ceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those officers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees.

COINAGE OF GOLD

The coinage of gold was discontinued and existing gold coins were withdrawn from circulation by section 315b of this title and all laws inconsistent therewith were repealed by section 446 of this title.

§ 376. Commemorative coins; laws applicable.

CODIFICATION

Section 376, setting out existing laws applicable to coin

age of certain enumerated commemorative coins, is omitted as executed in view of section 376a of this title discontinuing coinage and issuance of commemorative coins authorized by acts prior to Mar. 1, 1939. Section was from act Apr. 13, 1904, ch. 1253, § 6, 33 Stat. 178; June 1, 1918, ch. 91, §§ 1, 2, 40 Stat. 594; May 10, 1920, ch. 176, §§ 1, 2, 41 Stat. 595; May 10, 1920, ch. 177, §§ 1, 2, 41 Stat. 595; May 12, 1920, ch. 182, §§ 1, 2, 41 Stat. 597; Mar. 4, 1921, ch. 153, §§ 1, 2, 41 Stat. 1363; Feb. 2, 1922, ch. 45, 42 Stat. 362; Jan. 24, 1923, ch. 38, §§ 1-3, 42 Stat. 1172, 1173; Feb. 26, 1923, ch. 113, §§ 1-3, 42 Stat. 1287; Mar. 17, 1924, ch. 58, §§ 1-3, 43 Stat. 23; Jan. 14, 1925, ch. 79, §§ 5, 6, 43 Stat. 749; Feb. 24, 1925, ch. 302, §§ 2-4, 43 Stat. 965, 966; May 17, 1926, ch. 307, § 3, 44 Stat. 560; Mar. 7, 1928, ch. 135, §§ 1, 3, 45 Stat. 198; June 15, 1933, ch. 82, §§ 1, 3, 48 Stat. 149.

§ 376a. Prohibition against issuance of commemorative coins authorized under prior law.

Subsequent to August 5, 1939, no commemorative coins shall be coined or issued pursuant to any Act of Congress, authorizing the coinage and issuance of commemorative coins, enacted prior to March 1, 1939. (Aug. 5, 1939, ch. 442, 53 Stat. 1209.)

S$ 377-3880. Omitted.

CODIFICATION

Sections 377-3880, related to coinage and issuance of certain enumerated commemorative coins. Section 3768 of this title discontinued such coinage and issuance of all commemorative coins authorized by acts prior to Mar. 1, 1939. Sections were from Apr. 13, 1904, ch. 1253, § 6, 33 Stat. 178; June 1, 1918, ch. 91, §§ 1, 2, 40 Stat. 594; May 10, 1920, ch. 176, §§ 1, 2, 41 Stat. 595; May 10, 1920, ch. 177, §§ 1, 2, 41 Stat. 595; May 12, 1920, ch. 182, §§ 1, 2, 41 Stat. 597; Mar. 4, 1921, ch. 153, §§ 1, 2, 41 Stat. 1363; Feb. 2, 1922, ch. 45, 42 Stat. 362; Jan. 24, 1923, ch. 38, §§ 1-3, 42 Stat. 1172, 1173; Feb. 26, 1923, ch. 113, §§ 1-3, 42 Stat. 1287; Mar. 17, 1924, ch. 58, §§ 1-3, 43 Stat. 23; Jan. 14, 1925, ch. 79, §§ 5, 6, 43 Stat. 749; Feb. 24, 1925, ch. 302, §§ 1-4, 43 Stat. 966; Mar. 3, 1925, ch. 482, § 4, 43 Stat. 1254; May 17, 1926, ch. 307, § 3, 44 Stat. 560; Mar. 7, 1928, ch. 135, §§ 1, 3, 45 Stat. 198; June 15, 1933, ch. 82, §§ 1, 3, 48 Stat. 149; May 9, 1934, ch. 265, §§ 1-4, 48 Stat. 679; May 14, 1934, ch. 286, §§ 1-3, 48 Stat. 776; May 26, 1934, ch. 355, §§ 1-4, 48 Stat. 807; June 21, 1934, ch. 695, §§ 1-4, 48 Stat. 1200; May 2, 1935, ch. 88, §§ 1-5, 49 Stat. 165, 166; May 3, 1935, ch. 90, §§ 1-4, 49 Stat. 174; June 5, 1935, ch. 176, 49 Stat. 324; Mar. 18, 1936, ch. 149, §§ 1-5, 49 Stat. 1165; Mar. 31, 1936, ch. 164, §§ 1-3, 49 Stat. 1187; Apr. 13, 1936, ch. 212, §§ 1-3, 49 Stat. 1205; May 5, 1936, ch. 300, §§ 1-3, 49 Stat. 1257; May 5, 1936, ch. 304, §§ 1-3, 49 Stat. 1259; May 6, 1936, ch. 331, §§ 1-3, 49 Stat. 1262, 1263; May 15, 1936, ch. 399, §§ 1-3, 49 Stat. 1276; May 15, 1936, ch. 402, §§ 1-3, 49 Stat. 1277, 1278; May 15, 1936, ch. 406, §§ 1-3, 49 Stat. 1352, 1353; May 28, 1936, ch. 466, §§ 1-3, 49 Stat. 1387, 1388; June 16, 1936, ch. 583, §§ 1-3, 49 Stat. 1522; June 16, 1936, ch. 584, §§ 1-3, 49 Stat. 1523; June 16, 1936, ch. 586, §§ 1-3, 49 Stat. 1524; June 24, 1936, ch. 760, §§ 1-3, 49 Stat. 1911; June 26, 1936, ch. 835, §§ 1-3, 49 Stat. 1972; June 26, 1936, ch. 837, §§ 1-3, 49 Stat. 1973; June 24, 1937, ch. 377, §§ 1-3, 50 Stat. 306; June 28, 1937, ch. 384, §§ 1-3, 50 Stat. 322, 323.

