Public Law 4.
3,806 words·~17 min read·
/statutes-at-large/vol-49/public-law-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(/us/pl/74/3).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Second Liberty Bond Act; amendment.Vol. 40, pp. 288, 503; [U. S. C., p. 1419](/us/usc/1419).Bonds.Issue of additional authorized.Vol. 46, p. 1506.*Post*, pp, 622, 699, 1078. That the Second Liberty Bond Act, as amended, is further amended as follows: The first paragraph of section 1 is amended to read as follows: " “The Secretary of the Treasury, with the approval of the President, is hereby authorized to borrow, from time to time, on the credit of the United States for the purposes of this Act, to provide for the purchase, redemption, or refunding, at or before maturity, of any outstanding bonds, notes, certificates of indebtedness, or Treasury bills of the United States, and to meet expenditures authorized for the national security and defense and other public purposes authorized by law, such sum or sums as in his judgment may be necessary, and to *Proviso*.Maximum Issue.*Post*, p. 21.issue therefor bonds of the United States: *Provided*, That the face amount of bonds issued under this section and section 22 of this Act shall not exceed in the aggregate $25,000,000,000 outstanding at any one time.
” " Sec. 2. Certificates of indebtedness and Treasury bills.Vol. 46, p. 19; [U. S. C., p. 1419](/us/usc/1419).Vol. 40, p. 1309; *Post*, pp. 21, 622, 699, 1078.Issue of additional authorized. The first sentence of subsection
(a)of section 5 is amended to read as follows: “In addition to the bonds and notes authorized by sections 1, 18, and 22 of this Act, as amended, the Secretary of the Treasury is authorized, subject to the limitation imposed by section 21 of this Act, to borrow from time to time, on the credit of the United States, for the purposes of this Act, to provide for the purchase, redemption, or refunding, at or before maturity, of any outstanding bonds, notes, certificates of indebtedness or Treasury bills of the United States, and to meet public expenditures authorized by law, such sum or sums as in his judgment may be necessary, and to issue Vol. 48, p. 343.therefor
(1)certificates of indebtedness of the United States at not less than par (except as provided in section 20 of this Act, as amended) and at such rate or rates of interest, payable at such time or times as he may prescribe; or,
(2)Treasury bills on a discount basis and payable at maturity without interest.” Sec. 3. Provision repealed. Section 5 is further amended by striking out the final sentence of subsection
(a)thereof, reading as follows: “The sum of the Vol. 46, p. 20; [U. S. C., p. 1419](/us/usc/1419).par value of such certificates and Treasury bills outstanding hereunder and under section 6 of the First Liberty Bond Act shall not at any one time exceed in the aggregate $10,000,000,000.” Sec. 4. United States notes.Issue of additional authorized.Vol. 40, p. 1309; Vol. 42, p. 321.U. S. C., p. 1419.*Post*, pp. 622, 699, 1078. Subsection
(a)of section 18 is amended to read as follows:" “In addition to the bonds and certificates of indebtedness and war-savings certificates authorized by this Act and amendments thereto, the Secretary of the Treasury, with the approval of the President, is authorized, subject to the limitation imposed by section 21 of this Act, to borrow from time to time on the credit of the United States for the purposes of this Act, to provide for the purchase, redemption, or refunding, at or before maturity, of any outstanding bonds, notes, certificates of indebtedness, or Treasury bills of the United States, and to meet public expenditures authorized by law, such sum or sums as Vol. 48, p. 343.in his judgment may be necessary and to issue therefor notes of the United States at not less than par (except as provided in section 20 of this Act, as amended) in such form or forms and denomination or Terms and conditions.Interest rate.denominations, containing such terms and conditions, and at such rate or rates of interest, as the Secretary of the Treasury may prescribe, and each series of notes so issued shall be payable at such time not less than one year nor more than five years from the date of its Redemption.issue as he may prescribe, and may be redeemable before maturity (at the option of the United States) in whole or in part, upon not more21 than one year’s nor less than four months’ notice, and under such rules and regulations and during such period as he may prescribe.” " Sec. 5. The Second Liberty Bond Act, as amended, is furtherCertificates of indebtedness, etc. amended by adding a new section, as follows:" “Sec. 21. The face amount of certificates of indebtedness andVol. 40, pp. 36, 200, 1309; [U. S. C., p. 1421](/us/usc/1421).Aggregate amount of issue. Treasury bills authorized by section 5 of this Act, certificates of indebtedness authorized by section 6 of the First Liberty Bond Act, and notes authorized by section 18 of this Act shall not exceed in the aggregate $20,000,000,000 outstanding at any one time.” " Sec. 6. The Second Liberty Bond Act, as amended, is further amended, by adding a new section, as follows:" “Sec. 22.
