Chapter 225. To amend section twenty-seven of an Act approved December twenty-third, nineteen hundred and thirteen, and known as the Federal Reserve Act
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CHAP. 225.— An Act To amend section twenty-seven of an Act approved December twenty-third, nineteen hundred and thirteen, and known as the Federal Reserve Act.August 4, 1914.[[S. 6192](/us/bill/63/s/6192).][[Public, No. 163](/us/pl/63/163).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Federal Reserve Act. That section twenty-seven of the Act approved December twenty-third, nineteen hundred and thirteen, known as the Federal Reserve Act is hereby amended and reenacted to read as follows:
" “Sec. 27. National currency associations.*Ante*, p. 274, amended.Provisions for, extended to June 30, 1915.Vol. 35, p. 546. 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 [R.
S., secs. 5153, 5172, 5191, 5214, pp. 996, 1000, 1004, 1008, amended](/us/rs/s5153/5172/5191/5214/pp996/1000/1004/1008).Former provisions reenacted.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 683hundred 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: *Provided, however*, That section nine of the Act first referred to in *Proviso*.Tax on circulation.Vol. 35, p. 550, amended.this section is hereby amended so as to change the tax rates fixed in said Act by making the portion applicable thereto read as follows:
“National banking associations having circulating notes secured Tax on notes secured other than by United States bonds, reduced.[R. S., sec. 5214, p. 1008, amended](/us/rs/s5214/p1008).otherwise than by bonds of the United States, shall pay for the first three months a tax at the rate of three per centum per annum upon the average amount of such of their notes in circulation as are based upon the deposit of such securities, and afterwards an additional tax rate of one-half of one per centum per annum for each month until a tax of six per centum per annum is reached, and thereafter such tax of six per centum per annum upon the average amount of such notes: *Provided further*, That whenever in his judgment he *Provisos*.Suspension of limitations of issue.Vol. 35, p. 548.may deem it desirable, the Secretary of the Treasury shall have power to suspend the limitations imposed by section one and section three of the Act referred to in this section, which prescribe that such additional circulation secured otherwise than by bonds of the United States shall be issued only to National banks having circulating notes outstanding secured by the deposit of bonds of the United States to an amount not less than forty per centum of the capital stock of such banks, and to suspend also the conditions and limitations Vol. 35, p. 549.of section five of said Act except that no bank shall be permitted to issue circulating notes in excess of one hundred and twenty-five per centum of its unimpaired capital and surplus.
He shall Gold reserve to be maintained.require each bank and currency association to maintain on deposit in the Treasury of the United States a sum in gold sufficient in his judgment for the redemption of such notes, but in no event less than five per centum. He may permit National banks, during the period Additional issue of national-bank notes.for which such provisions are suspended, to issue additional circulation under the terms and conditions of the Act referred to as herein amended: *Provided further*, That the Secretary of the Treasury, in Extension to State banks and trust companies.his discretion, is further authorized to extend the benefits of this Act to all qualified State banks and trust companies, which have joined the Federal reserve system, or which may contract to join within fifteen days after the passage of this Act.”" Approved, August 4, 1914.