Putnam County herald., January 08, 1914, Image 4

About Putnam County herald. (Cookeville, Tenn.) 1903-1922

Image provided by: University of Tennessee

                
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11! DILL
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19 I I II
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OA.BTER GLASS.
y
Chief feature of
New federal Re
serve Act Here
Presented-fed.
eral Reserve
Board of Seven
Members to Su
pervise Banking
System of the
Country.
a a . mm m a m mmm m m a
Wilt illl
exercise the powers and duties apper- . tfils requirement Whenever a vaean
taining to the office of chairman In the jcy auail occur other than by expiration
organization of such federal reserve I of term among the six members of the
bank.
No senator or representative in con
gress sLali be a member of federal re-
federal reserve board uppoiuted by the
president, its above provided: a succes
sor shut! be npiMilnted by the president,
serve board or an officer or a director with the advice mid consent of the
TUB federal reserve act is now a
part of the law of the land.
With President Wilson's signa
ture to the new Glass-Owen
currency reform bill the country looks
forward to the practical working out
of the act The law is In part as fol
lows: An act to nrovide for the -establish
ment of federal reserve banks to fur
nish an elastic1 currency, to afford
means or reals
counting commer
cial paper, to es
tablish a more ef
fpctive super
vision of banking
In the Doited
States and for
other purposes., .
.That the short
tttfe of this act
stall be the "fed
eral reserve act';
Kfic.. 2. As soon
,'tfa nrnrlfcnble the 9 1913- b American
, s practicable tne PreBS ABS00laUon.
! secretary of - the
treasury, the sec- TnE i-kebident.
retary of agriculture- and the conip-"
.trotler of the currency, acting as "the
reserve bank organization committee,"
shall designate not less than eight nor
more than twelve cities to be known as
federal reserve cities, and shall divide
the continental United States, exclud
ing Alaska, into districts, each district
. io uinmia oiiiy uue ujl Bueu leueiui re-
serve cities. v .
1": A
B. L. OWEN.
shall . extablisb branch banks within
the federal reserve district in which
It Is located and may do bo in the dis
trict of any federal reserve bank
which may have . been suspended.
Such branches shall be operated by a
board of directors under the rules and
regulations approved by the federal
reserve board. Directors of brunch
banks shall possess the same qualifl
cations as directors of the federal re
serve banks. Four of said directors
shall be selected by the reserve bank
and three by the federal reserve board,
and they shall hold office during the
pleasure, respectively, of the parent
bank and the federal reserve board
The reserve bank shall designate one
of the directors as manager.
Sec. 4. Upon the filing of
of a federal reserve bank.
No director' of Class B shall be an
officer, director or employee of any
bank. , '
No director of Class C shall be an
officer, director, employes -or stock
holder of any bank, ; -cu--! -
LKJIH 10 IWCIVe by the federal reserve; board. They
ffpcprvo Rantc BDal1 "aTe been lor nt least two years
they are appoluted, - one of whom
shall be designated by said board as
chairman of the board of directors of
the federal reserve bank and as "fed
eral reserve agent" He shall be a
Land Fnarfc I person of tested banking experience,
I llnrl In nrirtltlnn tn Ills iliitfaa an hfH.
Money Reforms, iuan of the board of , directors of the
Ppiirnlinli,! federal reserve bank be BhaU be re-
i oi iituiaiijr q-jired to maintain under regulations
With Regard tO t0 De established by the federal reserve
the premises of the federal reserve
bank. ,
Sec. 0. The capital stock of each fed
eral reserve bank shall be divided into
shares of $100 each.
senate, to till such vacancy, i
' The president ' shall have power to
fill all vacancies that may happen on
the federal reserve board during the
recess of the senate by granting com
missions which shall expire thirty days
after the nest session of the senate
convenes. '
to Be Establish
ed In Various
Parts of the
farmers.
' Division of Earnings.
Sec. 7. After all necessary expenses
of a federal reserve bank have been
paid or. provided for, the stockhold
ers shall be entitled to receive an
annual dividend of 6 per centum on
the paid in capital stock, which divi
dend shall be cumulative. After the
aforesaid dividend claims have been
fully met all net earnings shall be paid
to the United States as a franchise
tax, except that one-half of such net
earnings shall be paid into a surplus
fund until it shall amount to 40 per
centum of the paid in capital stock of
such bank.