(a)The Secretary of the Treasury, with the approvalUnited States Savings Bonds. of the President, is authorized to issue, from time to time, through the Postal Service or otherwise, bonds of the United States to beIssue; use of proceeds from sale. known as ‘United States Savings Bonds.’ The proceeds of the Savings Bonds shall be available to meet any public expenditures authorized by law and to retire any outstanding obligations of the United States bearing interest or issued on a discount basis. The various issues and series of the Savings Bonds shall be in such forms,Forms, amounts, etc. shall be offered in such amounts within the limits of section 1 of this Act, as amended, and shall be issued in such manner and subject toTerms and conditions. such terms and conditions consistent with subsections
(b)and
(c)hereof, and including any restriction on their transfer, as the Secretary of the Treasury may from time to time prescribe. “(b) Each Savings Pond shall be issued on a discount basis toMaturity. mature not less than ten nor more than twenty years from the date as of which the bond is issued, and provision may be made for redemptionRedemption. before maturity upon such terms and conditions as the Secretary of the Treasury may prescribe: *Provided*, That the issue price of*Proviso*.Issue price, redemption terms, etc. Savings Bonds and the terms upon which they may be redeemed prior to maturity shall be such as to afford an investment yield not in excess of three per centum per annum, compounded semiannually. The denominations of Savings Bonds shall be in terms of theirDenominations. maturity value and shall not be less than $25. It shall not be lawful for any one person at any one time to hold Savings Bonds issuedHoldings limited. during any one calendar year in an aggregate amount exceeding $10,000 (maturity value). “(c) The provisions of section 7 of this Act, as amended (relatingGeneral tax exemptions.Savings bonds included.Vol. 40, pp. 288, 291; [U. S. C., p. 1418](/us/usc/1418). to the exemptions from taxation both as to principal and as to interest of bonds issued under authority of section 1 of this Act, as amended), shall apply as well to the Savings Bonds; and, for the purposes of determining taxes and tax exemptions, the increment in value represented by the difference between the price paid and the redemption value received (whether at or before maturity) shall be considered as interest. The Savings Bonds shall not bear theCirculation privilege. circulation privilege. “(d) The appropriation for expenses provided by section 10 of thisAppropriation available for expenses.Vol. 40, p. 292; Vol. 42, p. 36; [U. S. C., p. 1422](/us/usc/1422). Act and extended by the Act of June 16, 1921 (U. S. C., title 31, secs. 760 and 761), shall be available for all necessary expenses under this section; and the Secretary of the Treasury is authorized to advance, from time to time, to the Postmaster General from such appropriation such sums as are shown to be required for the expenses of the Post Office Department, in connection with the handling of the bonds issued under this section. “(e) The board of trustees of the Postal Savings System isExchange of, for savings deposits. authorized to permit, subject to such regulations as it may from time to time prescribe, the withdrawal of deposits on less than sixty days’ notice for the purpose of acquiring Savings Bonds which may be offered by the Secretary of the Treasury; and in such cases to22 make payment of interest to the date of withdrawal whether or Vol. 36, p. 817; [U. S. C., p. 1761](/us/usc/1761).not a regular interest payment date. No further original issue of bonds authorized by section 10 of the Act approved June 25, 1910 (U. S. C., title 39, sec. 760), shall be made after July 1, 1935. “(f) Postal Service employees as fiscal agents. At the request of the Secretary of the Treasury the Post-master General, under such regulations as he may prescribe, shall require the employees of the Post Office Department and of the Postal Service to perform, without extra compensation, such fiscal agency services as may be desirable and practicable in connection with the issue, delivery, safe-keeping, redemption, and payment of the Savings Bonds.” " Sec. 7. Acceptance of Government bonds as security.Vol. 44, p. 122. Section 1126 of