36-500 0-65-vol. 7-46

CURRENCY

§ 401. United States notes.

United States notes shall be of such denominations, not less than $1, as the Secretary of the Treasury may prescribe, shall not bear interest, shall be payable to bearer, and shall be in such form as the Secretary may deem best. (R. S. § 3571.)

DERIVATION

Acts Feb. 25, 1862, ch. 33, § 1, 12 Stat. 345; July 11, 1862, ch. 142, § 1, 12 Stat. 532; Res. Jan. 17, 1863, No. 9. 12 Stat. 822; act Mar. 3, 1863, ch. 73, § 3, 12 Stat. 710.

§ 402. Limitation of amount of United States notes in circulation.

The amount of United States notes outstanding and to be used as a part of the circulating medium, shall not exceed the sum of $300,000,000, which said sum shall appear in each monthly statement of the public debt, and no part thereof shall be held or used as a reserve. (June 20, 1874, ch. 343, § 6, 18 Stat. 124; Jan. 14, 1875, ch. 15, § 3, 18 Stat. 296.)

ADDITIONAL UNITED STATES NOTES

Issuance of additional United States notes was authorized by section 821 (b) (1) of this title, which was repealed by act June 12, 1945, ch. 186, § 4, 59 Stat. 238. Section 446 of this title repealed all laws inconsistent with said section 821.

CROSS REFERENCES

Cancellation or retirement of legal-tender notes forbidden, see section 404 of this title.

§ 403. Issue of United States notes of small denominations and retirement of notes of higher denominations.

Whenever and so long as the outstanding silver certificates of the denominations of $1, $2, and $5, issued under the provisions of section 406 of this title, shall be, in the opinion of the Secretary of the Treasury, insufficient to meet the public demand therefor, he may issue United States notes of the denominations of $1, $2, and $5, and upon the issue of United States notes of such denominations an equal amount of United States notes of higher denominations shall be retired and canceled: Provided, however, That the aggregate amount of United States notes at any time outstanding shall remain as fixed by law: And provided further, That nothing in this section, or section 429 of this title or sections 90 and 178 of Title 12 shall be construed as affecting the right of any national bank to issue one-third in amount of its circulating notes of the denomination of $5, as provided by law. (Mar. 4, 1907, ch. 2913, § 2, 34 Stat. 1289.)

ADDITIONAL UNITED STATES NOTES

Issuance of additional United States notes was authorized by section 821 (b) (1) of this title, which was repealed by act June 12, 1945, ch. 186, § 4, 59 Stat. 238. Section 446 of this title repealed all laws inconsistent with said section 821.

CROSS REFERENCES

Delivery of circulating notes to any national banking association upon deposit of United States bonds with the Treasurer, see section 101 of Title 12, Banks and Banking. § 404. Further cancellation or retirement of legaltender notes prohibited.

