NOTES ARE Federal Reserve Act Secutiries

TITLE IV
Sec. 401. The sixth paragraph of section 18 of the Federal
Reserve Act is amended to read as follows:
"Upon the deposit with the Treasurer of the United States (a)
of any direct obligations of the United States or (b) of any notes,
drafts, bills of exchange, or bankers' acceptances acquired under
the provisions of this act, any Federal Reserve bank making such
deposit in the manner prescribed by the Secretary of the Treasury
shall be entitled to receive from the Comptroller of the Currency
circulating notes in blank, duly registered and countersigned..

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:
Promissory Notes are Security Deposits

Under the FEDERAL RESERVE ACT:
the face value of the direct obligations of
the United States so deposited as security; and, when issued
against the security of notes, drafts, bills of exchange, and bankers'
acceptances acquired under the provisions of this act, the amount
thereof shall be equal to not more than 90 percent of the est-
mated value of such notes, drafts, bills of exchange, and bankers'
acceptances so deposited as security. Such notes shall be the obli-
gations of the Federal Reserve bank procuring the same, shall be
in form prescribed by the Secretary of the Treasury, shall be re-
ceivable at par in all parts of the United States for the same
purposes as are national-bank notes, and shall be redeemable in
lawful money of the United States on presentation at the United
States Treasury or at the bank of issue.

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:
UnChanged until the Proclamation is Terminated

Such circulating notes shall be sub-
ject to the same tax as is provided by law for the circulating
notes of national banks secured by 2 percent bonds of the United
States. No such circulating notes shall be issued under this para-
graph after the President has declared by proclamation that the
emergency recognized by the President by proclamation of March
6, 1933, has terminated

Reliance must be on the March 9th, 1933 act

and its amendment to the Federal Reserve Act , section IV, SubSection 18 Paragraph 6 in particular it Securities/Security and Obligations Provisions...

1. Quality content

It is difficult under the circumstances to discuss this bill.
The first section of the bill, as I grasped it, is practically the war powers that were given back in 1917, with some slight amendments. The other gives supreme authority to the Secretary of the Treasury of the United States to impound all the gold in the United States in the hands of individuals,
corporations, or companies for the purpose, I suppose, of bringing together that gold and making it available for the issuance of Federal Reserve notes.

2. Exclusive interviews

The third section deals with how bank.s are to be handled under this authority, how bank assets are to be frozen, and deals with the question of limited receiverships and receiverships. The last section of the bill provides for the issuance of a new money. I am a little at a loss, in the hurried way I have had to read the bill, to understand just how this new money is to be handled.

3. Rely on the Banking act of 1933 and the Federal Reserve act --- 401 amendment of 1933...

"I refer to section 401, which reads:
Upon deposit with the Treasurer of the United States of all contract obligations of the United States, or any notes-- And so forth. •

Under the Federal Reserve Act obligations that are deposited as the security and gold for reserve notes are placed in the hands of the Federal Reserve agent. I would like to ask the chairman of the committee if this is a plan to change the holding of the security back of Federal Reserve notes to the Treasury of the United States rather than the Federal Reserve agent.

Mr. STEAGALL. This provision is for the issuance of
Federal Reserve bank notes; not for Federal Reserve notes; and the security back of it is the obligations, notes, drafts, bills of exchange, bank acceptances, outlined in the section to which the gentleman has referred.

Mr. McFADDEN. Then the new circulation is to be Federal Reserve bank notes and not Federal Reserve notes? Is that true?

Mr. STEAGALL. Insofar as the provisions of this section are concerned, yes. ."
(sEE: PAGES 78-83 OF THE 73rd congressional record of march 9, 1933)

4. Questions and answers

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Read the Act
specific section

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:
Without congressional approval

The first provision of the bill validates and maintains the
authority exercised by the President of the United States
in the proclamation relating to the banks of the Nation
issued by the President on March 6, 1933.

as you can see, without Congress by delegating and for actsthe confirming the presidential There would be no provision for the acts continual binding nature.

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:
The ACT Must be repealed entirely in order for its provisions to be totally void

The general rule is that a statute is never repealed by implication when a provision of a later act which otherwise would effect a repeal is unconstitutional and void. ( Devoy v. Mayor, etc., of New York, 35 Barb. 264, 270; 36 N.Y. 449, 451; Hasbeck v. Mayor, 10 Bosw. 366; People v. Dooley,171 N.Y. 74; Campau v. Detroit, 14 Mich. 276; Sullivan v. Adams, 3 Gray, 476; Randolph v. Builders P. Supply Co., 106 Ala. 501; State ex rel. Wilmot v. Buckley, 60 Ohio St. 273; State ex rel. Law v. Blethe amendment to the Federal Reserve act of the Federal Reservee actnd, 121 Ind. 514; State ex rel. Rogers v. County Court, 11 Wis. 50; Childs v. Shower, 18 Ia. 261; Endlich's Interpretation of Statutes, § 195; Sedgwick's Stat. Cons. Law, 110, n.; 26 Am. Eng. Encyc. [2nd ed.] 712, 719, 723; Cooley's Const. Lim. 259; Sutherland on Stat. Cons. § 175.)

