Page:United States Statutes at Large Volume 75.djvu/186

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PUBLIC LAW 87-66-JUNE 30, 1961

[75 S T A T.

Public Law 87-66 June 30, 1961 [S.1619]

Old Series Currency Adjustment Act. Definitions.

12 USC 145. Transfer of gold and silver, authority.

Federal Reserve notes.

R e d e m p tion of currency.

C o n t i nuing accountability.

AN ACT To authorize adjaistments, in accounts of outstanding old series currency, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Old Series Currency Adjustment Act". SEC. 2. For the purposes of this Act— (a) The term "Secretary'' means the Secretary of the Treasury. (b) The term "United States notes" means currency notes issued pursuant to the first section of the Act of February 25, 1862 (12 Stat. 345), the Act of July 11, 1862 (12 Stat. 532), the resolution of January 17, 1863 (12 Stat. 822), section 2 of the Act of March 3, 1863 (12 Stat. 709), or section 3571 of the Revised Statutes of the United States (31 U.S.C. sec. 401). (c) The term "Treasury notes of 1890" means currency notes issued pursuant to the Act of July 14, 1890 (26 Stat. 289). SEC. 3. The Secretary of the Treasury is hereby authorized and directed to transfer to the general fund of the Treasury, to be credited as a public debt receipt, the following: ,(1) Gold held as security for gold certificates issued prior to January 30, 1934. (2) Standard silver dollars held as security for, or for the redemption of, silver certificates issued prior to July 1, 1929. (3) Standard silver dollars held as security for, or for the redemption of. Treasury notes of 1890. SEC. 4. The Board of Governors of the Federal Eeserve System, with the approval of the Secretary, may require any Federal Reserve bank to pay to the Secretary, to be credited as a public debt receipt, an amount equal to the amount of Federal Reserve notes of any series prior to the series of 1928 issued to such bank and outstanding at the time of such payment. SEC, 5. Any currency the funds for the redemption or security of which have been transferred pursuant to the provisions of section 3 of this Act, and any Federal Reserve notes as to which payment has been made under section 4 of this Act, shall thereafter, upon presentation at the Treasury for redemption, be redeemed by the Secretary from the general fund of the Treasury and thereupon retired. SEC. 6. (a) Except as provided in subsection (c) of this section, upon completion of the transfers and credits authorized and directed by section 3 of this Act there shall be carried on the books of the Treasury as public debt bearing no interest the following: (1) Gold certificates issued prior to January 30, 1934. (2) Treasury notes of 1890. (3) United States notes issued prior to July 1, 1929. (4) Silver certificates issued prior to July 1, 1929. (b) Except as provided in subsection (c) of this section, there shall be carried on the books of the Treasury as public debt bearing no interest Federal Reserve notes as to which payment has been made to the Secretary under section 4 of this Act and the amount of the payment credited as a public debt receipt in accordance with such section. (c) The Secretary is authorized to determine, from time to time, the amount of— (1) outstanding currency of any type designated in subsections (a) and (b) of this section,

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