Page:United States Statutes at Large Volume 40 Part 1.djvu/1330

 1312 SIXTY—FIF TH CONGRESS. Sess. III. Ch. 100. 1919. bonds and notw purchased shall not exceed par and accrued interest. °i*“°°“““°"*‘”°‘ _ Bonds and notes purchased, redeemed, or paid out of the sinkmg a,g§,{’Q,‘§f,f“,f,,,,,‘fpp'°p"' fund shall be cance ed and retired and shall not be reissued. For the Hscal year be  July 1, 1920, and for each fiscal year thereafter until all such bonds and notes are retired there is hereby appropriated, out of any money in the Treasgy not otherwise appropriated, for the purposes of such sinking frm, an amount eqgn to the sum of (1) 2»} per centum of the aggregate amount of suc bonds and notes outstanding on July 1 1920, less an amount ual to the par amount of an obligations of foreilgn Governments h<-illd by the United States on Jidy 1, 1920 and (2) the interest which would have been payable during the fiscal, ear for which the appropriation is made on the bonds and noteshpurclirased, redeemed, or paid out of the sinking fund l urin suc ear or m revious years. R°p°m°c°°gr°Ss' Th§ Secregrary of thi) Treasury shall submit to Congress at the ‘ be ` of each regular session a separate annual report of the Forma sinking md action txen under the authority contained in this section. regimes. (b) Sections 3688, 3694, 3695, and 3696 of the Revised Statutes, ,f,§’f°m,3%; and so much of section 3689 of the Revised Statutes as provides a mgesfatec 3689 P ,,25 permanent annual appropriation of 1 per cent11m of the entire debt ameiidéd. ’ ’ of tlgpcgnited States to e set apart as a sinking fnmd, are hereby, . . re e . wfiximgiiilég $$3}:5 ISM:. 7. (a) That until the expiration of eighteen months after the ,‘§$,‘{,E,§{§f "“{,‘§,,‘T{,S,§’,,§§ termination of the war between the United States and the German  gg? W ¤=¤ Government, as Hxed by proclamation of the President, the Secretary ' of the Treas , with the approval of the President, is hereby author- .4m,p.s4i ized on behzgof the United States to establish, m addition to the credits authorized by section 2 of the Second Liberty Bond Act, as amended, credits with the United States for any foreign government now engaged in war with the enemies of the United States, for the urpose only of riroviding for purchases of any property owned ilirectly or indirect y by the United States, not needed by the United Advances authorized States, or of any wheat the price of which has been or may be guaranroq obligations re- teed by the United States. To the extent of the credits so established °°“”°d‘ from time to time the Secretary of the Treasury is hereby authorized to make advances to or for the account of any such foreign government and to receive at par from such foreign government for the I,,,,,,.$t, maturity, amount of any such advances its obligations liereaf ter issued bearing °*°· such rate or rates of interest, not less than 5 per centum per annum maturing at such date or dates, not later than October 15, 1938, and Mmmm, ,0, containing such terms and conditions, as the Secretary of the Treasury P°>'¤¤°¤*=*:°°°· ma from time to time prescribe. The Secretary, with the approval of tlie President, is hereby authorized to enter into such arrangements from time to time with aniguch foreign government as may be necessari o1{){lesirableli;o;· estab hing such credits and for the payment of Conversion of short SHO O . 8.i)l0DS 6 0I'8 maturity. _ §{,‘§,‘,$,},'gf°’°°€‘*’“°’°‘ (b) This Secretary of the Treasury is hereby authorized from time to time to convert any short-time o ligations of foreign governments which may be received under the authority of this section into longtime obligations of such foreign governments, respectively, maturing Equality or interest not later than October 15, 1938, and in such form and terms as the ’“‘“· Secretary of the Treasury may prescribe; but the rate or rates of mterest_ ornealiy any suc long-time obligations at the time of their , Redemption et as. ac uisition sh not be less than the rate borne by the short—time $0,§f§‘$§g‘§§§e*§Lb°”d’ obhgations so converted into such long—time obligations; and, under · such terms and conditions as he may from time to time prescribe, to receive payment, on or before maturity, of any obligations of such foreign governments acquired on behalf Of the United States under authority of this section, and, with the approval of the President, to sell any of such obligations (but not at less than par with accrued mterest unless otherwise hereafter provided by law), and to apply