18 U.S.C. § 334 — Issuance of Federal Reserve or national

Page 106 TITLE 18—CRIMES AND CRIMINAL PROCEDURE § 334 Words ‘‘or Federal Reserve bank, or the Federal Re- serve System’’ were inserted because the paper of such banks has almost supplanted national bank currency. Reference to persons causing or procuring was omit- ted as unnecessary in view of definition of ‘‘principal’’ in section 2 of this title. Minor changes in phraseology were made. Editorial Notes AMENDMENTS 1994—Pub. L. 103–322 substituted ‘‘fined under this title’’ for ‘‘fined not more than $100’’. § 334. Issuance of Federal Reserve or national bank notes Whoever, being a Federal Reserve Agent, or an agent or employee of such Federal Reserve Agent, or of the Board of Governors of the Fed- eral Reserve System, issues or puts in circula- tion any Federal Reserve notes, without com- plying with or in violation of the provisions of law regulating the issuance and circulation of such Federal Reserve notes; or Whoever, being an officer acting under the provisions of chapter 2 of Title 12, countersigns or delivers to any national banking association, or to any other company or person, any circu- lating notes contemplated by that chapter ex- cept in strict accordance with its provisions— Shall be fined under this title or imprisoned not more than five years, or both. (June 25, 1948, ch. 645, 62 Stat. 700; Pub. L. 103–322, title XXXIII, § 330016(1)(K), Sept. 13, 1994, 108 Stat. 2147.) HISTORICAL AND REVISION NOTES Based on sections 581 and 592 of title 12, U.S.C., 1940 ed., Banks and Banking (R.S. §§ 5187, 5209; Sept. 26, 1918, ch. 177, § 7, 40 Stat. 972; Aug. 23, 1935, ch. 614, § 316, 49 Stat. 712). This section consolidates section 581 and part of sec- tion 592 of title 12, U.S.C., 1940 ed., Banks and Banking. The punishment provision was drawn from said sec- tion 592 as being the latest expression of congressional intent, in preference to the provision of said section 581 which authorized a fine ‘‘not more than double the amount so countersigned and delivered and imprison- ment not more than 15 years’’. The words ‘‘shall be guilty of a misdemeanor’’ were omitted as unnecessary in view of definition of mis- demeanor in section 1 of this title. Likewise the words ‘‘upon conviction in any district court of the United States’’ were omitted as unneces- sary since punishment can follow only after conviction. (See reviser’s note under section 656 of this title for statement of reasons for dividing said section 592 into three revised sections, with consequent changes in phraseology, style, and arrangement.) Editorial Notes AMENDMENTS 1994—Pub. L. 103–322 substituted ‘‘fined under this title’’ for ‘‘fined not more than $5,000’’. § 335. Circulation of obligations of expired cor- porations Whoever, being a director, officer, or agent of a corporation created by Act of Congress, the charter of which has expired, or trustee thereof, or an agent of such trustee, or a person having in his possession or under his control the prop- erty of such corporation for the purpose of pay- ing or redeeming its notes and obligations, knowingly issues, reissues, or utters as money, or in any other way knowingly puts in circula- tion any bill, note, check, draft, or other secu- rity purporting to have been made by any such corporation, or by any officer thereof, or pur- porting to have been made under authority de- rived therefrom, shall be fined under this title or imprisoned not more than five years, or both. (June 25, 1948, ch. 645, 62 Stat. 700; Pub. L. 103–322, title XXXIII, § 330016(1)(L), Sept. 13, 1994, 108 Stat. 2147.) HISTORICAL AND REVISION NOTES Based on title 18, U.S.C., 1940 ed., § 289 (Mar. 4, 1909, ch. 321, § 174, 35 Stat. 1122). The reference to persons aiding was omitted as un- necessary, since such persons are made principals by section 2 of this title. The last sentence excepting bona fide holders in due course was omitted as surplusage. Other changes in phraseology also were made. Editorial Notes AMENDMENTS 1994—Pub. L. 103–322 substituted ‘‘fined under this title’’ for ‘‘fined not more than $10,000’’. § 336. Issuance of circulating obligations of less than $1 Whoever makes, issues, circulates, or pays out any note, check, memorandum, token, or other obligation for a less sum than $1, intended to circulate as money or to be received or used in lieu of lawful money of the United States, shall be fined under this title or imprisoned not more than six months, or both. (June 25, 1948, ch. 645, 62 Stat. 701; Pub. L. 103–322, title XXXIII, § 330016(1)(G), Sept. 13, 1994, 108 Stat. 2147.) HISTORICAL AND REVISION NOTES Based on title 18, U.S.C., 1940 ed., § 293 (Mar. 4, 1909, ch. 321, § 178, 35 Stat. 1122). Numerous suggestions, of which that of Mr. E. M. Million, of Arlington, Va., is typical, recommend that this section be omitted as obsolete or revised to except commercial obligations. However, since the decisions make it plain that only obligations intended to cir- culate as money are within the provisions of this sec- tion and that commercial checks of less than $1 are not affected, there seems no reason so to rewrite the sec- tion. (See U.S. v. Monongahela Bridge Co., Fed. Cas. No. 15,796; Stettinius v. U.S., Fed. Cas. No. 13,387.) Minor changes were made in phraseology. Editorial Notes AMENDMENTS 1994—Pub. L. 103–322 substituted ‘‘fined under this title’’ for ‘‘fined not more than $500’’. § 337. Coins as security for loans Whoever lends or borrows money or credit upon the security of such coins of the United States as the Secretary of the Treasury may from time to time designate by proclamation published in the Federal Register, during any period designated in such a proclamation, shall be fined under this title or imprisoned not more than one year, or both.