PROCLAMATIONS, 193;;. EXTENDING FOR Two YEARS THE PERIOD 'V ITHIN WHICH THE FEDERAL RESERVE BOARD MAY AUTHORIZE THE FEDERAL RESERVE BANKS TO OFFER, AND THE FEDERAL RESERVE AGENTS TO ACCEPT, DIRECT OBLIGATIONS OF THE UNITED STATES AS COLLATERAL SECUIUTY FOR :FEDERAL RESERVE NOTES 3437 BY THE PRESIDENT OF THE UNITED STATES OF AMERICA February 14. 1\135. A PROCLAMATION WHEREAS the second paragraph of section 16 of the Federal to;ol}:!l ~! Reserve Act (38 Stat. 265), as amended by the act of March 6, 1934 notes. (48 Stat. 398) provides: Vol. 38, p. 265; Vol. , TarmstroBot (talk) H Any :Federal Reserve bank may make application to the local Statutory provision. Federal Reserve agent for such amount of the Federal Reserve notes hereinbefore provided for as it may require. Such application shall be accompamed with a tender to the local }i~ederal Reserve agent of collateral in amount equal to the sum of the Federal Reserve noteH thus applied for and issued pursuant to such application. The col- lateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under the provisions of section 13 of this Act, or bills of exchange indorsed by a member bank of any Federal Reserve district and purchased under the provisions of section 14 of this Act, or bankers' acceptances purchased under the provisions of said section 14, or gold certificates: Prmrided, however, That until March 3, 1935, or until the expiration of such additional period not exceeding two years as the President may prescribe, the Federal Reserve Board may, should it deem it in the public interest, upon the affirmative vote of not less than a majority of its members, authorize the Federal Reserve banks to offer, and the Federal Reserve agents to accept, as such collateral security, direct obligations of the United States * * *." AND WHEREAS it is deemed advisable that the authority of the Federal Reserve Board to authorize the Federal Reserve banks to offer, and the Federal Reserve agents to accept, direct obligations of the United States as collateral security for Federal Heserve notes issued to the Federal Reserve banks be continued for an additioIlal period after March 3, 1935: NOW, ~HEREFORE, I, F~ANK~IN D. ROOSEVEII~, President di:~~O~t~;{~:~:iTarmstroBot (talk)ta: of the Umted States of Amenca, actmg under and by VIrtue of th.. extended two years. authority conferred upon me by the aforesaid section 16 of the Federnl Reserve Act, as amend ..d, do hereby proclaim, dedare, and prescribe an additional period of two years from and after March 3, 1935, during which the }~ederal Reserve Board may, Hhould it deem it in the public interest, upon the affirmative vote of not less than a ma- jority of its memb('rs, authorize the Federal Reserve banks to offer, and the Federal Reserve agents to accept, direct obligations of the United States as collateral security for Federal Reserve notes issued to the Federal Reserve banks under the provisions of the aforesaid section. IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the United States to be affixed. DON}4~ at the City of Washington this 14" day of February, in the year of our Lord nineteen hundred and thirty-five, and of (SEAL] the Independence of the United States of America the one hundred and fifty-ninth. Bv th(' President: . CORDEI~L HULL Secretnry (d State. FRANKLl~ 1> ROOS~~VELT [No, 2117]
