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(Dec. 23, 1913, ch. 6, ? 16 (par.), 38 Stat. 265; Jan. 30, 1934, ch. 6, ? 2(b)(1),48 Stat. 337; Aug. 23, 1935, ch. 614, title II, ? 203(a),49 Stat. 704.)
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(Dec. 23, 1913, ch. 6, ? 16 (par.), 38 Stat. 267; June 21, 1917, ch. 32, ? 7,40 Stat. 237; Jan. 30, 1934, ch. 6, ? 2(b)(5),48 Stat. 339; Aug. 23, 1935, ch. 614, title II, ? 203(a),49 Stat. 704; Pub. L. 87?66, ? 8(a),June 30, 1961, 75 Stat. 147; Pub. L. 90?269, ? 5,Mar. 18, 1968, 82 Stat. 50; Pub. L. 90?349, ? 5(b),June 19, 1968, 82 Stat. 189.)
At least so I had presumed! It appears that SDR's had actually been around prior to 1968 and they were not substituted for gold as the basis for the exchange rate for trading domestic and foreign US dollars. The last amendment to Section 415 was made in 1968. In 1975 Undersecretary (Treasury) KATZ was speaking of replacing gold with SDR's:
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Section 415 Amendments
1968?Pub. L. 90?349added Special Drawing Right certificates to the types of deposits which Federal Reserve banks may use in reducing their liability for outstanding Federal Reserve notes.
Pub. L. 90?269struck out second par. (sixth par. of section 16 of Act Dec. 23, 1913), which read as follows: ?The Federal Reserve agent shall hold such gold certificates or lawful money available exclusively for exchange for the outstanding Federal Reserve notes when offered by the Reserve bank of which he is a director. Upon the request of the Secretary of the Treasury the Board of Governors of the Federal Reserve System shall require the Federal Reserve agent to transmit to the Treasurer of the United States so much of the gold certificates held by him as collateral security for Federal Reserve notes as may be required for the exclusive purpose of the redemption of such Federal Reserve notes, but such gold certificates when deposited with the Treasurer shall be counted and considered as if collateral security on deposit with the Federal Reserve agent.?
1961?Pub. L. 87?66provided for reduction of liability for outstanding notes by payment of notes of series prior to 1928.
1934?Act Jan. 30, 1934, struck out ?gold? wherever it appeared before ?gold certificates,? and inserted ?certificates? after ?gold? wherever latter stood alone.
Neither Section's amendments shed light on the difference in capitalization so I will look at the