there shall not be outstanding at any time circulating notes issued under the provisions of this Act to an amount of more than five hundred millions of dollars. (35 Stat. 549.) § 9734. (Act May 30, 1908, c. 229, § 6.) Additional redemption fund for additional circulating notes outstanding. Whenever and so long as any national banking association has outstanding any of the additional circulating notes authorized to be issued by the provisions of this Act it shall keep on deposit in the Treasury of the United States, in addition to the redemption fund required by section three of the Act of June twentieth, eighteen hundred and seventy-four, an additional sum equal to five per centum of such additional circulation at any time outstanding, such additional five per centum to be treated, held, and used in all respects in the same manner as the original redemption fund provided for by said section three of the Act of June twentieth, eighteen hundred and seventy-four. (35 Stat. 550.) Section 3 of the Currency Act of June 20, 1874, c. 343, § 3, mentioned in this section relating to the reserves required to be kept in the Treasury for the redemption of national bank notes, is set forth post, § 9751. § 9735. (Act May 30, 1908, c. 229, § 7.) Distribution of additional circulating notes proportionate to capital and surplus of national banks in each state; emergency assignments of amounts not applied for. In order that the distribution of notes to be issued under the provisions of this Act shall be made as equitable as practicable between the various sections of the country, the Secretary of the Treasury shall not approve applications from associations in any State in excess of the amount to which such State would be entitled of the additional notes herein authorized on the basis of the proportion which the unimpaired capital and surplus of the national banking associations in such State bears to the total amount of unimpaired capital and surplus of the national banking associations of the United States: Provided, however, That in case the applications from associations in any State shall not be equal to the amount which the associations of such State would be entitled to under this method of distribution, the Secretary of the Treasury may, in his discretion, to meet an emergency, assign the amount not thus applied for to any applying association or associations in States in the same section of the country. (35 Stat. 550.) § 9736. (Act May 30, 1908, c. 229, § 8.) Information as to securities acceptable under act to be obtained by Secretary of the Treasury and furnished to national banks. It shall be the duty of the Secretary of the Treasury to obtain information with reference to the value and character of the securities authorized to be accepted under the provisions of this Act, and he shall from time to time furnish information to national banking associations as to such securities as would be acceptable under the provisions of this Act. (35 Stat. 550.) § 9737. (Act May 30, 1908, c. 229, § 13.) Authority of Secretary of the Treasury as to acts and orders of Comptroller of the Currency and organization and management of national currency associations. 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 control over the organization and management of national currency associations as may be necessary to carry out the purposes of this Act. (35 Stat. 552.) See notes to section 1 of this act, ante, § 9729. § 9738. (Act May 30, 1908, c. 229, § 17.) National Monetary Commission created; appointment; filling vacancies. A Commission is hereby created, to be called the "National Monetary Commission," to be composed of nine members of the Senate, to be appointed by the Presiding Officer thereof, and nine members of the House of Representatives, to be appointed by the Speaker thereof; and any vacancy on the Commission shall be filled in the same manner as the original appointment. (35 Stat. 552.) See notes to section 1 of this act, ante, § 9729. By a provision of Act March 4, 1909, c. 298, § 1, 35 Stat. 931, the Commission created by this section was continued until it should make its final report, and said Commissioner was authorized to pay to such of its members as were not at the time in the public service and receiving a salary from the Government a salary equal to that to which such members would be entitled if they were members of the Senate or House of Representatives. Said provision was repealed by Act Aug. 22, 1911, c. 36, § 3, 37 Stat. 30. The Commission created by this section was directed to make and file a full and comprehensive report on all subjects referred to it under the provisions of this act, on or before January 8, 1912, by said Act Aug. 22, 1911, c. 36, § 1, 37 Stat. 30. This section, and the two sections next following, were repealed by said Act Aug. 22, 1911, c. 36, § 2, 37 Stat. 30; said repeal to take effect on and after March 31, 1912, unless otherwise provided by act of Congress. But by a proVision of the Federal Reserve Act of Dec. 23, 1913, c. 6, § 27, post, § 9743, said provisions of this act were extended to June 30, 1915. § 9739. (Act May 30, 1908, c. 229, § 18.) Duties and powers of Commission. It shall be the duty of this Commission to inquire into and report to Congress at the earliest date practicable, what changes are necessary or desirable in the monetary system of the United States or in the laws relating to 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 papers, to administer oaths, to summons and compel the attendance of witnesses, and to employ a disbursing officer and such secretaries, experts, stenographers, messengers, and other assistants as shall be necessary to carry out the purposes for which said Commission was created. The Commission shall have the power through subcommittee or otherwise, to examine witnesses and to make such investigations and examinations, in this or other countries, of the subjects committed to their charge as they shall deem necessary. (35 Stat. 552.) See notes to section 17 of this act, ante, § 9738. § 9740. (Act May 30, 1908, c. 229, § 19.) penses, and accounts of Commission. Appropriation for ex A sum sufficient to carry out the purposes of sections seventeen and eighteen of this Act, and to pay the necessary expenses of the Commission and its members, is hereby appropriated, out of any money in the Treasury not otherwise appropriated. Said appropriation shall be immediately available and shall be paid out on the audit and order of the chairman or acting chairman of said Commission, which audit and order shall be conclusive and binding upon all Departments as to the correctness of the accounts of such Commission. (35 Stat. 553.) See notes to section 17 