The net earnings derived by the Unit
ed States from federal reserve banks
shall, in the discretion of the secretary,
certificate with the comptroller of the be used to supplement the gold reserve
currency the said federal re
serve bank shall become a body cor
porate and as such and in the name
designated In. such organization cer
tificate shall have power-
First To adopt and use a corporate
seal. '
Second. To have succession for a pe
riod of twenty years from its organiza
tion unless it is sooner dissolved by an
held against outstanding United States
notes, or shall be applied to the re
duction of the outstanding bonded in
debtedness of the United States. Re
serve banks shall not be taxed except
upon real estate. ,
Section 8 amends the existing bank-
RESERVE BOARD POWERS.
Has Controlling Hand on Banking of
the Nation,
Sec, 11. The federal reserve board
shall be authorized and empowered:
(a) To examine at Its discretion the
accounts," books and affairs of each
federal reserve bank and of each mem
ber bank and to require such state
ments and reports us it may deem
necessary. The said board shall pub
lish once each week a statement show
ing the condition of each federal re
serve b&nk and a consolidated state
ment for all federal reserve banks.
Such statements shall show in detail
the assets and liabilities of the federal
reserve banks, single and .combined,
and shall furnish full Information re
garding the character of the money
held as reserve and the amount, na
ture and maturities of the paper and
other Investments owned or held by
federal reserve banks..
(bt To permit or on the affirmative
vote of at least-five members of the
reserve board to require federal re
serve banks to rediscount the discount
ed paper of other , federal reserve
banks at rates of interest to be fixed
by the federal reserve board.
(c) To suspend for a period not ex
ceeding thirty days, and from time to
time to renew such suspension for pe
riods not exceeding fifteen days, any
reserve requirement specified in this
act: Provided, that it shall establish a
graduated tax upon the amounts by
which the reserve requirements of this
act may be permitted to fall below
the level hereinafter specified; and
provided, further, that when the gold
reserve held against federal reserve
notes falls below 40 per centum, the
federal reserve board shall establish a
graduated tax of not more than 1 per
RESERVE BANK POWERS.
Ing laws, so that stockholders owning centum upon such deficiency until the
61 per cent of the stock of banks other
than national banks can convert their
act of congress or unless its franchise organizations into national banks.
' NAMING RESERVE BANKS.
To Take Titls of Principal City In FU
aerva District.
The said committee shall supervise
the organization in each of the cities
designated of a federal reserve bank,
which shall Include in its title the
name of the city In which it Is situat
ed, as "Federal Reserve. Bank Of Chi-
-cagv. . i .
Under regulations to be prescribed by
the organization committee every na
tlonal banking association in the Unit
ed States is hereby required and every
crnirv in writing within sixty days
the passage of this act its ac
CH UL L11U LtflLUS U11U UlUIWlUlia
- t i a a . m i
II Vn IIUUI IFIIHI Mil I I1H 'II.lt'N III
federal reserve banks are to be
U1ILV UUVH IlLLCI I1UUJ
tne caouui biock oi sucu iuu
i . x a
national bank falling to signify
n tha b!tv Anva nfYirpsnln shall
ise to act as a reserve agent upon
Vty days' notice to be given within
I discretion of the said organization
l committee or of the federal reserve
aboard. .
- Should any national banking assocla
flution In the United States now organ
ized fall within one year after the pas
sage of this act to become n member
lank under the provisions hereinbefore
' . . f it A . I .. f
thn nravislons of this act nnnlicable
thereto all of the rights, privileges and
franchises of such association granted
to It under the national bank act or un
der the provisions of this act shall be
thereby forfeited.
No individual, copartnership or cor
poration other than a member bank
of Its district shall be permitted to
subscribe for or to hold at any time
more than $10,000 par value of stock
In any federal reserve bank. Such
stock shall be known as public stock
snd may be transferred on the books
of the federal reserve bank by the
chairman of the board of directors of
such bank, v.-
Should the subscription of stock by
hunts and Mi n nnblic be Inadeauate
the government Itself may subscribe
for stock. Stock not held by member
banks shall be voted by Class C direc
tors only. "
RESERVE BANK BRANCHES.
Regional Institutions Empowered to
'Establish Sub-Banks.
Mo federal reserve bank shall com-
nce Business wun s sunscriuea cap-
ess In amount than $3,000,000.
8. Eltcb federal reserve' bank
becomes forfeited by some violation of
law. . -
Third. To make contracts.
