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effect by the deposit of lawful money or national bank notes with the Treasurer of the United States, and upon such deposit a proportionate share of the securities so deposited may be withdrawn. Provided, that the deposits under this section to retire notes secured by the deposit of securities other than bonds of the United States shall not be covered into the Treasury, as quired by Section 6 of an Act entitled

re

are based upon the deposit of such bonds. National banking associations having circulating notes secured otherwise than by bonds of the United States shall pay for the first month a tax at the rate of 5 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 of 1 per centum per annum for each month until a tax of 10 per centum per‘An Act directing the purchase of silver bullion and the issue of Treasury annum is reached, and thereafter such tax of 10 per centum per annum, upon notes thereon, and for other purposes,' the average amount of such notes. approved July 14, 1890, but shall be Every national banking association hav- retained in the Treasury for the puring outstanding circulating notes secured pose of redeeming the notes of the by a deposit of other securities than bank making such deposit." United States bonds shall make monthly returns, under oath of its president or cashier, to the Treasurer of the United States, in such form as the Treasurer may prescribe, of the average monthly amount of its notes so secured in circulation; and it shall be the duty of the Comptroller of the Currency to cause such reports of notes in circulation to be verified by examination of the banks' records. The taxes received on circulating notes secured otherwise than by bonds of the United States shall be paid into the Division of Redemption of the Treasury and credited and added to the reserve fund held for the redemption of United States and other notes."

Sec. 11. That Section 5172 of the Revised Statutes be, and the same is hereby, amended to read as follows:

"Sec. 5172. In order to furnish suitable notes for circulation, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates and dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom, and numbered, such quantity of circulating notes, in blank, of the denominations of five dollars, ten dollars, twenty dollars, fifty dollars, one hun-. dred dollars, five hundred dollars, one thousand dollars, and ten thousand dollars, as may be required to supply the receive the Sec. 10. That Section 9 of the Act associations entitled to Such notes shall state upon their approved July 12, 1882, as amended by same. the Act approved March 4, 1907, be fur-face that they are secured by United States bonds or other securities, certher amended to read as follows: "Sec. 9. That any national banking tified by the written or engraved sigassociation desiring to withdraw its cir-natures of the Treasurer and Register culating notes, secured by deposit of and by the imprint of the seal of the United States bonds in the manner pro-Treasury. They shall also express upon vided in Section 4 of the Act approved their face the promise of the associasame to pay on June 20, 1874, is hereby authorized for tion receiving the demand, attested by the signature of that purpose to deposit lawful money or vice-president with the Treasurer of the United States the president and, with the consent of the Comp-cashier. The Comptroller of the Curtroller of the Currency and the ap- rency, acting under the direction of the proval of the Secretary of the Treas-Secretary of the Treasury, shall as soon ury, to withdraw a proportionate amount of bonds held as security for its circulating notes in the order of such deposits. Provided, that not more than nine millions of dollars of lawful money shall be so deposited during any calendar month for this purpose.

and

as practicable cause to be prepared circulating notes in blank, registered and countersigned, as provided by law, to an amount equal to fifty per centum of the capital stock of each national banking association; such notes to be deposited in the Treasury or in the subtreasury of the "Any national banking association United States nearest the place of busidesiring to withdraw any of its circu- ness of such association, and to be held lating notes, secured by the deposit of for such association, subject to the order securities other than bonds of the of the Comptroller of the Currency, for ProUnited States, may make such with their delivery as provided by law. drawal at any time in like manner and Ivided, that the Comptroller of the Cur

rency may issue national bank notes of the present form until plates can be prepared and circulating notes issued as above provided. Provided, however, that in no event shall bank notes of the present form be issued to any bank as additional circulation provided for by this act."

of, 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.

Sec. 18. That it shall be the duty of this Commission to inquire into and report to Congress at the earliest date

Sec. 12. That circulating notes of na-practicable, what changes are necessary tional banking associations, when presented to the Treasury for redemption, as provided in Section 3 of the act approved June 20, 1874, shall be redeemed in lawful money of the United States.

Sec. 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 control over the organization and management of national currency associations as may be necessary to carry out the purposes of this act.

Sec. 14. That the provisions of Section 5190 of the Revised Statutes, with reference to the reserves of national banking associations, shall not apply to deposits of public moneys by the United States in designated depositaries.