of this act, ante, § 9738. § 9741. (Act Aug. 22, 1911, c. 36, § 4.) No salary, etc., to member or employee of Commission receiving salary, etc., from Government; voluntary assistance without compensation. No one receiving a salary or emoluments from the Government of the United States, in any capacity, shall receive any salary or emolument as a member or employee of said commission from the date of the passage of this Act: Provided, That voluntary assistance, without compensation, may be accepted by the commission from present employees or from others whose assistance may be desired by the commission. (37 Stat. 30.) This was the last section of an act entitled as an act to require the National Monetary Commission to make final report, etc., to repeal Act May 30, 1908, c. 229, §§ 17-19. Sections 1-3 of said act are omitted as temporary and executed. § 9742. (Act May 30, 1908, c. 229, § 20.) Limitation of act. This Act shall expire by limitation on the thirtieth day of June, nineteen hundred and fourteen. (35 Stat. 553.) See notes to sections 1 and 17 of this act, ante, §§ 9729, 9738. § 9743. (Act Dec. 23, 1913, c. 6, § 27.) Provisions of Act May 30, 1908, c. 229, extended; R. S. §§ 5153, 5172, 5191, 5214, amended by said Act, re-enacted as prior thereto, subject to amendments, etc., in this act. The provisions of the Act of May thirtieth, nineteen hundred and eight, authorizing national currency associations, the issue of additional national-bank circulation, and creating a National Monetary Commission, which expires by limitation under the terms of such Act on the thirtieth day of June, nineteen hundred and fourteen, are hereby extended to June thirtieth, nineteen hundred and fifteen, and sections fifty-one hundred and fifty-three, fifty-one hundred and seventy-two, fifty-one hundred and ninety-one, and fifty-two hundred and fourteen of the Revised Statutes of the United States, which were amended by the Act of May thirtieth, nineteen hundred and eight, are hereby reenacted to read as such sections read prior to May thirtieth, nineteen hundred and eight, subject to such amendments or modifications as are prescribed in this Act. (38 Stat..) This was part of section 27 of the Federal Reserve Act of 1913, cited above. A proviso annexed to this section amended a portion of section 9 of the Aldrich-Vreeland Act of May 30, 1908, c. 229. Said section 9 amended R. S. § 5214, and, as so amended by said proviso to this section, is incorporated in R. S. § 5214, as set forth post, § 9779. R. S. §§ 5153, 5172, 5191, 5214, mentioned in this section and re-enacted as they read prior to the amendment thereof by said Aldrich-Vreeland Act of May 30, 1908, c. 229, are set forth as so re-enacted, respectively, ante, & 9691, 9714, and post, §§ 9746, 9779. Sec. CHAPTER THREE Regulation of the Banking Business 9744. Place of business. ed. 9747. What may be counted toward the 9748. "Lawful-money reserve" to be de- 9750. Additional "central reserve cit- 9751. Reserve in Treasury for redemp- 9754. Disposition of money deposited 9755. Redemption of lost or stolen cir- 9756. Place for redemption of circulat- 9760. Dividends. Sec. 9763. Loans on farm lands. 9764. Limit upon indebtedness to be incurred. 9765. Restriction upon use of circulating notes. 9766. Prohibition upon withdrawal of capital. 9767. Enforcing payment of deficiency in capital stock. 9768. Restriction upon use of notes of other banks. 9769. United States notes not to be held as collateral, etc.; penalty. 9770. Penalty for falsely certifying checks. 9771. Punishment for falsely certifying 9772. Embezzlement; penalty. 9774. Reports of Comptroller of the 9775. Verification of reports. ports. 9778. Reports of savings banks and sav- 9782. Penalty for failure to pay duties. (4449) § 9744. (R. S. § 5190.) Place of business. The usual business of each national banking association shall be transacted at an office or banking-house located in the place specified in its organization certificate. Act June 3, 1864, c. 106, § 8, 13 Stat. 101. Provisions relating to change of place of business were made by Act May 1, 1886, c. 73, § 2, ante, § 9662. § 9745. (Act Dec. 23, 1913, c. 6, § 25.) Foreign branches. Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Federal Reserve Board, upon such conditions and under such regulations as may be prescribed by the said board, for the purpose of securing authority to establish branches in foreign countries or dependencies of the United States for the furtherance of the foreign commerce of the United States, and to act, if required to do so, as fiscal agents of the United States. Such application shall specify, in addition to the name and capital of the banking association filing it, the place or places where the banking operations proposed are to be carried on, and the amount of capital set aside for the conduct of its foreign business. The Federal Reserve Board shall have power to approve or to reject such application if, in its judgment, the amount of capital proposed to be set aside for the conduct of foreign business is inadequate, or if for other reasons the granting of such application is deemed inexpedient. Every national banking association which shall receive authority to establish foreign branches shall be required at all times to furnish information concerning the condition of such branches to the Comptroller of the Currency upon demand, and the Federal Reserve Board may order special examinations of the said foreign branches at such time or times as it may deem best. Every such national banking association shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office, and shall at the end of each fiscal period transfer to its general ledger the profit or loss accruing at each branch as a separate item. (38 Stat.—.) This section was part of the Federal Reserve Act of 1913, cited above. § 9746. (R. S. § 5191.) "Lawful-money reserve" prescribed. Every national banking association in either of the following cities: Albany, Baltimore, Boston, Cincinnati, Chicago, Cleveland, Detroit, Louisville, Milwaukee, New Orleans, New York, Philadelphia, Pittsburgh, Saint Louis, San Francisco, and Washington, shall at all times have on hand, in lawful money of the United States, an amount equal to at least twenty-five per centum of the aggregate amount of its notes in circulation and its deposits; and every other association shall at all times have on hand, in lawful money of the United States, an amount equal to at least fifteen per centum of the aggregate amount of its notes in circulation, and of its deposits. Whenever the lawful money of any association in any of the cities named shall be below the amount of twenty-five per centum of its circulation and |