First Revision of Sec. 12
Title
First Revision of Sec. 12
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18869
Date
No date
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
FIRST REVISE
Sec. 12. That the Federal Reserve Bank shall be the fiscal agent and sole depository of the Government, except that for purposes of collection and transfer only the Secretary of the Treasury may designate national banking associations as Government depositories.The Secretary of the Treasury shall gradually effect a transfer of the general fund of the Treasury to the Federal Reserve Bank, which transfer shall be completed within twelve months of the organization of the Federal Reserve Bank. Such transfer, however, shall not include the five per centum fund for the redemption of outstanding national bank notes, nor that portion of the general fund of the Treasury held by government depositories or balances of by disbursing officers in the insular possessions or territories of the United States so long as no branch of the Federal Reserve Bank exists in such possessions or territories.On and after a date to be determined by the Secretary of the Treasury and the Federal Reserve Board, but not later than six months from the organization of, the Federal Reserve Bank, all the revenues of the Government shall be regularly deposited in the Federal Reserve Bank and disbursements shall be made by checks drawn against such deposits, except revenues and disbursements in the insular possessions and territories of the United States.
Sec. 12. That the Federal Reserve Bank shall be the fiscal agent and sole depository of the Government, except that for purposes of collection and transfer only the Secretary of the Treasury may designate national banking associations as Government depositories.The Secretary of the Treasury shall gradually effect a transfer of the general fund of the Treasury to the Federal Reserve Bank, which transfer shall be completed within twelve months of the organization of the Federal Reserve Bank. Such transfer, however, shall not include the five per centum fund for the redemption of outstanding national bank notes, nor that portion of the general fund of the Treasury held by government depositories or balances of by disbursing officers in the insular possessions or territories of the United States so long as no branch of the Federal Reserve Bank exists in such possessions or territories.On and after a date to be determined by the Secretary of the Treasury and the Federal Reserve Board, but not later than six months from the organization of, the Federal Reserve Bank, all the revenues of the Government shall be regularly deposited in the Federal Reserve Bank and disbursements shall be made by checks drawn against such deposits, except revenues and disbursements in the insular possessions and territories of the United States.
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Citation
Strong, Benjamin, 1872-1928 , “First Revision of Sec. 12,” No date, WWP18869, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.