authorizes the
silver bullion obtaine dfrom melting
1.-THE dollars to be used for the purpose
of the act, and to set apart any por.
ton Of such silver required to the use
of the director of the mint for sub.
sidiary coinage
Section authorizes the secretary
! of the treasury to reimburse the treas
! urer Of the United States for the diff
, ference between the face value Of thu
: silver dollars taken and the bullion
value Of such dollars In other words
/ Ito balance the accounts Of the treas
urer of the United States as to thu
seniorage on SUCH dollars whicl
would reappear when hereafter sucl
, silver is reminted.
a Section S authorizes the reserv