the Revenue Act of 1926 is amended by adding at the end thereof the following: “In order to avoid the frequent substitution of securities such rules and regulations may limit the effect of this section, in appropriate classes of cases, to bonds and notes of the United States maturing more than a year Term construed.after the date of deposit of such bonds as security. The phrase ‘bonds or notes of the United States’ shall be deemed, for the purposes of this section, to mean any public-debt obligations of the United States and any bonds, notes, or other obligations which are unconditionally guaranteed as to both interest and principal by the United States.” Approved, February 4, 1935. Making additional appropriations for the Federal Communications Commission, the National Mediation Board, and the Securities and Exchange Commission for the fiscal year ending June 30, 1935, and for other purposes. 1935-02-13 6 Chapter 49 Stat. 22 74 1 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-07 public [CHAPTER 6.] JOINT RESOLUTION Making additional appropriations for the Federal Communications Commission, the National Mediation Board, and the Securities and Exchange Commission for the fiscal year ending June 30, 1935, and for other purposes. February 13, 1935.[[H. J. Res. 88](/us/bill/74/hjres/88).][[Pub. Res., No. 3](/us/bill/74/pubres/3).] Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, Additional appropriations, fiscal year 1835. That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, for the fiscal year ending June 30, 1935, for the purposes hereinafter enumerated, namely: SENATESenate. Miscellaneous items. For miscellaneous items, exclusive of labor, fiscal year 1935, $140,000. Inquiries and investigations.*Post*, p. 571. For expenses of inquiries and investigations ordered by the Senate, including compensation to stenographers of committees, at such rate as may be fixed by the Committee to Audit and Control the Contingent Expenses of the Senate, but not exceeding 25 cents per *Provisos*.Salary restriction.hundred words, fiscal year 1935, $75,000: *Provided*, That no part of this appropriation shall be expended for services, personal, professional, or otherwise, in excess of the rate of $3,600 per annum: Per diem and subsistence expenses.Vol. 44, p. 688.[U. S. C., p. 103](/us/usc/103). *Provided further*, That no part of this appropriation shall be expended for per diem and subsistence expenses except in accordance with the provisions of the Subsistence Expense Act of 1926, approved June 3, 1926, as amended. Salaries of Senators appointed to vacancies. Salaries of Senators appointed to fill vacancies in the Senate shall commence on the day of their appointment and continue until their *Proviso*.Elected to succeed appointees after an adjournment.successors are elected and qualified: *Provided*, That when Senators have been elected during a sine die adjournment of the Senate to succeed appointees, the salaries of Senators so elected shall commence on the day following their election. 23 Salaries of Senators elected during a session to succeed appointeesElected during session.*Proviso*.Elected but have not qualified. shall commence on the day they qualify: *Provided*, That when Sena-tors have been elected during a session to succeed appointees, but have not qualified, the salaries of Senators so elected shall commence on the day following the sine die adjournment of the Senate. When no appointments have been made the salaries of SenatorsFilling vacancy when no appointment bas been made. elected to fill such vacancies shall commence on the day following their election. DISTRICT OF COLUMBIA-VIRGINIA BOUNDARY COMMISSIONDistrict of Columbia-Virginia Boundary Commission. For an additional amount for the purpose of carrying out theExpenses.Vol. 48, p. 453.*Post*, pp. 50, 67. provisions of Public Act Numbered 125, Seventy-third Congress, entitled “An Act to provide for the appointment of a Commission to establish the boundary line between the District of Columbia and the Commonwealth of Virginia”, approved March 21, 1934, including salaries, travel, and subsistence expenses as authorized by law, fiscal year 1935, $4,000. FEDERAL COMMUNICATIONS COMMISSIONFederal Communications Commission. For all authorized expenditures of the Federal CommunicationsExpenses.Vol. 48, p. 1064.Vol. 36, p. 629; Vol. 37, p. 199.