Page:United States Statutes at Large Volume 40 Part 1.djvu/310

 SIXTY-FIFTH CONGRESS. Sess. I. Ch. se. 1917. 291 sum or sums as in his jud ent may be necessary, and to issue therefor certincates of indegtliedness of the United States at not less than par in such form or forms and subject to such terms and conditions and at such rate or rates of interest as he may prescribe; P b _ _ and each certificate so issued shall be payable at such time not y,,,,{y° 1° mtm °”° exceeding one year from the date of its issue, and may be redeemable before maturity upon such terms and conditions, and the interest accruing thereon s all be payable at such time or times as the Secre- Lim, 0,,,,,,,, Ofpmr tary of the Treas may prescribe. The sum of such certificates issggiu 36 outstanding hereuliilder and under section six of said Act spproved p,,_,,,’pl;5_ Bu April twenty-fourtlg niitileteen hundreg and seventeen, sh not at an one time excee in e e ate 4,000,000,000. . . gmc. 6. That in addition tilgihegbonds authorized b section one of miggwmgs _°€mu` this Act and the certificates of indebtedness authorized7 by section five b§§,“,$ ,,°§“},‘,§f,‘;’§‘,§{."‘;,,,{,‘j of this Act, the Secretary of the Treasury is authorized to borrow from 1i¤ awwwtime to time, on the credit of the United States, for the piu·poses of this Act and to meet public expenditures authorized by law, such sum Cmdming mmest, or sums as in his judgment may be necessary, and to issue therefor, at ¤¤=- such price or prices and upon such terms and conditions as he may determine, war-savings certificates of the United States on whic interest to maturit may be discounted in advance at such rate or mms mmm Gm rates and computedy in such manner as he may prescribe. Such war- ’ ’ savings certificates shall be in such form or forms and subject to such terms and conditions, and may have such provisions for payment thereof before maturity, as the Secretary of the Treasury may pre- ,.,,,,,,6 www me scribe. Each war-saving certificate so issued shall be payable at such mrs. time, not exceeding five years from the date of its issue,_and may be redeemable before maturity, upon such terms and conditions as the A te mowed Secretary of the Treasury may  The sum of such war- p$€°$¤c6. ' savings certificates outstandingr; all not at any one time exceed in L. .t t the aggregate $2,000,000,000. e amount of war-savin certificates um ° °°°° p°”°°‘ sold to an on;-person at any one time shall not excee<§;100, and it shall not ge la ul for any one person at any one time to hold war- Stamps to Show my savings certificates to an aggregate amount exceeding $1,000. The mms- Secretary of the Treasury may, under such regulations and upon such terms and conditions as e may prescribe, issue, or cause to be issued, stamps to evidence payments or or on account of such certificates. No ummm mv, Sec. 7. That none of the bonds authorized by section one, nor of the lem ¤> bonds, ow. certificates authorized by section five, or by section six, of this Act, Gmm, tu mm shall bear the circulation privilege. All such bonds and certificates um. p` shall be exempt, both as to princi al and interest from all taxation P""*p‘°°°‘ now or hereafter imposed b the Iiiiited States, any State, or any of the possessions of the United, States, or by any local taxin authority, Empam. except (a) estate or inheritance taxes, and (b) graduate§ additional *’°”»PP-$01302,324- income taxes, commonly known as surtaxes and excess profits and · war—profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or izxempam or ss,0¤o. corporations. The interest on an amount of such bonds and certificates the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, association, or corporation, shall be exempt from the taxes provided for in subdivision (b) of this SBCUOII. Proceeds to be do- Sec. 8. That the Secretary of the Treasury, in his discretion, is 1>¤¤i¤><1i¤¤¤¤k¤. awhereby authorized to deposit, in such incorporated banks and trust P°"’P‘5°*‘ companies as he may des`¤·nate, the proceeds, or any art thereof arising from the sale of thellbonds and certificates of indelitedness and hwg; war—sav1ngs certificates authorized by this Act, and such deposits shall bear such rate or rates of interest, and shall be secured in such manner, and shall be made upon and subject to such terms and conditions, as