Page:United States Statutes at Large Volume 40 Part 1.djvu/308

 SIXTY-FIFTH CONGRESS. Sess. I. Ch. 56. 1917. 289 authorizecg on behialf of thfe United States, to etsltablish cre<§ts with the Unite States or an oreign governments en engage in war. with the enemies of theyUnited States; and, to the extent of the u$.1§'ls°°“h°"°b' credits so established from time to time, the Secretary of the Treasury is hereby authorized to purchase, at par, from such foreign overnments respectively their several obligations hereafter issued, bearing such rate or rates of interest, maturin(g at such date or I”°°'°“““°S·°*°· dates, not later than the bonds of the Unite States then last Am 35 issued under the authority of this Act, or of such Act apgroved ’p' ` April twenty-fourth, nineteen hundred and seventeen, an contarni such terms and conditions as the Secretary of the Treasury M th nd mayllgom time to time determine, or to make advances to or for mourn?-g§°rii»¤i§l °" the accoimt of anfy such foreign governments and to receive such obligations at par or the amount of any such advances; but the rate m§‘,§°§_E,£S‘§,U*;j,4§g;} or rates of interest borne by any such obliations shall not be less Sum ¤¤¤¤¤- than the highest rate borne by any bon ‘ of the United States which, at the time of the acquisition thereof, shall have been issued Am 35 under authority of said Act approved April twenty-fourth, nine- ’p‘_ ` teen hundred and seventeen, or of this Act, and anoy such obliga- m%‘§}'°"‘°“ ¥"°"*‘ tions shall contain such provisions as the Secretary the Treasury may from time to time determine for the conversion of a proportionate part of such obligations into obligations bearing a higher rate of interest if bonds o the United States issued imder authority of this Act shall be converted into other bonds of the United States mum bearing a higher rate of interest, but the rate of interest in such foreign obligiztions issued upon such conversion shall not be less than the hig est rate of interest bome by such bonds of the United umgmmt,mmy_ States; and the Secretary of the Treasiuy with the approval of the mausm. President, is hereby authorized to enter into such arrangements from time to time with any such foreign Governments as may be necesszréy or desirable for establishing such credits and for the pay- ment such obligations of foreign Govemments before maturity. Appmprmm For the puaposes of this section there is appropriated, out of any r>m,pp.so4,é44. money in e Treasmy not otherwise appropriated, the sum of $4,000,000,000, and in addition thereto the unexpended balance of the appropriations made by section two of said Act approved April M"' p'35` twenty-fourth, nineteen hundred and seventeen, or so much thereof as may be necessary: Provided, That the authority anted by this {§fi,"Y,'};tyt,,c,.,,,,,t section to the Secretary of the Treasury to estabilsh credits for *:f1;‘ “' "“'* G°'· foreign Governments, as aforesaid, shall cease upon the termination ` gf the war between the United States and the Imperial German overnment. . . Sec. 3. That the Secretary of the Treasury is hereby authorized, ¤¤g§°i1d°¤ii°¤`°¤li$ mir?} from time to time, to exercise in respect to any obligations of foreign §‘,}§’,.{°,°;f,f°‘°s· °‘°·· **“‘ governments acquired under authority of this Act or of said Act approved April twenty-fourth, nineteen hundred and seventeen, any privilege of conversion into obligations bearing interest at a higher rate-lprovided for in or pursuant to this Act or said Act ap- _ proved Ap twenty-fourth, nineteen hrmdred and seventeen, and to sgtéln °““° im mg convert any short-time obligations of foreign overnments which may have been purchased under the authority 0% this Act or of said Act approved April twenty-fourth, nineteen hundred and seventeen, into long-time o ligations of such foreign governments, respectively, maturing not later than the bonds of the United States then last issued under the authority of this Act or of said Act approved April twenty-fourth, nineteen hundred and seventeen, as the case may be, and in such form and terms as the Secretary of the Treasury may _ prescribe; but the rate or rates of interest borne b any such long- E°°”my°“°t°S‘ time obhgztions at the time of their acquisition shallinot be less than the rate me by the short-time obligations so converted into such 112460°—vor. 40—r>·r 1—19