People ex Rel. Farrington v. Mensching, 187 N.Y. 8, 23 (N.Y. 1907)

If one were to review page 78 iand the paragraph referring to the amendment to the Federal Reserve act they would discover that the Goverment would have to give back all of the GOLD, and that they cannot do!!!

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:
Federal Reserve Act,
amendments.
Vol. 38, p. 269,
amended.
U.S.O., p. 286.
Delivery of circulat
ing notes on deposit of
U.S. bonds, etc.
Post, p. 21.

SeC. 401. The sixth paragraph of Section 18 of the Federal
Reserve Act is amended to read as follows:
“ Upon the deposit with the Treasurer of the United States, (a)
of any direct obligations of the United States or (b) of any notes,
drafts, bills of exchange, or bankers’ acceptances acquired under
the provisions of this Act, any Federal reserve bank making such
deposit in the manner prescribed by the Secretary of the Treasury
shall be entitled to receive from the Comptroller of the Currency..."

"...under the provisions of this Act, the amount thereof shall be equal to not more than 90 per cent of the estimated value of such notes, drafts, bills-of exchange and bankers’ acceptances so deposited as security. Such notes shall be the obligations of the Federal reserve bank procuring the same, shall be in form prescribed by the Secretary of the Treasury, shall be receivable at par in all parts of the United States for the same purposes as are national bank notes, and shall be redeemable in lawful money of the United States on presentation at the United States Treasury or at the bank of issue..."

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:
May 12, 1933 Act on the Necessities of Life

Government Obligations
The Federal Emergency Relief Act of 1933
Approved, May 12, 1933

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Congress hereby declares that the present economic depression has created a serious emergency, due to widespread unemployment and increasing inadequacy of State and local relief funds, resulting in the existing or threatened deprivation of a considerable number of families and individuals of the necessities of life, and making it imperative that the Federal Government cooperate more effectively with the several States and Territories and the District of Columbia in furnishing relief to their needy and distressed people.

Sec. 4. (a) Out of the funds of the Reconstruction Finance Corporation made available by this Act, the Administrator is authorized to make grants to the several States to aid in meeting the costs of furnishing relief and work relief and in relieving the hardship and suffering caused by unemployment in the form of money, service, materials, and/or commodities to provide the necessities of life to persons in need as a result of the present emergency, and/or to their dependents, whether resident, transient, or homeless.

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:
"Senate Report 93-549: Emergency Powers Statutes: Provisions of Federal Law Now in Effect Delegating to the Executive Extraordinary Authority in Time of National Emergency; Report of the Special Committee on the Termination of the National Emergency"

Since March 9, 1933, the United States has been in a state of declared
national emergency. In fact, there are now in effect four presiden-
tially proclaimed states of national emergency: In addition to the
national emergency declared by President Roosevelt in 1933

Senate Report 93-549
Senate Report 93-549
Senate Report 93-549 was a document issued by the "Special Committee on the Termination of the National Emergency" of the 93rd Congress (Hence the "93" in the name). Its purpose was to discuss and address the 40 year long state of emergency that had been in effect in the United States since 1933. During the continued state of emergency, Congress voted to transfer powers from Congress to the President. The debate to end long-running states of National Emergency was ended in 1976 with the National Emergencies Act (50 U.S.C. 1601-1651), which limits any such declared emergencies to two years.

NOTES ARE Federal Reserve Act Secutiries

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:Promissory Notes are Security Deposits

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:UnChanged until the Proclamation is Terminated

Reliance must be on the March 9th, 1933 act

and its amendment to the Federal Reserve Act , section IV, SubSection 18 Paragraph 6 in particular it Securities/Security and Obligations Provisions...

1. Quality content

2. Exclusive interviews

3. Rely on the Banking act of 1933 and the Federal Reserve act --- 401 amendment of 1933...

4. Questions and answers

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Blandit velit leo urna, diam est proin.

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:Without congressional approval

The first provision of the bill validates and maintains the authority exercised by the President of the United States in the proclamation relating to the banks of the Nation issued by the President on March 6, 1933.

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:The ACT Must be repealed entirely in order for its provisions to be totally void

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:Federal Reserve Act, amendments. Vol. 38, p. 269, amended. U.S.O., p. 286. Delivery of circulat­ ing notes on deposit of U.S. bonds, etc. Post, p. 21.

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:May 12, 1933 Act on the Necessities of Life

Government ObligationsThe Federal Emergency Relief Act of 1933 Approved, May 12, 1933

HIGHLIGHT ALL WORDS TO BE ABLE TO READ:"Senate Report 93-549: Emergency Powers Statutes: Provisions of Federal Law Now in Effect Delegating to the Executive Extraordinary Authority in Time of National Emergency; Report of the Special Committee on the Termination of the National Emergency"

Since March 9, 1933, the United States has been in a state of declared national emergency. In fact, there are now in effect four presiden- tially proclaimed states of national emergency: In addition to the national emergency declared by President Roosevelt in 1933