Page:Stabilizing the dollar, Fisher, 1920.djvu/263

10] (Conversion of Coin into Bullion)

Sec. 8. That after the passage of this act no gold coin shall be struck by the United States. The Secretary of the Treasury shall provide, by rules and regulations to be issued within three months after the passage of this act, for the conversion before January 1, 1921, of gold coin of the United States owned or acquired by the United States into bars of standard gold each containing not less than five ounces, and for like prompt conversion of all like gold coin thereafter acquired by the United States.

(To facilitate the withdrawal of gold coin from circulation into the Treasury through the Federal Reserve and National Banks)

Provided: That the United States, under such rules and regulations as the said Secretary may prescribe, shall receive all standard gold coin of the United States offered to it and pay for the same in lawful money at the rate of ten dollars and one cent of lawful money for every ten dollars of standard gold coin so offered from the date of this act to December 31, 1920, inclusive, and at the rate of one dollar for every dollar of standard gold coin offered to it thereafter. Such payment shall be made in the gold bullion dollar certificates herein authorized and (as to any balance less than one hundred dollars) in lawful money.

(Conversion of Old Certificates into New)

Sec. 9. That within three months after the passage of this act the preparation, issue, and paying out by the United States of present gold coin certificates shall cease. For all gold coin certificates then owned or thereafter acquired by the United States there shall be substituted, dollar for dollar, gold bullion dollar certificates certifying that