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FED ERAL RE SE R V E BANK
OF NEW YORK
Fiscal A gen t o f the U nited States

r Circular No. 3 9 3 6 * 1
L January 19, 1953 J

T R E A S U R Y BILLS

Seventh Am endm ent to Treasury Department Circular No. 418

To all Incorporated Banks and Trust Companies, and
Others Concerned, in the Second Federal Reserve D istrict:

On the reverse side o f this circular is printed a cop y o f the Seventh
Am endm ent to T reasury D epartm ent Circular No. 418, as amended.
The amendment revises paragraph 5 o f the Circular so as to provide
that T reasury bills acceptable in payment o f income or profits taxes
m ay be surrendered, fifteen days or less before the date on which the
taxes become due, to any F ederal R eserve Bank or Branch, which will
in turn issue a receipt fo r the face amount o f the bills. These receipts
m ay then be submitted to D irectors o f Internal Revenue with the
ow n ers’ tax returns.




A

llan

S

proul,

President.

( over)

TREASURY BILLS

1953

TREASU RY DEPARTM ENT
“ • b^ ^ JeM ,D 94i
i
Fiscal Service
Bureau of the Public Debt

O ffic e

o f th e

S e cre ta ry

Washington, January 12, 1953

P aragraph 5 o f D epartm ent C ircular No. 418, as amended (31 C F R 309.5), as revised
M ay 13,1952 (17 F R 4561), is hereby further revised to read as follow s:
5. T reasury bills w ill be acceptable at m aturity value to secure deposits o f
public m on eys; they w ill not bear the circulation privilege. The S ecretary o f the
T reasury, in his discretion, when inviting tenders fo r T reasury bills, m ay provide
that T reasury bills o f any series w ill be acceptable at m aturity value, whether at
or b efore m aturity, under such rules and regulations as he shall prescribe or
approve, in paym ent o f incom e and profits taxes payable under the provisions
o f the Internal Revenue Code. A n y T reasury bills which b y the terms o f their
issue m ay be accepted in payment o f income and profits taxes m ay be surren­
dered to any F ederal R eserve Bank or Branch, acting as fiscal agent o f the
U nited States, fifteen days or less b efore the date on which the taxes becom e due.
The F ederal R eserve Bank o r Branch will issue receipts to the ow ners showing
the face amount o f the bills so surrendered. These receipts m ay be submitted in
lieu o f the bills on o r b efore the specified tax paym ent dates to the D irector o f
Internal Revenue fo r the district, with the ow ners’ tax returns. Notes secured
by T reasury bills are eligible fo r discount or rediscount at F ederal R eserve Banks
b y m ember banks, as are notes secured by bonds and notes o f the U nited States,
under the provisions o f Section 13 o f the F ederal R eserve A ct. T hey w ill be
acceptable at m aturity, but not before, in payment o f interest o r o f principal on
account o f obligations o f foreign governm ents held by the U nited States.




J

ohn

W . S

nyder,

S ecreta ry o f the T reasury.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102