Page:United States Statutes at Large Volume 35 Part 1.djvu/570

 552 SIXTIETH CONGRESS. Sess. I. Cr:. 229. 1908. be·*d•*®‘ °°'*°' ‘° cashier. The Comptroller of the Currency, acting under the direction pmof the Secretary of the Treasury, shall as soon as practicable cause to be prepared circulating notes in blank, registered and countersigned, ·*¤°“f**- _ as provided by law, to an amount equal to  per centum o the ' mI,:;:;*'t;*g;d‘;$l*'“¥ capital stock of each national banking association; such notes to be deposited in the Treasury or in the subtreasury of the United States nearest the place of business of each association, and to be held for _ such association, subject to the order of the Comptroller of the Cur- §C,§'§‘}",f;,,,,,,,, ,,,,.,,,_ rency, for their delivery as provided by law: Bwided, That the Comptroller of the Currency may issue national bank notes of the present form until gates can be prepared and circulating notes issued mgm 1:;:,*:1: as above provided: romfded, however, That in no event shall bank notes mu. of theepirpsenlt fpgmgie issued to any bank as additional circulation provi or y is ct. h¥;i::;)¢i¤¤i¤ kw- Sec. 12. That circulating notes of national banking associations, ver. rs; ii. rzs. when presented to the Treasury for redemption, as provided in section three of the Act approved June twentieth, eighteen hundred and sevengwfour, shall.be redeemed in lawful money of the United States. utyucggpév of S¤<=¤·¤- nc. 13. That all acts and orders of the Comptroller of the Currency °and the Treasurer of the United States authorized by this Act shall have the approval of the Secretary of the Treasury who shall have - power, also, to make any such rules and regulations and exercise such 4 control over the organization and management of national currency associations as may be necessary to carry out the urposes of this Act. oesrguawd deport- Sec. 14. That the provisions of section fiftymnellrundred and ninety- iiiiiirlduieiiiiiiie hw one of the Revised Statutes, with reference to the reserves of national mi, B M sm P banking associations, shall not apply to deposits of public moneys by moi "’the United States in designated epositaries. · mmm payable on Sec. 15. That all national banking associations designated as regular }‘,‘I,°§i’,Llm,§l,$§’§’§?" °' depositaries of public money shall pay upon all special and additional ‘ deposits made by the Secretary of the reasury in such depositaries, an all such associations designated as temporary depositaries of public money shall pay upon all sums of public money eposited in such I associations interest at such rate as the Secretary of the Treasury may prescribe, not less, however, than one per_centum per annum upon the Szvggwiug no Q average monthly amoupt of such deposits: ‘1’>·ovcded, lzowewr, That memes. nothing contained in this  shall be construed to change or modify the obligation of any association or any of its officers for the safe~keepumrurm mmm. ing of public money: Provided further, That the rate of interest giartggdsrgaptocn such deposits shall be equal and uniform throughout the nr s. Av¤~r¤"·¤¤¤· Sec. 16. That a sum sufficient to carry out the purposes of the preceding sections of this Act is hereby appropriated out of any money _ in the Treasury not otherwise appropriated. wzjgfgfgnffggaiiy Sec. 17 . That a Commission is hereby crea to be called the - és · • · 79 • Avporntment. National Monetary Commission, to be compose of nrne members P""' l'" m" . of the Senate, to be ialppointed by the Presiding Officer thereof, and nine members of the ouse of Representatives, to be appointed by the Slpeaker thereof; andhany vacaqcy on the Commission shall be filled in t e same manner as theori ina appointment. ch;*;g;*i;1m::€m{;? Sec. 18. That it shall beghe dutylhf this Commission to inquire into ryrremezc. and report to Congress at the earliest date practicable, what changes _ Aunmrry. are. necessary or desirable in the monetary system of the United, States or rn the laws relating  banking and currency, and for this purpose they are authorized to sit during the sessions or recess of Congress, at such times and places as they may deem desirable, to send for persons and pafpers, to administer oaths, to summons and compel the attend- OQg§;]g_ ance o witnesses, and to employ a disbursin officer and such secretaries, experts, stenographers, messengers, and other assistants as shall be necessary to carry out the purposes for which said Commission was