236 SIXTY·FIFTH coNGREss. sees. 1. ce. 32. 1917. countries wheresoever it may be deemed best for the purpose of purchasing, selling, and collecting bills of exchange, and to buy and sell, with or without 1ts indorsement, through such correspondents or 8g6HGl&,· bills of exchange_(or acceptances) arising out of actual commercial transactions which have not more than ninety days to Ammt, ,,,, mn run, exclusive of days of grace, and which bear the signature o two wnwwndmea or more responsible parties, and, with the consent of the Federal Tmmmm ,,,,,_ Reserve Board, to open and maintain banking accounts for such g=;,*;1¢¤r¤¢¤¤rr¤¤¤rv¤ foreign correspondents or agencies. Whenever any such account has ' been opened or agency or correspondent has been appointed by a Federa reserve bank, with the consent of or under the order and direction of the Federal Reserve Board, any other Federal reserve bank may, with_ the consent and approval of the Federal Reserve Board, be permitted to carry on or conduct, through the Federal reserve bank opening such_ accoimt or appointing such agency or _ correspondent, any transaction authorized y this section under rules ‘F,d,,1,mmmm_ and regulations to be prescribed by the board." Appummn, ,0,, by Sec. 7. That section sixteen, paragraphs two, three, four, five, six,
and seven be further amended and reenacted so as to read as follows:
mrrgiadd p. -:54, "Any Federal reserve bank may make apyilication to the local Federa reserve agent for such amount of the ederal reserve notes hereinbefore provided for as it maérequire. Such application shall cuummia.-_ be accompamed with a tender to e local Federal reserve agent of usgs, 0, me ¤_ gollzfitoeé? in argountggual to the sum of the Federal reserve notes thus ¤§’.£u-cy ill'? 01?§·‘£d 5IL'1l“£“J&Z$‘°}21f£’:l?B”°%*.ii’S“tr°;}§2£’°"“t°’“} _ an e o Anh§£.B5, ¤¢>§=6ptances aciplgnred under the (provisions bt section thirtgad of Vai- awt glélgettit, 01‘ b d_0£riel§cha:i1g0 m orsed byi a ?1ember bank of any _ reserve1s_can urchasedxmer ero" f canned. Eph fourteen of this Act, crllaankersf acceptmcwppmvclhlgstfdousdgr bus; grovisions of said section fourteen, or gold or gold certificates; _ no event shall such collateral security, whether ld, ld cerp.¤,.,,¤.,.,¤,,.,, tiiicates, or eligible paper, be less than the amount of E§•ll6I'8§?l'6S61'V'G °"""‘“"*""""~ Ii0t&;¥1pl.\Od or. e Federal reserve agent shall each day notify the F eral Reserve Board of all issues and withdrawals of Federal Awucmi security, 1;;;!;1Qt:31¢;>¢6ST;3]0 811% liycdthellgederal rgsrlvg bank to which he is 1 . e said era eserve a t f ll ¥1§6)3I;r:llE`Bd6T8l reigve bgpliofor additional seldluhgirty tgngrotgzét (the c_ as for deposits GSGYVB D0 18811 ll}. ?g;d°l§:'°°“,;_ M, In “EV;¥gu§;d;F&;0??ewgh bank shallimaintain reserves in golddor _ _ ess an y- ve per centum fts ggghglhml mh pgsngscdandlreserves in gold of not less than forty per cgggilflrrsl algaingt Mme www ,¤c,ud_ rm] era reserve notes nn actual circulation: Promded, however, ed ls. as Zglxlgglndtlge lgeélgrlah reserve agepeig holds dgold or gold certificates _ or A e reserve to h or gpld certificates shall be countgd) as pisrdzgof thet BldarIe§e1S·;1;};v§i)dlii Dsigmsou oxmm. ct5>1¤;§1l;ir1;ui;¢%l};1;sd 11}) 8i1lisbFe<§di·a.l reserve notes ___ . o sopai outs th'f ,°!})·:>$i;£¤_g_¤§_¤é greg: distmctive letter and serial number which shadabdllyg gg baceshg Fed ‘g“ Y iggrbankoreue nas- Fédgg} £·Se§§en(l3tpSard tgdeiakcli Fideral §eserve bank. Whenever ' _ ISSII 0 gd be received by another Federal rdsdgrvgllfank, :lli:;*I:l?;lIlvl5>eba1x}¢l{Il?]lli§lll rctruned for credit orredemption to the Federal reserve bank) through which they were original]; issued or, upon direction of such Federal P°m**Y *°* ¤¤¤¤¤¤· l§>$€¢!'V<·> ba-Hk, thég shall e forwarded direct to the Treasurer of the R States to c retired. No Federal reserve bank shall pay out T,,§g‘,$;!P"°'* °‘ “*° “° 68 Issued thmugh mother under penalty of a tax of ten per cen- · tum upon the face value of notes so paid out. Notes resented for redemption at the Treasury of the United States shall ble `d o t of the redemption fund and returned to the Federal resellge blinks