Except as provided in sections 403, 406, and 821 of this title, it shall not be lawful for the Secretary of the Treasury or other officer under him to cancel or retire any more of the United States legal-tender

notes. And when any of said notes may be redeemed or be received into the Treasury under any law from any source whatever and shall belong to the United States, they shall not be retired, canceled, or destroyed, but they shall be reissued and paid out again and kept in circulation: Provided, That nothing herein shall prohibit the cancellation and destruction of mutilated notes and the issue of other notes of like denomination in their stead, as provided by law: And provided further, That in the event of any determination by the Secretary of the Treasury under section 915 of this title that an amount of said notes has been destroyed or irretrievably lost and so will never be presented for redemption, the amount of said notes required to be kept in circulation shall be reduced by the amount so determined. (May 31, 1878, ch. 146, 20 Stat. 87; June 30, 1961, Pub. L. 87-66, § 7, 75 Stat. 147.)

AMENDMENTS

1961-Pub. L. 87-66 provided for reduction of legaltender notes following determination that destroyed or irretrievably lost notes will never be presented for redemption.

§ 405. Silver certificates; issuance for silver dollars. Any holder of silver dollars authorized under the Act of February 28, 1878, chapter 20 (Twentieth Statutes, page 26), may deposit the same with the Treasurer or any depositary of the United States designated for that purpose, in sums not less than $10, and receive therefor certificates of the denominations of one, two, five and ten dollars. The coin deposited for or representing certificates shall be retained in the Treasury for the payment of the same on demand. Said certificates heretofore or hereafter issued shall be receivable for customs, taxes, and all public dues, and, when so received, may be reissued. (Feb. 28, 1878, ch. 20, § 3, 20 Stat. 26; Mar. 3, 1887, ch. 362, 24 Stat. 515; May 29, 1920, ch. 214, § 1, 41 Stat. 655.)

Upon incorporation of this section into the Code, words "or any assistant treasurer of the United States" were changed to "any depositary of the United States designated for that purpose" to conform to section 476 of this title. A provision concerning the denominations of the certificates authorized was regarded as superseded by later provisions. See section 406 of this title.

Act Mar. 3, 1887, in authorizing the issuance of silver certificates in denominations of one, two, and five dollars, provided that the certificates therein authorized should be receivable, redeemable, and payable in like manner and for like purposes as was provided by act Feb. 28, 1878.

§ 405a. Repealed. Pub. L. 88-36, title I, § 1, June 4, 1963, 77 Stat. 54.

Section, act June 19, 1934, ch. 674, § 5, 48 Stat. 1178, required issuance and circulation of silver certificates, maintenance of security, use as legal tender, redemption of certificates and coinage of silver dollars for such redemption.

§ 405a-1. Silver reserves against outstanding silver certificates; sale of excess silver to Government agencies or use for coinage of silver dollars and subsidiary silver coins; silver certificates exchangeable for silver dollars or silver bullion. The Secretary of the Treasury shall maintain the ownership and the possession or control within the United States of an amount of silver of a monetary value equal to the face amount of all outstanding silver certificates. Unless the market price of silver exceeds its monetary value, the Secretary of the Treasury shall not dispose of any silver held or owned by the United States in excess of that required to be held as reserves against outstanding silver certificates, but any such excess silver may be sold to other departments and agencies of the Government or used for the coinage of standard silver dollars and subsidiary silver coins. Silver certificates shall be exchangeable on demand at the Treasury of the United States for silver dollars or, at the option of the Secretary of the Treasury, at such places as he may designate, for silver bullion of a monetary value equal to the face amount of the certificates. (Pub. L. 88-36, title I, § 2, June 4, 1963,

77 Stat. 54.)

§ 405b. Gold certificates; issuance authorized.

The Secretary of the Treasury is authorized to issue gold certificates in such form and in such denominations as he may determine, against any gold held by the Treasurer of the United States, except the gold fund held as a reserve for any United States notes and Treasury notes of 1890. The amount of gold certificates issued and outstanding shall at no time exceed the value, at the legal standard, of the gold so held against gold certificates. (Jan. 30, 1934, ch. 6, § 14 (c), 48 Stat. 344.)

REPEALS

All laws inconsistent with the provisions of this section were repealed by section 446 of this title.

