Page:United States Statutes at Large Volume 42 Part 1.djvu/45

 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 14. 1921. 17 convnnsrorr or cmmnucr. m§g;j’°'S*°¤ °' °“'· Sec. 403. (a) That section 25 of the Act of August 27, 1894, iigiiigI$s$°m§f 5;.2, entitled "An Act to reduce taxation, to provide revenue for the °“}$;‘;}°;’)·9,4 Government and for other pur oses " is amended to read as follows: ` ` I I, _ _ " Sec. 25. That the value of fbrergn coin as expressed in the money; StQ{§§§u0,§§y_ Ummd of acccgunt of this United Stateis shgl be that of the dpure metal of suc coin 0 standar va ue· and the v ues of the stan ard coins in circu- . lation of the various nations of the world shall be estimated quarterly eggniiiggitiiiifo iggciiiaoi by the Director of the Mint and be proclaimed by the Secretary of ° ‘ gie 'llgreasury cgiarterly on the first day of January, April, July, and cto er in eac year. i (b) For ltliedpurpose of the afessmeng and collectiop of Aiugies ?g;Di;%§r?¤§:¤ii_;ih§¤E¤E u on merc an 1se imported into theUnite States on or a ter the ay rt a . of) the enactment of this Act, wherever it is necessary to convert expo ma 6 foreign currencydirgo currency of th? gjmltzill %ates, (suc cqpversion, except as rovi e in subdivision c s e ma e at the va ues proclizimedp by the Secretary under the provisions of section 25 of such Act of August 27, 1894, for the quarter in which the merchandise was ex orted. _ (c) lg no such value has been proclaimed or if the value so pro- ,,,§,Q"’{, ,}§§’,{§ ,,l§’,'§{,‘f,’E claimed varies by 5 per centum or more from a value measured gxegplgdpegfcegggggg by the buying rate in thrillifzvg Yorlé market Salt noon on tgt?) day qi iz. exportation conversion s a e ma e at a v ue measure y suc . _ buying ratei For the purposes of this subdivision such buying rate m1giiii§gr‘fi§ig$¤i°mi° shall e the buying rate or cable transfers payable in the foreign currency so to be converted; and shall be determined by the Federal Reserve Bank of New York and certified daily to the Secretary, who shall make it public at such times and to such extent as he deems Considerations M ’££i§i?§S“§.’§{ ifi ?€§°‘£§`%§“‘Zl3 bF.i.‘§`gi§?$°cZ`L2l3d§$‘i?§3l $°.ZS‘iEZ‘2 "°°"°‘“‘““’ ascertaina le transactions and quotations, whether direct or through theexchange of other currencies, and (2) if there is no market buying rate for such cable transfers, calculate such rate from actual transactions and quotations in demand or time bills of exchange. Dapmmd c u r_ rency and pgiund ster- (d) Sections 2903 and 3565 of the Revised Statutes are repealed. iiigiegf p 703.re sé1ta.' (e) Section 25 cg such Act of August 27, 1f89l4, Isis in §>§ce prior pE§gl§§’§$t£Y' Iimpms to the enactmento this Act an section 2903 o the evise tatutes V ·28·P-552 shall remain in force for this assessment and collection of duties ori merchandise imported into the United States prior to the day of the enactment of this Act. rNsr·nc·rroN or r:xr·on·rmz’s nooxs. ,,,§‘P°“°"S "°°"S· Sec. 404. That if any person manufacturing producing selling r;¤Ai>g?¤iisirix§u?iiii§;i¤i$ shilpping, or consigning merchandise exported tb the_ United States §,'§}kZ{’§§§w§ {,2 fai s, at the request of the Secretary, or an appraiser, or Iiprson 8**0**5 °¤P°**°d· aggng as oiirgnraiser, or a cglllector, or a ienezral apprtaiseg, pr the dqzgg o ener ppraisers, as e case_may e o perrm a u y accre officer of the United States to inspect 7his books, papers, records, accounts, documents, or correspon ence, pertamingi·15o the market Impomtm pmmg value or classification of such merchandise, then w e such._ failure itcd on failure. continues the Secretary, under regulationamprescribed by him, (1) shall rolubit the importation mto the Uni States of merchandise manuihctured, produced, sold, shipped or consigned by such person, Dem. umm, ,0 and (2) ma instruct the collectors to withhold delivery of merchan- bewithhuzddisc manufictured, produced, sold, shipped or consigned by such 42150°—23-—-2