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1818 950. BE IT ENACTED BY THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES OF AMERICA IN CONGRESS ASSEMBLED, That p a r a graph f i v e of S e c t i o n 18 of t h e Act approved December 23, 1913, known as t h e F e d e r a l Reserve Act, be and ia h e r e b y amended so as t o read as f o l l o w s : Upon t h e d e p o s i t w i t h t h e T r e a s u r e r of t h e United S t a t e s of bonds so p u r c h a s e d , or any bonds w i t h t h e c i r c u l a t i n g p r i v i l e g e a c q u i r e d u n d e r s e c t i o n f o u r of t h i s Act, OR ANY THREE PER CENT ONE YEAR GOLD NOTES ISSUED IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION, any Fede r a l r e s e r v e bank making such d e p o s i t i n t h e manner p r o v i d e d by e x i s t i n g law FOR THE DEPOSIT BY NATIONAL BANKS OF BONDS BEARING THE CIRCULATING PRIVILEGE, s h a l l be e n t i t l e d t o r e c e i v e from t h e C o m p t r o l l e r of t h e Currency c i r c u l a t i n g n o t e s in b l a n k , r e g i s t e r e d and c o u n t e r s i g n e d as p r o v i d e d by law, e q u a l i n amount t o the p a r v a l u e of t h e NOTES OR bonds so d e p o s i t e d . Such CIRCULATING n o t e s s h a l l be o b l i g a t i o n s of t h e F e d e r a l r e s e r v e bank p r o c u r i n g t h e same, and s h a l l be in form p r e s c r i b e d by t h e S e c r e t a r y of t h e T r e a s u r y , and t o t h e same t e n o r and e f f e c t as n a t i o n a l bank n o t e s now p r o v i d e d by l a w . They s h a l l be i s s u e d and r e deemed u n d e r t h e same terms and c o n d i t i o n s as n a t i o n a l bank n o t e s e x c e p t t h a t t h e y s h a l l n o t be l i m i t e d t o t h e amount of t h e c a p i t a l s t o c k of t h e F e d e r a l r e s e r v e bank i s s u i n g them, CIRCULA?I.1G NOTES t f FlQSfiAI. KESBRVE BAKKS SECURED BY THREE PER CENT ONE YEAR GOLD NOTES SHALL BE SUBJECT TO THE SAME TAX IMPOSED BY LA"' ON CIRCULATING NOTES WHICH ARE SECURED BY THREE PER CENT BONDS OF THE UNITED STATES.
@FedFRASER