§ 406. Denominations of silver certificates.

Silver certificates shall be issued only of denominations of $10 and under, except that not exceeding ir the aggregate 10 per centum of the total volume of said certificates, in the discretion of the Secretary of the Treasury, may be issued in denominations of $20, $50, and $100; and silver certificates of higher denomination than $10, except as herein provided, shall, whenever received at the Treasury or redeemed, be retired and canceled, and certificates of denominations of $10 or less shall be substituted therefor, and after such substitution, in whole or in part, a like volume of United States notes of less denomination than $10 shall from time to time be retired and canceled, and notes of denominations of $10 and upward shall be reissued in substitution therefor, with like qualities and restrictions as those retired and canceled. (Mar. 14, 1900, ch. 41, § 7, 31 Stat. 47.)

REPEALS

Repeal of laws inconsistent with section 821 of this title, see section 446 of this title.

CROSS REFERENCES

President's authority to issue silver certificates in such denominations as he may prescribe, see section 821 of this title.

§ 407. Redemption of fractional currency.

Fractional currency presented for redemption shall be redeemed in any moneys in the Treasury not otherwise appropriated, and, when so redeemed, shall be destroyed. (July 22, 1876, No. 17, § 1, 19 Stat. 215; June 21, 1879, ch. 34, § 3, 21 Stat. 30.)

CODIFICATION

The provision of this section that fractional currency when redeemed shall be destroyed is from Res. July 22, 1876. The rest of the section is from act June 21, 1879. Other provisions of section 1 of the Resolution of July 22, 1876, authorizing the issuance of silver coin in exchange for legal tender notes, and requiring such notes to be kept as a special fund and re-issued only upon the retirement of a like sum of fractional currency, were omitted from the Code as by the act of June 21, 1879. § 408. Gold reserve; redemption of United States notes and Treasury notes; reissue of redeemed notes. United States notes, and Treasury notes issued under the Act of July 14, 1890, ch. 708, 26 Stat. 289, when presented to the Treasury for redemption, shall be redeemed in gold coin of the standard fixed in section 314 of this title, and in order to secure the prompt and certain redemption of such notes as herein provided it shall be the duty of the Secretary of the Treasury to set apart in the Treasury a reserve fund of $150,000,000 in gold coin and bullion, which fund shall be used for such redemption purposes only, and whenever and as often as any of said notes shall be redeemed from said fund it shall be the duty of the Secretary of the Treasury to use said notes so redeemed to restore and maintain such reserve fund in the manner following, to wit: First, by exchanging the notes so redeemed for any gold coin in the general fund of the Treasury; second, by accepting deposits of gold coin at the Treasury or at any designated depositary in exchange for the United States notes so redeemed; third, by procuring gold coin by the use of said notes, in accordance with the provisions of section 734 of this title. If the Secretary of the Treasury is unable to restore and maintain the gold coin in the reserve fund by the foregoing methods, and the amount of such gold coin and bullion in said fund shall at any time fall below $100,000,000, then it shall be his duty to restore the same to the maximum sum of $150,000,000 by borrowing money on the credit of the United States, and for the debt thus incurred to issue and sell coupon or registered bonds of the United States, in such form as he may prescribe, in denominations of $50 or any multiple thereof, bearing interest at the rate of not exceeding 3 per centum per annum, payable quarterly, such bonds to be payable at the pleasure of the United States after one year from the date of their issue, and to be payable, principal and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the gold coin received from the sale of said bonds shall first be covered into the general fund of the Treasury and then exchanged, in the manner hereinbefore provided, for an equal amount of the notes redeemed and held for exchange, and the Secretary of the Treasury may, in his discretion, use said notes in exchange for gold, or to purchase or redeem any bonds of the United States, or for any other lawful

purpose the public interests may require, except that they shall not be used to meet deficiencies in the current revenues. United States notes when redeemed in accordance with the provisions of this section shall be reissued, but shall be held in the reserve fund until exchanged for gold, as herein provided; and the gold coin and bullion in the reserve fund, together with the redeemed notes held for use as provided in this section, shall at no time exceed the maximum sum of $150,000,000. (July 14, 1890, ch. 708, § 2, 26 Stat. 289; Mar. 14, 1900, ch. 41, § 2, 31 Stat. 45; May 29, 1920, ch. 214, § 1, 41 Stat. 655.)

