Page:United States Statutes at Large Volume 48 Part 1.djvu/77

 73d CONGRESS. SESS. I. CH. 25. MAY 12, 1933 . 51 c ised by him sub ject to all the term s and cond ition s in any s uch Executive order the same as if such functions, powers, authority, and dutie s wer e spe cific ally named in s uch E xecut ive o rder or or ders. PART 7-MISCELLANEOUS LOANS TO FRUIT GROWERS SEC. 41. That in making loans to owners of groves and orchards, including citrus-fruit groves and other fruit groves and orchards, the Federal la nd banks, the farm land banks, and all Government agenci es ma king loans upon such char acter of prope rty m ay, in appraising the property offered as security, gi ve a reasonable and fa ir valuation to the fruit trees located and growing upon said property and constituting a substantial pa rt of its value. P ART 8 -SHOR T TITLE SEC. 42. This title may be cited as the "Emergency Farm Mortgage Act of 1933 ." TIT LE III-FINANCING-AND EXERCISING POW ER CONFERRED BY SECTIO N 8 OF ARTICLE I OF THE CONSTrrUTIoN : To COIN MONEY AND TO REGUL ATE THE VA LUE T HEREO F SEC. 43. Whenever the President finds, upon investigation, that (1) the forei gn co mmerc e of the U nited Stat es is adve rsely affe cted by reason of the depreciation in the value of the currency of any oth er government or governments in rel at ion to the pr es ent standard value of gold, or (2) action under this section is necessary in order to regulate and maintain the parity of currency issues of the United States, or (3) an economic emergency requires an expansion of credit, or (4) an expansion of credit is necessary to secure by international agre ement a st abili zatio n at prope r lev els of the curr encie s of vario us gover nment s, the Pre siden t is autho rized , in his d iscre tion- (a) To direct the Secretary of the Treasury to ent er in to agree- ments with the several Federal Reserve banks and with the Federal Reserve Board whereby the Federal Reserve Board will, and it is hereby authorized to, notwithstanding any provisions of law or rul es and reg ulati ons to the cont rary, perm it su ch re serve bank s to agree that they will, (1) conduct, pursuant to existing law, th rou gh out specified periods, op en market ope ra tio ns in obligations of the United States Government or corporations in which the Miscellaneous. PERFECTING ORGANIZATION FARM CREDIT ADMINISTRATION F arm C redit Admi n- istration. SE C. 40. The Governor of the Farm Credit Administration is Authority of Gov- ernor of, to perfect authorized, in carrying out the powers and duties now or hereafter organization, etc. vested in him or the Farm Credit Administration by law or under any Executive order ma de under title IV of part II of the Legisla- t ive A pprop riati on Act of 1933, as a mende d, to esta blish , and to fix the powers and duties of, such divisions, agencies, corporations, and instrumentalities as he may dee m necessary to the efficient functioning of the Farm Credit Administration and the successful execution of the powers and duties so vested in the Governor and the Fa rm Credit Administration. This section shall not be construed to restrict the No re stric tion on authority of President. authority of the President under title IV of such Act, as amended Provid ed, That no salary or compensation shall be paid to any of- ficer, agent, or other person emp lo yed under thi s sec ti on in excess of $10 ,000 per annum. Vol. 47, p. 413. Proviso. Salary limitation. Loans to fruit grow- ers. Appraising security at fair value. Short title. Financing : Coining money, etc. Discretionary author- ity of the President. Post, p. 343. Wh en U.S. com- merco adversely affect- ed by foreign currency depreciation. Fixing parity of c ur- rency issues. Econo mic e merge ncy requires credit expan- sion. Stabilization by in- ternational agreement. Conduct, through Federal Reserve Board, open market opera- Cons in U.S. obli ga- tions, etc. Post, p. 168.