Page:United States Statutes at Large Volume 40 Part 1.djvu/56

 SIXTY-FIFTH CONGRESS. Sizss. I. Cris. 4, 5. 1917. 37 interest, not exceeding three and one-half per centum per annum,. . as he may prescribe; and each certificate so issued shall be (pl-alyable, yeliilme mmm om with the interest accrued thereon, at such time, not excee g one year from the date of its issue, as the Secretary of the Treasury may rescribe. Certificates of indebtedness herein authorized shall not ,Q;° °i’°*1m*°¤i’**"*· hear the circulation privilege, and the sum of such certificates out- A{,,,,u,,m,,,,,,,d_ standing shall at no time exceed in the aggregate $2,000,000,000, and ,3{;°·"» PP· 29% 50* such certificates shall be exemptyboth as to principal and interest, Exempt from mes, from all taxation, except estate or inheritance taxes, imposed by §’§$§§E,c'f°“‘° °' ”" authority of the United States, or its possessions, or by any State or local taxin authority. _ _ Sec. 7. That the Secretary of the 'lreasmy, in his discretion, is i,,D‘{,‘§f§§ °,{,,§'°$‘,?{’,'_l°§ hereby authorized to deposit in such banks and trust companies as ¢=¤1¤;;P;*¤i°¤· 291 504 he ma designate the proceeds, or any (part thereof, arising from the ° ’ pp' ’ ‘ sale ofy the bonds and certificates of in ebtedness authorized by this Act, or the bonds previously authorized as described in section four- M*¢»1>-36- of this Act, and such deposits may bear such rate of interest and be I¤¤¤¤S¢»¢¢¢- subject to such terms and conditions as the Secretary of the Treasury PWM may prescribe: Pro/vided, That the amount so deposited shall not in Limitation. any case exceed the amount withdrawn from any such bank or trust p company and invested in such bonds or certificates of indebtedness plus the amount so invested by such bank or trust company, and Sm,,,,y,,,q,,,,,d_ such deposits shall be secured m the manner required for other $6f§4m·5{25g6r-M- deposits by section fifty-one hundred and fifty-three, Revised B ’§'at (gaposp Statutes, and amendments thereto: Provided further, That the pro- term. visions of section fifty-one hundred and ninety-one of the Revised I{;§j·§§fi,’f§’·‘°°‘· Statutes, as amended by the Federal Reserve Act and the amendments thereof, with reference to the reserves r uired to be kept by national banking associations and other membeiillianks of the Federal Reserve System, shall not ap ly to deposits of public moneys by the i United States in designated depositaries. A u 1 Sec. 8. That in order to pay all necessary expenses, including expeiixiglgslida °° °r rent, connected with any operations under this Act, a sum not exceeding one-tenth of one per centum of the amount of bonds and onetenth of one per centum of the amount of certificates of indebtedness J herein authorized is hereby appropriated, or as much thereof as may be necessary, out of anty money in the Treasury not otherwise appropriated, to e expende as the Secretary of the Treasury may d ect: Pmm rovided, That, in addition to the reports now required b aw, the Admucimimumenc Secretary of the Treasury shall, on the first Monday in gecember, °‘°‘*’°“°““'°" nineteen hundred and seventeen, and annually thereafter, transmit pp the Congress a detailed statement of all expenditures under this P°"·¤-5°°·. ct. Approved, April 24, 1917. CHAP. 5.-An Act To amend an Act entitled "An Act maldng appro riations l§?l’35i7%l` for the naval service for the fiscal year ending Jime thirtieth, nineteen uudlred and seventeen, and for other purposes, ’ relative to the Fleet Naval Reserve. ’ Be it enacted by the Senate and Houszgf Representatives of the United States of America in Oovzgress assemb, That the clause in the Act N"?- entitle "An Act making appro riations for the naval service for the ”I;l¤°?° N"°1 R°` fiscal year ending June thirtieth, nineteen hundred and seventeen, m§"'*°°"°*‘**”¢’°°‘*‘ and for other purposes," which reads as follows: "The Secretary of Vol. 39. p- 590. the Navy is authorized to  any member of the Fleet Naval mum Reserve to active duty for training on board ship, upon the application of such member," and so forth, be, and the same is hereby, amended by striking therefrom the words "on board ship." Approved, April 25, 1917.