POSSESSION OF GOLD COINS AND BULLION

The possession of gold coins and bullion was prohibited except under Government license by Ex. Ord. No. 6260, eff. Aug. 28, 1933, set out in note under section 95a of Title 12, Banks and Banking.

COINAGE OF GOLD DISCONTINUED

Coinage of gold was discontinued and existing gold coins were withdrawn from circulation by section 315b of this title and all laws inconsistent therewith were repealed by section 446 of this title.

CROSS REFERENCES

Provision for payment of obligations in gold declared against public policy, see section 463 of this title.

Redemption of currency in gold forbidden, see section 408a of this title.

§ 408a. Redemption of currency in gold forbidden; exceptions.

Except to the extent permitted in regulations which may be issued hereunder by the Secretary of the Treasury with the approval of the President, no currency of the United States shall be redeemed in gold: Provided, however, That gold certificates owned by the Federal Reserve banks shall be redeemed at such times and in such amounts as, in the judgment of the Secretary of the Treasury, are necessary to maintain the equal purchasing power of every kind of currency of the United States: And provided further, That the reserve for United States notes and for Treasury notes of 1890, and the security for gold certificates (including the gold certificates held in the Treasury for credits payable therein) shall be maintained in gold bullion equal to the dollar amounts required by law, and the reserve for Federal Reserve notes shall be maintained in gold certificates, or in credits payable in gold certificates maintained with the Treasurer of the United States under section 414 of Title 12.

No redemptions in gold shall be made except in gold bullion bearing the stamp of a United States mint or assay office in an amount equivalent at the time of redemption to the currency surrendered for such purpose. (Jan. 30, 1934, ch. 6, § 6, 48 Stat. 340.) REPEALS

Repeal of laws inconsistent with this section, see section 446 of this title.

CROSS REFERENCES Gold coinage discontinued and gold coins withdrawn from circulation, see section 315b of this title. Provision for payment of obligations in gold declared against public policy, see section 463 of this title.

Transfer to United States of title to gold coin and bullion, see section 441 of this title.

§ 408b. Increase or decrease in weight of gold dollar; adjustment of reserve.

In the event that the weight of the gold dollar shall at any time be reduced, the resulting increase

in value of the gold held by the United States (including the gold held as security for gold certificates and as a reserve for any United States notes and for Treasury notes of 1890) shall be covered into the Treasury as a miscellaneous receipt; and, in the event that the weight of the gold dollar shall at any time be increased, the resulting decrease in value of the gold held as a reserve for any United States notes and for Treasury notes of 1890, and as security for gold certificates shall be compensated by transfers of gold bullion from the general fund, and there is appropriated an amount sufficient to provide for such transfers and to cover the decrease in value of the gold in the general fund. (Jan. 30, 1934, ch. 6, § 7, 48 Stat. 341.)

REPEALS

All laws inconsistent with the provisions of this section were repealed by section 446 of this title.

§ 409. Additional means for maintaining parity and strengthening gold reserve.

The Secretary of the Treasury may, for the purpose of maintaining the parity of all forms of money issued or coined by the United States in accordance with the provisions of section 314 of this title, and to strengthen the gold reserve, borrow gold on the security of United States bonds authorized by section 408 of this title, or for one-year gold notes bearing interest at a rate of not to exceed 3 per centum per annum, or sell the same if necessary to obtain gold. When the funds of the Treasury on hand justify, he may purchase and retire such outstanding bonds and notes. (Dec. 23, 1913, ch. 6, § 26, 38 Stat. 274.)

POSSESSION OF GOLD COINS AND BULLION

The possession of gold coins and bullion was prohibited except under Government license by Ex. Ord. No. 6260, eff. Aug. 28, 1933, set out in note under section 95a of Title 12, Banks and Banking.

COINAGE OF GOLD DISCONTINUED

Coinage of gold was discontinued and existing gold coins were withdrawn from circulation by section 315b of this title and all laws inconsistent therewith were repealed by section 446 of this title.

CROSS REFERENCES

Prohibition of provision for payment of obligations in gold and repeal of laws authorizing such obligations, see section 463 of this title.

§ 410. Treasury notes as national bank reserve fund. Treasury notes issued under the Act of July 14, 1890, ch. 708, 26 Stat. 289, when held by any national banking association, may be counted as a part of its lawful reserve. (July 14, 1890, ch. 708, § 2, 26 Stat. 289; Mar. 14, 1900, ch. 41, § 5, 31 Stat. 47.)