[U. S. C., p. 2031](/us/usc/2031).International Radiotelegraphic Convention.Vol. 45, p. 2760. Commission in performing the duties imposed by the Communications Act of 1934, approved June 19, 1934 (48 Stat., 1064), the Ship Act, approved June 24, 1910, as amended (U. S. C., title 46, sees. 484–487), the International Radiotelegraphie Convention (45 Stat., pt. 2, 2760), and Executive Order Numbered 3513, dated July 9, 1921, as amended by Executive Order Numbered 6779, dated June 30, 1934, relating to applications for submarine cable licenses,Submarine cable licenses. including personal services, contract stenographic reporting services, rental of quarters, newspapers, periodicals, reference books, law books, special counsel fees, supplies and equipment, including purchaseMinor purchases.[R. S., sec. 3709, p. 733](/us/rs/3709/733).[U. S. C., p. 1803](/us/usc/1803). and exchange of instruments, which may be purchased without regard to section 3709 of the Revised Statutes (U. S. C., title 41, sec. 5) when the aggregate amount involved does not exceed $25. improvement and care of grounds and repairs to buildings, traveling expenses, including expenses of attendance at meetings which in the discretion of the Commission are necessary for the efficient discharge of its responsibilities, and other necessary expenses, $480,000. NATIONAL MEDIATION BOARDNational Mediation Board. For all printing and binding for the National Mediation Board,Printing and binding.Vol. 44, p. 579. $1,750. national railroad adjustment boardNational Railroad Adjustment Board. For authorized expenditures of the National Railroad AdjustmentExpenses.*Ante*, p. 14.*Post*, pp. 574, 1178, 1603. Board, in performing the duties imposed by law, including personal services; contract stenographic reporting services; supplies and equipment; law books and books of reference; periodicals; traveling expenses; and rent of quarters outside the District of Columbia, $150,000. SECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange Commission. For all authorized expenditures of the Securities and ExchangeExpenses.Vol. 48, p. 885.*Post*, p. 1179. Commission in performing the duties imposed by law or in pursuance of law and for other personal services, including employment of experts when necessary; contract stenographic reporting services;24 supplies and equipment; purchase and exchange of law books, books of reference, directories, periodicals, newspaper and press clippings; travel expenses, including the expense of attendance, when specifically authorized by the Commission, at meetings concerned with the work of the Securities and Exchange Commission; garage rental; foreign postage; mileage and witness fees; rent of building and equipment at the seat of Government and elsewhere; and other necessary expenses; $900,000. Printing and binding. For all printing and binding for the Securities and Exchange Commission, $21,000. COMPENSATION OF GOVERNMENT OFFICERS AND EMPLOYEESGovernment officers and employees. Sec. 2. Salary reductions.Vol. 48, pp. 13, 521.
(a)Section 3
(b)of title II of the Act entitled “An Act to maintain the credit of the United States Government”, approved March 20, 1933, as amended, is amended by striking out “shall not exceed 5 per centum during the fiscal year ending June 30, 1935”, and inserting in lieu thereof “shall not, during the portion of the fiscal year 1935 prior to April 1, 1935, exceed 5 per centum, and after March 31, 1935, there shall be no such reduction.”
(b)Vice President, Speaker, Congressional, etc., salaries.Vol. 48, p. 521. Subsections
(b)and
(c)of section 21 of the Independent Offices Appropriation Act, 1935, are amended by striking out “the fiscal year ending June 30, 1935”, wherever such phrase appears, and inserting in lieu thereof “that portion of the fiscal year ending Special salary reductions.Vol. 47, p. 402.June 30, 1935, prior to April 1, 1935,” except that this amendatory provision shall not apply to section 107
(a)(1), (2), (3), and
(4)of part II of the Legislative Appropriation Act, fiscal year 1933 (relating to certain special salary reductions).
(c)No reduction in present rate. Nothing in this resolution shall be construed as permitting any reduction in rates of compensation in effect at the time of the passage of this resolution.