Fourth. To sue and be- sued, com
plain and defend, in any court of law
or equity.
Fifth. To appoint by its board of
directors, elected as hereinafter pro
vided, such officers as are not other
wise provided for in this act, to define
their duties, require bonds of them and
fix the penalty thereof, to dismiss such
officers or any of them as may be ap
pointed by them at pleasure and to ap
point others to fill their places.
Section 9 describes bow state banks
may become members of reserve banks.
FEDERAL RESERVE BOARD.
8evn Members, Five of Whom Are te
Get 112,000 a Year Each.
Sec. 10. A federal reserve board is
hereby created, which shall consist of
seven members. Including the secre
tary of the treasury and the comptrol- comptroller of the currency the Issue
reserves fall to 32 per centum, and
when said reserve falls below 32
per centum, a tax at the rate increas
ingly of not less than 1 per centum
upon each 2V4 per centum or fraction
thereof that such reserve falls below
82 per centum. The tax shall be paid
by the reserve bank, but the reserve
bank shall add an amount equal to
said tax to the rates of Interest and
discount fixed by the federal reserve
board.
(d) To supervise and regulate through
the bureau under the charge of the
icr of the currency, who shall be mem
bers ex officio, and five members ap
pointed by the president of the Unit-
Sixth. To prescribe by its board of ed States, by and with the advice and
directors bylaws not inconsistent with
law regulating the manner in which its
general business may be conducted
and the privileges granted to it by law
may be exercised and enjoyed.
Seventh. To exercise by Its board of
consent of the senate. In selecting the
five appointive members of the federal
reserve board not more than one of
whom shall be selected from any one
federal reserve district the president
shall have due regard to a fair repre-
directors or duly authorized officers or sentation of the different geographical
agents all powers specifically granted
by the provisions of this act und such
incidental powers as shall be necessary
to carry on the business of banking
within the limitations prescribed by
this act.
. Eighth. Upon deposit with the treas
urer of the United States of any bonds
of the United States in the manner
provided by existing law relating to
divisions of the country. The five mem
bers of the federal reserve board ap-
ana retirement or federal reserve
notes, and to prescribe rules and regu
lations under which such notes may
be delivered by the comptroller to the
federal reserve agents applying there
for.
(e) To add to the number of cities
classified as reserve and central re-
serve cities under existing law in
which national banking associations
are subject to the reserve require
ments set forth in section 20 of this
act, or to reclassify existing reserve
pointed by the presidett and confirmed and central reserve cities or to term!
as aforesaid shall devote their entire nate their designation as such.
time to the business of the federal re- (f) To suspend or remove any officer
serve board and shall each receive an or director of any federal reserve
annual salary of $12,000, together with bank, the cause of such removal to be
actual necessary traveling expenses, forthwith communicated in writing by
and the comptroller or tne currency, the federal reserve board to the re-
as ex officio member of the federal re- moved officer or director and to said
national banks to receive from the Berve board, shall in addition to the bank.
comptroller of the currency circulating
notes In blank, registered and counter
signed as provided by law, equal In
amount to the par value of the bonds
so deposited,' such notes to be Issued
under the same conditions and provl
slons of law which relate to the issue
of circulating notes of national banks
secured by bonds of the United States
bearing the circulating privilege,' ex
cept that the issue of such notes shall
not be limited to the amount of the
capital stock of such federal reserve
bank.
But no federal reserve bank shall
transact any business except such as
is incidental nnd necessarily prellmi
nary to its organization until it has
been authorized by the comptroller of
the currency to commence business un
der the provisions of this act
salary now paid him as comptroller or (g) To require the writing off of
the currency, receive the sura of $7,000 doubtful or worthless assets upon the
annual for his services as a member
of said board. The members of said
board, the secretary of the treasury,
the assistant secretary of the treasury
and the comptroller of the currency
shall be ineligible during the time they
are in office and for two years thereaft
er to bold any office, position or em
ployment In any member bank. Of
the five members thus appointed by
the president at least two shall be
persons experienced in .banking or
finance. OiVe shall be designated by
the president)to-aeMe"fbr two, one for
four, oner six. one for eight one
for ten, and thereafter each member
so appointed shall serve for a terra of
ten years unless sooner removed for
cause by the president. Of the five
persons thus appointed one shall be
designated by the president as gov
ernor and one as vice governor of the
federal reserve board. The governor over 8aJd federa reserve 6anks
of the federal reserve board, subject to
CLASSES 0F DIRECTORS.