CODIFICATION

Section was part of the Sherman Purchase of Silver Act of July 14, 1890, the first section of which authorized the purchase of silver bullion, and the issuance of Treasury notes in payment therefor. So much of the act as directed the purchase of silver bullion and the payment therefor in Treasury notes was repealed by act Nov. 1, 1893, ch. 8, 28 Stat. 4.

The portions of the original text of section concerning the redemption and reissue of Treasury notes were omitted as superseded. See sections 408 and 411 of this title.

Section is also set out as section 145 of Title 12, Banks and Banking.

§ 411. Cancellation of Treasury notes on coinage of silver dollars and issue of silver certificates. Treasury notes whenever received into the Treasury, either by exchange in accordance with the provisions of section 408 of this title or in the ordinary course of business, shall be retired and canceled with standard silver dollars coined under the provisions of the Acts of July 14, 1890 (Twenty-sixth Statutes, page 289), and June 13, 1898 (Thirtieth Statutes, page 467), from bullion purchased under the Act of July 14, 1890 (Twenty-sixth Statutes, page 289), and upon the cancellation of Treasury notes silver certificates shall be issued against the silver dollars So coined. (Mar. 14, 1900, ch. 41, § 5, 31 Stat. 47.)

CODIFICATION

Prior to its incorporation into the Code, this section read as follows:

"It shall be the duty of the Secretary of the Treasury, as fast as standard silver dollars are coined under the provisions of the Acts of July fourteenth, eighteen hundred and ninety, and June thirteenth, eighteen hundred and ninety-eight, from bullion purchased under the Act of July fourteenth, eighteen hundred and ninety, to retire and cancel an equal amount of Treasury notes whenever received into the Treasury, either by exchange in accordance with the provisions of this Act or in the ordinary course of business, and upon the cancellation of Treasury notes silver certificates shall be issued against the silver dollars so coined."

It was thought that the section had become obsolete so far as it required things to be done as fast as silver dollars were coined, but was still in force to the extent indicated by the present text.

Act July 14, 1890, 26 Stat. 289, mentioned in the text was repealed, so far as it provided for the purchase of The silver bullion, by act Nov. 1, 1893, ch. 8, 28 Stat. 4. provisions of that act and act June 13, 1898, ch. 448, I 34, 30 Stat. 467, concerning the coinage of silver dollars, were omitted from the Code as executed or obsolete.

CROSS REFERENCES

Redemption of currency in gold prohibited, see section 408a of this title.

§ 412. Redemption of Treasury notes with silver dollars.

CODIFICATION

Section, acts July 14, 1890, ch. 708, § 3, 26 Stat. 289 June 13, 1898, ch. 448, § 34, 30 Stat. 467, provided for redemption of Treasury notes issued under act July 14 1890, with silver dollars coined in accordance with act June 13, 1898, ch. 448, § 34, 30 Stat. 467.

§ 413. Portraits of living persons on bonds or notes. No portrait shall be placed upon any of the bonds, securities, notes, fractional or postal currency of the United States, while the original of such portrait is living. (R. S. § 3576.)

DERIVATION

Act Apr. 7, 1866, ch. 28, § 12, 14 Stat. 25.

§ 414. Names inscribed under portraits.

The name of each person whose portrait shall be placed upon any of the plates for bonds, securities. notes, and silver certificates of the United States shall be inscribed below such portrait. (Mar. 2, 1889, ch. 411, § 1, 25 Stat. 945.)

CODIFICATION

Section was a proviso annexed to an appropriation for wages of plate printers in the Sundry Civil Appropriation Act for the fiscal year 1890.

§ 415. Engraving and printing notes, bonds, and other securities.

The work of engraving and printing notes, bonds, and other securities shall be performed at the Treasury Department, provided it can be done there as cheaply, as perfectly, and as safely. (Mar. 3, 1877, ch. 105, 19 Stat. 353.)

CODIFICATION

Section is from provisos annexed to an appropriation for engraving and printing notes, bonds, and other securities of the United States, in the Sundry Civil Appropriation Act for the final fiscal year 1878.

