Page:United States Statutes at Large Volume 75.djvu/187

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[75 Stat. 147]
[75 Stat. 147]
PUBLIC LAW 87-000—MMMM. DD, 1961

75

STAT.]

PUBLIC LAW 87-67-JUNE 30, 1961

147

(2) circulating notes of Federal Reserve banks, issued prior to July 1, 1929, for which the United States has assumed liability, and (3) circulating notes of national banking associations, issued prior to July 1, 1929, for which the United States has assumed liability, which, in his judgment, have been destroyed or irretrievably lost and so will never be presented for redemption, and to reduce accordingly the amount or amounts thereof outstanding on the books of the Treasury and to credit such amounts to the appropriate receipt account. Le SEC. 7. The first paragraph of the Act of May 31, 1878, entitled noteS'g a l - t e n d e r "An Act to forbid the further retirement of United States legal- ""Reduction tender notes" (31 U.S.C., sec. 404), is amended by inserting imme- 20 Stat. 87. diately before the period at the end thereof the following: ": And provided further, That in the event of any determination by the Secretary of the Treasury under section 6 of the Old Series Currency Adjustment Act that an amount of said notes has been destroyed or irretrievably lost and so will never be presented for redemption, the amount of said notes required to be kept in circulation shall be reduced by the amount so determined". SEC. 8. (a) The fifth paragraph of section 16 of the Federal Re- ActfaTenS^ientr" serve Act (12 U.S.C. sec. 415) is amended by adding at the end thereof 38 Stat. 251; 48 the following new sentence: "The liability of a Federal Reserve bank *^** ^' with respect to its outstanding Federal Reserve notes shall be reduced by any amount paid by such bank to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act." (b) The seventh paragraph of section 16 of the Federal Reserve Act (12 U.S.C. sec. 416) is amended by striking out the third sentence 40 Stat. 236. and inserting in lieu thereof the following: "Any Federal Reserve bank shall further be entitled to receive back the collateral deposited with the Federal Reserve agent for the security of any notes with respect to which such bank has made payment to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act. Federal Reserve banks shall not be required to maintain the reserve or the redemption fund heretofore provided for against Federal Reserve notes which have been retired, or as to which payment has been made to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act." SEC. 9. Nothing contained in this Act shall impair the redeemability Redeemabuity. of any currency of the United States as now provided by law. SEC. 10. In order to provide a historical collection of the paper Historical c o 1currency issues of the United States, the Secretary of the Treasury is authorized, after redemption, to withhold from cancellation and destruction and to transfer to a special account one piece of each design, issue, or series of each denomination of each kind of paper currency of the United States, including bank notes, heretofore or hereafter issued, and to make appropriate entries in the redemption accounts and other books of the Treasury to cover any such transfers. Approved June 30, 1961. Public Law 87-67 AN ACT To extend and increase the special milk program for children.

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Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first sen- *^"'* program. tence of the Act entitled "An Act to continue the special milk program for children in the interest of improved nutrition by fostering the