Board of Nine to Control Each Reierve
Bank.
Every federal reserve bank shall be Its supervision, shall be the a ting ex-
conducted under the supervision and ecutive officer.
control of a board of directors. The federal reserve board shall have
Such board of directors shall be se- power to levy semiannually upon the
lected as hereinafter specified and shall federal reserve banks In proportion to
consist of nine members, holding office their capital stock and surplus an as-
for three years and divided into three sessment sufficient to pay Its estimated
classes, designated as Classes A, B expenses and salaries of its members
and O. , and employees for the half year suc-
Olass A shall consist of three mem- seeding the levying of such assessment
bers, who sbnll be chosen by and be together with any deficit carried for-
representative of the stock holding ward from the preceding half year.
books and balance sheets of federal
reserve banks.
(h) To suspend, for the violation of
any of the provisions of this act, the
operations of any federal reserve
bank, to take possession thereofKad-
minlster the same during the period of
suspension and when deemed ad visa
ble to liquidate or reorganize such
bank.
(1) To require bonds of federal re
serve agents, to make regulations for
the safeguarding of all collateral.
bonds, federal reserve notes, money or
property of any kind deposited la the
bands of such agents, and said board
shall perform, the duties, functions or
services specified in this act and to
make all rules and regulations neces
sary to enable said board effectively
to perform the same
(J) To exercise general supervision
banks.
Tb first meeting of the federal re-
Class B shall consist. of three mem- serve board shall be held in Washing-
bers, who at the time of their election
shall be actively engaged in their dis
trict In commerce, in agriculture or in
some other industrial pursuit
Class O shall consist of three mem-
ton, District of Columbia, as soon as
may be after the passage of this act at
a date to be fixed by the reserve bank
organization committee. The secretary
of the trensury shall be ex officio chair-
bers, who shall be designated by the j man of the federal reserve board. No
federal reserve board. When the nec- memlter of the federal reserve board
essary subscriptions to the capital shall be an officer or director of any
stock have been obtained for the or- bank, banking institution,' trust com-
ganlzation for any federal reserve pany or federal reserve bank nor hold
bank the federal reserve board shall stock tn any bank, banking Institution
appoint the Class C directors and shall or trust company, and before entering
designate one of . such directors as upon bis duties as a member of the
chairman of the board to be selected, federal reserve board be shall certify
Pendirc the designation or sucn cnair- under oatn to toe secretary or tne
man the organisation committee suaH I treasury thn t be has complied with
(k) To grant by special permit to na
tional banks applying therefor, when
not in contravention of state or local
law, the right to act as trustee, ex
ecutor, administrator or registrar of
stocks and bonds under such rules and
regulations as the said board may pre
scribe. ' r
(1) To employ such attorneys, ex
perts, assistants, clerks or other 'em
ployees as may be deemed necessary
to properly conduct the business of
the board. All salaries and fees shall
be fixed In advance by said board and
Shall be paid in the Bame manner as
the salaries of he members of said
board. All such attorneys, experts,
assistants, clerks and other employees
ghal! be appointed without regard to
the provisions of the act of, Jan. 10.
1883 (volume 22. United States stat
utes at large, page 403). and amend
ments thereto or any rule or regulation
made in pursuance thereof.
Section 12 creates a federal advisory
council consisting of one - member
from each federal reserve district
irhicb is empowered to conl'er with
the federal reserve board and make
representations regarding the business
f Jhe board.
Principal Function of the New Re
gional Institutions.