TRANSFER OF FUNCTIONS

All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain exceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those officers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. § 416. Machinery, materials, and employees and officers. The Secretary of the Treasury may purchase and provide all the machinery and materials, and employ such persons and appoint such officers as are necessary for the purpose of section 415 of this title. (R. S. § 3577.)

DERIVATION

Act July 11, 1862, ch. 142, § 2, 12 Stat. 532.

CODIFICATION

A provision of the original text as to causing notes to be engraved, printed, and executed at the Treasury Department was omitted as superseded by section 415 of this title.

TRANSFER OF FUNCTIONS

All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain exceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those officers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. § 417. Expenses of issuing notes.

The necessary expenses of engraving, printing, preparing, and issuing the United States notes and Treasury notes shall be paid out of any money in the Treasury not otherwise appropriated; but no extra compensation for preparing, signing, or issuing such notes shall be allowed to any officer whose salary is fixed by law. (R. S. § 3578; Jan. 14, 1875, ch. 15, § 1, 18 Stat. 296; July 22, 1876, No. 17, § 1, 19 Stat. 215.)

DERIVATION

Acts Mar. 3, 1803, ch. 73, § 6, 12 Stat. 711; Dec. 23, 1857, ch. 1, § 11, 11 Stat. 259; June 30, 1864, ch. 172, § 9, 13 Stat. 221.

CODIFICATION

Words "and fractional notes" following "Treasury notes" in the original text were omitted as obsolete. Provisions for the redemption and destruction of fractional currency were contained in Res. July 22, 1876 and act Jan. 14, 1875.

§ 418. Distinctive paper for United States securities; contracts for.

The Secretary of the Treasury is authorized, in his discretion subject to applicable regulations under

the Federal Property and Administrative Services Act of 1949, as amended, to enter into a contract for the manufacture of distinctive paper for United States securities for a period not to exceed four years. (July 1, 1916, ch. 209, § 1, 39 Stat. 277; Oct. 31, 1951, ch. 654, § 2 (19), 65 Stat. 707.)

REFERENCES IN TEXT

The Federal Property and Administrative Services Act of 1949, as amended, referred to in the text, is classified to chapter 11C of Title 5, Executive Departments and Government Officers and Employees, chapter 10 of Title 40, Public Buildings, Property, and Works, section 5 and chapter 4 of Title 41, Public Contracts, and chapter 11 of Title 44, Public Printing and Documents.

AMENDMENTS

1951-Act Oct. 31, 1951, inserted the reference to applicable regulations of the Federal Property and Administrative Services Act of 1949, as amended.

§ 418a. Same; competitive bids and splitting of award. On and after August 11, 1951, in order to foster competition in the manufacture of distinctive paper for United States currency and securities, the Secretary of the Treasury is authorized, in his discretion, to split the award for such paper between the two bidders whose prices per pound are the lowest received after advertisement. (Aug. 11, 1951, ch. 301, title I, § 101, 65 Stat. 184.)

§ 419. Same; additional employees for mills.

During such period as it may be necessary to operate more than one mill for the manufacture of distinctive paper, the Secretary of the Treasury is authorized to employ temporarily such employees as may be necessary at rates of pay corresponding to those of the regular employees, the compensation of such temporary employees to be a charge against the appropriation available for the distinctive paper then manufactured. (Apr. 4, 1924, ch. 84, title I,

43 Stat. 69.)

§ 420. Replacing mutilated notes.

When any United States notes returned to the Treasury are so mutilated or otherwise injured as to be unfit for use, the Secretary of the Treasury is authorized to replace the same with others of the same character and amounts. (R. S. § 3580.)

DERIVATION

Act Mar. 17, 1862, ch. 45, § 4, 12 Stat. 370. § 421. Destruction of notes.

Mutilated United States notes, when replaced according to law, and all other notes which by law are required to be taken up, and not reissued, when taken up, shall be destroyed in such manner and under such regulations as the Secretary of the Treasury may prescribe. (R. S. § 3581.) DERIVATION

Act Mar. 17, 1862, ch. 45, § 4, 12 Stat. 370.

§ 422. Destruction of notes by maceration.

All national bank notes, United States notes, and other obligations of the United States authorized to be destroyed may be destroyed by maceration instead of burning to ashes. The pulp from such macerated issue shall be disposed of only under the direction of the Secretary of the Treasury. (June 23, 1874, ch. 455, § 1, 18 Stat. 206.)