Page:Stabilizing the dollar, Fisher, 1920.djvu/265

10] If, on any date, the reserve exceeds said 50% it is to be restored by issuing, and putting into circulation, the requisite number of new gold bullion dollar certificates.

The Secretary of the Treasury is authorized to make said withdrawals of certificates from circulation by withdrawing from the Government deposits in National Banks, and to issue certificates and place them in circulation by adding to those deposits.

(Certificates Available for Bank Reserves)

Sec. 11. That all provisions of existing banking laws of the United States regulating the holding of gold reserves, including reserves of any Federal Reserve Bank, National Bank, or other bank, shall be deemed to be satisfied by such holding of gold bullion dollar certificates.

(Legal Tender)

Sec. 12. (a) That gold coin of the United States shall not be a legal tender in payment of debts falling due after December 31, 1920.

(b) That all debts, public and private, falling due after December 31, 1920, including debts theretofore created and expressed in dollars of "gold coin of the present standard of weight and fineness," or expressed in words of like import, shall be payable in standard gold bars at the rate in grains per dollar fixed by or under this Act for the time when each debt falls due, and the balance, if any, less than five ounces, in lawful money. Such standard bars shall be lawful money and a legal tender for this purpose.

(Publicity)

Sec. 13. The Computing Bureau shall, as promptly as possible, make public in suitable public documents all the pertinent facts and figures concerning the calculation of the index number and its percentage deviation