Sec. 13. Any federal reserve h:ink
may receive from itn.v uf its member
banks aud from the United Suites de
posits of current funds in lawful mon
ey, national Imuk notes, federal reserve
notes or checks an, I drafts umii mem
ber banks, payable ii;n presentation
or solely for exchange urMses may
receive from other federal" reserve
banks deposits of current funds In
lawful money, national bauk notes or
checks and, drafts uion solveut mem
ber or other federal reserve banks
payable upon presentation
, Upon the Indorsement of any of Its
member banks, with a waiver of de
mand notice and protest by such bonk,
any federal . reserve . bank may dis
count notes, drafts and bills of ex
change arising out of actual commer
cial transactions that Is. notes, drafts
and bills of exchange issued or drawn
for agricultural, industrial or commer
cial purposes or the proceeds of which
have been used or are to be used for
such purposes, the federal reserve
board to have the right to determine
or define the character of the pape:
thus eligible for discount wltnm the
meaning of this act. Nothing In this
act contained shall be construed to
prohibit such notes, drafts and bills of
exchange secured by staple agrlcul
tural products or other goods, wares
or merchandise from being eligible for
such discount but such definition shall
not Include notes, drafts or bills cov
erlng merely investments or issued or
drawn for the purpose of carrying or
trading in stocks, bonds or other in
vestment securities except bonds and
notes of the government of the United
States, x Notes, drafts and bills admit
ted to discount under the terms of this
paragraph must have a maturityat
the time of discount of not more than
ninety days. - provided that notes,
drafts and bills drawn or issued for
agricultural purposes or based on live
stock and having a maturity not ex
ceeding six months may be discounted
In an amount to be limited to a per
centage of the capital of the federal
reserve bank, to be ascertained and
fixed by the federal reserve board
Discounting Acceptances.
Any federal reserve bank may dls
count acceptances which are based on
the Importation or exportation or do
mestic shipment of goods and which
have a maturity at time of discount of
not more than three months and in
dorsed by at least one member bank
The amount of acceptances so dls
counted shall at no time uxceed one
half the paid up capital stock and sur
plus of the bank for which the re
discounts are made.
The aggregate of such notes and
MHls bearing the signature or indorse
ment of any one person, company or
firm or corporation rediscounted for
any one bank shall at no time exceed
10 per centum of the unimpaired capi
tal and surplus of said bank, but this
restriction shall not apply to the dls
count of bills of exchange drawn in
good faith against actually existing
values.
Any member bank may accept drafts
or bills of exchange drawn upon it
and growing out of transactions in
volving the importation or exportation
of goods having not more than six
months sight to run, but no bank shall
accept such bills to an amount equal
at any time in the aggregate to more
than one-half of its paid up capital
stock and surplus.
,
Open Market Operations.
Sec. 14. Any federal reserve bank
may, under rules and regulations pre
scribed by the federal reserve board.
purchase and sell in the open market
at home or abroad, either from or to
domestic or foreign banks, firms, cor
porations or individuals, cable trans
fers and bankers' acceptances and
bills of exchange of the kinds and ma
turities by this act made eligible for
rediscount with or without the Indorse
ment of a member bank.
Every federal reserve bank shall
have power:
(a) To deal In gold coin and bullion
at home or abroad, to make loans
thereon, exchange federal reserve
notes for gold, gold coin or gold cer
tificates and to contract for loans of
gold coin or bullion.' giving therefor,
when necessary, acceptable security.
Including the hypothecation of United
States bonds or other securities which
federal reserve banks are authorized
to bold;
Ob) To buy and sell at home or abroad
bonds and notes of the United States
and bills, notes, revenue bonds and
warrants with a maturity from date
of purchasing of not exceeding six
months. issued In anticipation of the
collection of taxes or in anticipation of
the receipt of assured revenues by any
state, county, district political "subdi
vision or municipality In the conti
nental United States, including Irriga
tion, drainage and reclamation dis
tricts, such purchases to be made In
accordance with rules and regulations
prescribed by the federal reserve
board;
(c) To purchase from member banks
and to sell, with or without Its in
dorsement, bills of exchange arising
out of commercial transactions as
hereinbefore defined;
(d) To establish from time to time.
subject to review and determination
of the federal reserve board, rates of
discount to be charged by the federal
reserve bank for each class of paper.
which shall be fixed with a view of ac
commodating commerce and business:
(el To establish accounts with other
federal reserve banks for exchange
purposes and. with the consent of the
federal reserve board, to open and
maintain banking accounts In foreign
countries, appoint correspondents and
establish agencies t.i sucb countries
wheresoever U my deem best for the
purpose of pui Phasing, selling and col
lecting bills of exchange, and to buy
and sell with or without Its Indorse
ment through such correspondents or
agencies, bills of exchange arising out
of actual commercial transactions
which have not more than ninety days
to run and which bear the signature
of two or more responsible parties.
Section 15 provides that moneys beld
in the general fund of the United
States treasury, except the S per cen
tum fund for the redemption of out
standing national bank notes and the
funds provided in the set for the re
demption of federal reserve notes,
may be deposited In federal reserve
banks which shall act as fiscal agents
and that the funds of the Philippine
Islands, the postal savings and any
other government funds must be de
posited In federal reserve banks.
