A bill to provide that royalties received by the United States from the production of oil, gas, coal, and minerals on Federal lands shall be used to reduce the public debt.

Requires the deposit of royalties received by the United States under oil, gas, coal, and mineral leases in a special fund in the Treasury of the United States. Limits the availability and use of such moneys to the retirement of obligations of the United States issued under the Second Liberty Bond Act.

Reduces the limitations on the face amount of obligations issued under the Second Liberty Bond Act by the amount deposited daily in the account established by this Act. Specifies when such reductions shall take effect.