Page:United States Statutes at Large Volume 40 Part 1.djvu/54

 SIXTY-FIFTH CONGRESS. Srzss. 1. Ch. 4. 1917. 35 CHAP. 4.-An Act To authorize an issue of bonds to meet expenditures for the Agri! 1*4, 1917- national security and defense, and, for the purpose of assisting in the prosecution of [ · R· 276*} the war, to extend credit to fore@ governments, and for other purposes. (Public, No. a.] Be it enacted by the Senate and House 0 Representatives of the United . States of America in Congress assembled? That the Secretary of the eugiiiigl Sum ”°' Treasury, with the approval of the President, is hereb authorized to b§,§‘,‘,;’ ;‘},§},°;*f;*n§•; borrow, from time to time, on the credit of the United States for the ¢i<>¤¤1¤•·¤=urity,etc.= purposes of this Act, and to meet expenditures authorized for the 84.{;T§j$e_pp‘ 288* “°3· national seciuity and defense and other public purposes authorized by law not exceeding in the aggregate $5,000,000,000, exclusive of the sums authorized y section our of this Act, and to issue therefor P"·"·P· 36- bonds of the United States., - The bonds herein authorized shall be in such form and subject to b,,§$?"’ °°““’•°°°‘· °' such terms and conditions of issue, conversion, redemption, maturities, - payment, and rate and time of payment of interest, not exceeding interest. three and one·ha.lf per centum per annum, as the Secretary of the Treasury mi? prescribe. The principal and interest thereof shall be P¤Y¤b1¤i¤s¤1<1· payable in mted States glpld coin of the present standard of value Exam Hmm mm and shall be exempt, bot as to principal and interest, from all except genie or mi taxagon, gxézept estate or inheritance taalges, impéised by gutglority of “""““‘°°· the United States, or its ions, or an tate or oc ta.xm` g ,,,,,,,,1,. ri _ authority; but such bond; shall not bear the grirculation privilege. log? mm P vi The bonds herein authorized shall first be offered at not less than °“””P°P“‘”‘°°¤· par as a popular loan, under such galgnxlations prescribed by the Secretagfr of the Treasury as will give citizens of the United States an Dismal 0, mum equ opportunity to participate therein; and any portion of the essiteernieruer. bonds so offered and not subscribed for mag be otherwise disposed of at not less than par by the Secretary of the Treasury; but no comngisigng shall be allowed or paid on any bonds issued under authority · o t ct.. Sec. 2. That for the purpose of more etfectually providing for neI;e°'§fiii}°e§°iig°5i$l£ZgrZ.` the national security and defense and prosecuting the war by es- {’,‘;§',§’d §f,,,,,‘g’§§,,,,}',',’,*,’} tablishing credits in the United States for foreign governments, the Secretary of the Treasury, with the approval of the President, is herebiy authorized, on be alf of the United States, to purchase, at par, rom such foreign governments then engaged in war with the enemies of the United States, their obligations hereafter issued, bearing the same rate of interest and containir5 in their msentials the same terms and conditions as those of the nited States issued mms Q M b_ under authority of this Act; to enter into such arrangements as may l|.¤lied,ete.° °°°° be necess or desirable for establishing such credits and for Egrchasing siilcb obligations of foreign governments and for the su e- · nent payment thereof before maturity, but such arrangements ,,,{Q§°;§‘,$,{,°,‘§‘°’ "‘$*‘°‘ slhall provide that if any of the bonds of the United States issued and used for the purchase of sifch foreign obligations shall thereafter be ~ converted into other bonds of the United States bearing a higher rate of interest than three and one-half per centum per annum under the PM 36_ provisions of section Eve of this Act, then and in that event the obli- ’P' gations of such foreign governments held by the United States shall be, by such foreign overnments, converted in like manner and extent into obligations gearing the same rate of interest as the bonds of the United States issued under the provisions of section five of this Act. For the purposes of this section there is appro- §§,,"‘;,‘;?‘5§,*,“"8,,_ priated, out of any money in the Treasury not otherwise appro- ' priated, the sum of $3,000,000,000, or so much thereof as may be necessary: Provided, That the authority anted by this section to aumericy ee eeese the Secretary of the Treasury to purchase gbnds from foreign overn— ”,;§f,§‘ °“‘ ments, as aforesaid, shall cease upon the termination of tlie war between the United States and the Imperial German Government. mm mm _ Sno: 3. That the Secretary of the Treasm·y, nmder such terms and mesa fri sales afi; conditions as he_may prescribe, is hereb authorized to receive on  *”“°" or before matimty payment for any obligations of such foreign