Section 16 provides for the Issuance
of federal reserve notes to federal re
serve banks, redeemable In gold on de
mand at the treasury department or
In gold or lawful money at any fed
eral reserve bank. The collateral se
curity shall be notes and bills accept
ed for rediscount under section 13.
Federal reserve banks shall have a
gold reserve of 40 per cent of their
federal reserve notes and shall main
tain In the United States treasury In
gold a reserve of not less than 5 per
cent of the federal reserve notes for
their redemption. . f j J .
O IT .AhAn1. Innva .teMm.f .tn ,
it itrycoio lano 141141 tuj na
tional banks to deponit government
bonds with the United States treasurer. .
. Section 18 provides a plan for retir
ing the 2 per cent bonds on which the
present currency is based. , Under the
plan $25,000,000 worth of these bonds
will be purchased each year, beginning
two years after the system Is placed In '
operation, by the new regional banks
from member banks. On one-half of
Its holdings each regional bank may is
sue currency. The remainder will be
refunded in 3 per cent thirty year
bonds or 3 per cent one year treasury
uuica, nmtu iuc wuu muni ci c. mi
renew each year for thirty years.
Section 10 describes how member .
banks shall establish and maintain re
serves, 'v.-;,. '
Section 21 provides for the examina
tion of each member bank by the
comptroller of the i currency at least
twice a year, for a special examination
et mumluiK ha n r a arhan AtneU hv .
federal reserve banks and for' a spe
cial examination of any federal re
serve bank upgn the application of
ten member banks.
I
PENALTY FOR DISHONESTY.
Tampering With Bank xamjrMreMc.de r
Mnmmi Offense. (
See.v22.-Ao member bank or any
officer, director or employee 'thereof
shall hereafter make any loan or
grant any gratuity to any bank ex
aminer. Any bank officer,, director
or employee violating this provision
shall be deemed-guilty of a misde
meanor and shall be Imprisoned not
exceeding one year or fined not more
than $5,000. or both, may be fined a fur
ther sum equal to the money so loan
ed or gratuity given. Any examiner
accepting a loan or gratuity from any
bank examined by him or from an
officer, director or employee thereof
shall ' be deemed guilty of a misde
meanor and shall be Imprisoned not
exceeding one year or fined not more
than $5,000. or both.
Section 23 provides that national
bank stockholders shall be responsible
for all contracts, debts and engage
ments of tbelr banks to the amount of .
their stock at par value In addition to
the amount invested in such stock.
If they transfer their stock within
sixty days before the failure of their
banks they shall be liable to the same
extent in case the transferee fails to
meet sucb liability.
Loans on Farm Lands.
Sec. 24. Any national banking as
sociation not situated in a central
reserve city may make loans secur
ed by improved and unencumbered
farm land situated within Its fed
eral reserve district but no such loan
shall be made for a longer time than
five years nor for an amount exceeding
60 per centum of the actual value of
the property offered as security. Any
such bank may make such loans in an
aggregate sum equal to 25 per centum
of Its capital and surplus or to one-
third of Its time deposits, and such
banks may continue hereafter, as here
tofore, to receive time deposits and
pay interest on the same.
The federal reserve board shall have -
nower from time tn time tn edit to thn '
list of cities In which national banks" ""
shall not be permitted to make loans
secured upon real estate In the man
ner described in this section.
Section 25 authorizes national bank
ing associations possessing a capital
and surplus of $1,000,000 or more to es
tablish foreign branches under the dl-
rection of the federal reserve board. '
Section 20 authorises the secretary
of the treasury to strengthen the gold
reserve by borrowing gold on United -States
bonds or by selling them.
Section 27 extends from June 80,
1914, until June 30, 1915, the life of an
act authorizing national currency as
sociations, the issuance of additional
national bank circulation and the cre
ation of a national monetary commis
sion. . It re-enacts certain United
States banking statutes amended by
an act of May 30. 1908. subject to such
amendments, or modifications as are
contained in the new currency law. It .
amends the May 80. 1908, act In re- -
gard to the taxation of circulating
notes held by national banking asso
ciations and secured otherwise than
by United States bonds.
Section 29 provides that If any part
of the act is declared invalid by a '
court the judgment shall not affect the
remainder of the act
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