First Revision of "Refunding Notes," Sec. 26
Title
First Revision of "Refunding Notes," Sec. 26
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18860
Date
No date
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
First Revise.
REFUNDING NOTES. and bonds-
Sec. 26. That The Secretary of the Treasury is hereby authorized and directed to refund one-half of the 2% United States bonds having the circulation privilege and ion deposit with the Treasurer of the United Statest to secure National bank note circulation at the time date of the organizaton of the Bank. He shall accomplish such refunding by the issue of refunding notes. Such refunding notes shall be a direct obligation of the United States, shall bear interest at the rate of three per cent. per qannum, shall be payable in gold of the present standard of weight and fineness and only at the Bank or any of its branches, and shall mature at various periods as determined by the Secretary of the Treasury not exceeding one year from their respective dates of issue, and shall be issued under regulatiosns to be prescribed by the Secretary of the Treasury as to the form, tenor and denomination thereof; provided, that such notes may, at the option of the Secretary of the Treasury, be extended for periods of one year during a period of twenty years from the date of the organization of the Bank.
REFUNDING NOTES. and bonds-
Sec. 26. That The Secretary of the Treasury is hereby authorized and directed to refund one-half of the 2% United States bonds having the circulation privilege and ion deposit with the Treasurer of the United Statest to secure National bank note circulation at the time date of the organizaton of the Bank. He shall accomplish such refunding by the issue of refunding notes. Such refunding notes shall be a direct obligation of the United States, shall bear interest at the rate of three per cent. per qannum, shall be payable in gold of the present standard of weight and fineness and only at the Bank or any of its branches, and shall mature at various periods as determined by the Secretary of the Treasury not exceeding one year from their respective dates of issue, and shall be issued under regulatiosns to be prescribed by the Secretary of the Treasury as to the form, tenor and denomination thereof; provided, that such notes may, at the option of the Secretary of the Treasury, be extended for periods of one year during a period of twenty years from the date of the organization of the Bank.
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Citation
Strong, Benjamin, 1872-1928, “First Revision of "Refunding Notes," Sec. 26,” No date, WWP18860, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.