(d)Appropriation. There is hereby appropriated so much as may be necessary for the payment of sums due and payable out of the Treasury of the United States, by reason of the discontinuance of the reduction Limitations for personal services increased.of compensation provided for in this resolution; and limitations on amounts for personal services are hereby respectively increased in proportion to the increase in appropriations for personal services Government of the District of Columbia.made in this subsection. In the case of officers and employees of the municipal government of the District of Columbia, such sums shall be paid out of the revenues of the District of Columbia and the Division of payment.Vol. 48, p. 846.Treasury of the United States in the manner prescribed by the District of Columbia Appropriation Act for the fiscal year 1935. Approved, February 13, 1935. To provide for defraying the expenses of the American section, International Boundary Commission, United States and Mexico. 1935-02-13 7 Chapter 49 Stat. 24 74 1 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-07 public [CHAPTER 7.] JOINT RESOLUTION To provide for defraying the expenses of the American section, International Boundary Commission, United States and Mexico. February 13, 1935.[[H. J. Res. 58](/us/bill/74/hjres/58).][[Pub. Res., No. 4](/us/bill/74/pubres/4).] Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, International Boundary Commission. United States and Mexico.Appropriation authorized for expenses of American section.*Post*, pp. 74, 1463. That there is hereby authorized to be appropriated, in addition to amounts heretofore authorized to be appropriated, the sum of $60,000 to defray the expenses of the American section, International Boundary Commission, United States and Mexico, in the conduct of an engineering investigation, study, and report to the Secretary of State to determine the feasibility and best means of effecting the canalization of the Rio Grande from the Caballo Reservoir site in New Mexico to the25 international diversion dam near El Paso, Texas, in order to facilitate Federal control of the channel of the Rio Grande and compliance by the United States with its obligations to deliver at said international diversion dam water to Mexico pursuant to the convention concluded May 21, 1906, providing for the equitable distribution ofVol. 34, p. 2953. waters of the Rio Grande for irrigation purposes, including salaries and wages; fees for professional services; rents, travel expenses: per diem in lieu of actual expenses for subsistence; printing and binding; purchase, exchange, maintenance, repair, and operation of motor-propelled passenger- and freight-carrying vehicles ; telephone, telegraphic, and air-mail communications; ice, equipment, supplies, and materials and other such miscellaneous expenses as the Secretary of State may deem necessary properly to carry out the investigation. Approved, February 13, 1935. Granting the consent of Congress to the State highway commission to construct, maintain, and operate a free highway bridge across Eleven Points River in section 17, township 23 north, range 2 west, approximately twelve miles east of Alton, on route numbered 42, Oregon County, Missouri. 1935-02-18 8 Chapter 49 Stat. 25 74 1 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-07 public [CHAPTER 8.] AN ACT Granting the consent of Congress to the State highway commission to construct, maintain, and operate a free highway bridge across Eleven Points River in section 17, township 23 north, range 2 west, approximately twelve miles east of Alton, on route numbered 42, Oregon County, Missouri. February 18, 1935.[[H. R. 2874](/us/bill/74/hr/2874).][[Public, No. 4](/us/pl/74/4).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the consentEleven Points River.Missouri may bridge, near Alton. of Congress is hereby granted to the State Highway Commission of Missouri to construct, maintain, and operate a free highway bridge and approaches thereto across Eleven Points River in section 17, township 23 north, range 2 west, approximately twelve miles east of Alton, on route numbered 42 in Oregon County, Missouri, at a point suitable to the interests of navigation, at or near Alton, Missouri, in accordance with the provisions of an Act entitledConstruction.Vol. 34, p. 84. “An Act to regulate the construction of bridges over navigable waters”, approved March 23, 1906. Sec. 2. The right to alter, amend, or repeal this Act is herebyAmendment. expressly reserved. Approved, February 18, 1935. Granting the consent of Congress to the State of Oklahoma to construct, maintain, and operate a free highway bridge across the Arkansas River south of the town of Sallisaw in Sequoyah and Le Flore Counties at a point approximately fifteen miles north of Keota in the State of Oklahoma. 1935-02-18 9 Chapter 49 Stat. 25 74 1 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-07 public [CHAPTER 9.] AN ACT Granting the consent of Congress to the State of Oklahoma to construct, maintain, and operate a free highway bridge across the Arkansas River south of the town of Sallisaw in Sequoyah and Le Flore Counties at a point approximately fifteen miles north of Keota in the State of Oklahoma. February 18, 1935.[[H. R. 3057](/us/bill/74/hr/3057).][
Connectionstraces to 1
Traces to 1 document
2 references not yet in our index
- 49 Stat. 22
- 49 Stat. 24
Citation graph
cites case law
Cites 3Cited by 0 across 0 sources