340 Acceptance of de- posits as reserves. Federal control over gold . S ecret ary of the Tre asury to issu e regu- la tions gov ernin g . Places beyond conti- nental limits . Forfeiture of gold il- legally withheld, etc . Penalty . No gold hereafter to be coined . Vol.31, p.45;U.S . C., p. 995. Proviso . Coinage for foreign countries . U.S.C., p.999 . Withd rawa l of gold coin; formed into bars . Unite d St ates cur- rency not re deemable in gold . Provisos. Exception, go ld cer- tificates owned by Re- serve ban ks. Reserves to be main- tai ned . In gold bullion . In gold certificates . 73d C ONGRESS . SESS . IL CH. 6. JA NUA RY 30 .1934 . (8) The eighteenth paragraph is amended to read as follows
" Deposits made under this section standing to the credit of any Fed eral Reserve bank with the Federal Reser ve Board shal l, at the option of said bank, be counted as part of the lawful reserve which it is required to maintain against outstanding Federal Reserve notes, or as a part of the reserve it is required to maintain against deposit s ." SEC. 3 . The Secretary of the Treasury shall, by regulations issued hereunder, with the approval of the President, prescribe the condi- tions under which gold may be acqui red an d hel d, tra nsport ed, melted or treated, imported, exported, or earmarked : (a) for indus- trial, professional, and artistic use ; (b) by the Federal Reserve banks for the purpose of settling international balances ; and, (c) for such other purposes as in his judgment are not inconsistent with the pur- poses of this Act . Gold in any form may be acquired, transported, melted or treated, imported, exported, or earmarked or held in cus- tody for foreign or domestic account (except on behalf of the United States) only to the extent permitted by, and subject to the condi- tions prescribed in, or pursuant to, such regulations . Such regula- tions may exempt from the provisions of this section, in whole or in part, gold situated in the Philippine Islands or other places beyond the limits of the continental United States . SEC . 4. Any gold withheld, acquired, transported, melted or treated, imported, exported, or earmarked or held in custody, in violation of this Act or of any regulations issued hereunder, or licenses issued pursuant thereto, shall be forfeited to the United States, and may be seized and condemned by like proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law ; and in addition any p erson failing to comply wi th the provisi ons of this Act or of any such regulations or licenses, shall be subject to a penalty equal to twice the value of the gold in respect of which such failure occurred . SEC . 5 . No gold shall hereafter be coined, and no gold coin shall hereafter be paid out or delivered by the United States : Provided, however, That coinage may continue to be executed by the mints of the United States for foreign countries in accordance with the Act of January 29, 1874 (U.S .C ., title 31, sec . 367) . All gold coin of the United States shall be withdrawn from circulation, and, together wit h all other g old owned by the United Sta tes, shall be formed into bars of such weights and degrees of fineness as the Secretary of the Treasury may direct . SEC . 6 . Except to the extent permitted in regulatio ns which may be issued hereunder by the Secretary of the Treasury with the approval of the President , no currency of the United States shall be redeemed in gold : Provided, however, That gold certificates owned by the Federal Reserve banks shall be redeemed at such times and in such amounts as, in the judgment of the Secretary of the Treasury, are necessary to maintain the equal purchasing power of every kind of currency of the United States : And provided further, That the reserve for United States notes and for Treasury notes of 1890, and the s ecurity for g old cer tificat es (in cluding the go ld cer tificat es held in the Treasury for credits payable therein) shall be maintained in gold bullion equal to the dollar amounts required by law, and the reser ve for Federal Reserve note s shall be ma intained in go ld certi ficates , or i n credi ts paya ble in gold c ertific ates m aintain ed with the Treasurer of the United States under section 16 of the Federal Reserve Act, as heretofore and by this Act amended .