Sec. 15. That all national banking associations designated regular depositaries of public money shall pay upon all special and additional deposits made by the Secretary of the Treasury in such depositaries, and all such associations designated as temporary depositaries of public money shall pay upon all sums of public. money deposited in such associations interest at such rates as the Secretary of the Treasury may prescribe, not less, however, than 1 per centum per annum upon the average monthly amount of such deposits. Provided, however, that nothing contained in this act shall be construed to change or modify the obligation of any association or any of its officers for the safe-keeping of public money. Provided further, that the rate of interest charged upon such deposits shall be equal and uniform throughout the United States.

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.

Sec. 17. That 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 there-i

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 dur-
ing the sessions or recess of Congress, at
such times and places as they may deem
desirable, to send for persons and papers;
summons and
to administer oaths, to
compel the attendance of witnesses, and
to employ a disbursing officer and such
secretaries, experts, stenographers, mes-
sengers, 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 com mitted to their charge as they shall deem necesary.

Sec. 19. That a sum sufficient to carry of this act, and to pay the necessary out the purposes of Sections 17 and 18 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.

Sec. 20. That this act shall expire by limitation on the thirtieth day of June,

1914.

Approved, May 30, 1908.

SENATE BILL NO. 6192.

An Act to amend Section 27 of an Act approved December 23, 1913, and known as the Federal Reserve Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled: That Section 27 of the Act approved December 23, 1913, known as the Federal Reserve Act is hereby amended and re-enacted to read as follows:

"Sec. 27. The provisions of the Act

were

THIRD DAY.

Senate Chamber,

Austin, Texas,

Wednesday, August 26, 1914.

of May 13, 1908, authorizing national to as herein amended. Provided furcurrency associations, the issue of ad-ther, that the Secretary of the Treasditional national bank circulation, and ury, in his discretion, is further authorcreating a National Monetary Commis-ized to extend the benefits of this act sion, which expires by limitation under companies which have joined the Fedto all qualified State banks and trust the terms of such act on the 30th day eral reserve system, or which may conof June, 1914, are hereby extended to tract to join within fifteen days after June 30, 1915, and Sections 5153, 5172, the passage of this act." 5191, and 5214 of the Revised Statutes of the United States, which Approved August 4, 1914. amended by the Act of May 13, 1908, are hereby re-enacted to read as such sections read prior to May 13, 1908, subject to such amendments or modifications as are prescribed in this act. Provided, however, that Section 9 of the act first referred to in 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 otherwise than by bonds of the United States, shall pay for the first three months a tax at the rate of 3 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 6 per centum per annum is reached, and thereafter such tax of 6 per centum per annum upon the average amount of further,

The Senate met pursuant to adjournment, and was called to order by President Pro Tem. Warren.

Roll call, a quorum being present, the following Senators answering to their

names:

Astin.

Bailey of DeWitt.
Bailey of Harris.
Brelsford.
Carter.
Clark.
Collins.
Conner.
Cowell.

that

Darwin.

Gibson.

such notes. Provided
whenever in his judgment he may deem
it desirable, the Secretary of the Treas-
ury shall have power to suspend the
limitations imposed by Section 1 and
Section 3 of the act referred to in this
section, which prescribes that such ad-
ditional circulation secured otherwise
than by bonds of the United States
shall be issued only to national banks
having circulating notes outstanding se-
cured by the deposit of bonds of the
United States to an amount not less
than 40 per centum of the capital stock
of such banks, and to suspend also the
conditions and limitations of Section 5
of said act except that no bank shall
be permitted to issue circulating notes
in excess of 125 per centum of its un-
impaired capital and surplus. He shall
require such bank and currency associa-
tion to maintain a deposit in the Treas-
ury of the United States a sum in gold
sufficient in his judgment for the re-
demption of such notes, but in no event
less than 5 per centum. He may per-
mit national banks, during the period
for which such provisions are suspended,
to issue additional circulation under the
terms and conditions of the act referred

Greer.
Hall.
Harley.

McGregor.

Hudspeth.

Johnson.
Lattimore.
McNealus.

Nugent.
Real.
Taylor.
Terrell.
Townsend.

Warren.
Watson.
Westbrook.
Wiley.
Willacy.

Absent.

Morrow.

Absent-Excused.

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of Agriculture, and Hon. Peter Radford, ex-president of the Farmers' Union of Texas, be and they are hereby invited to address the Legislature of Texas, assembled in joint session in the Senate Chamber, at such time in the near future as they may select and as may suit their convenience, upon the method of harvesting, storing, and marketing cotton to the end that the true intent of such legislation may be ascertained as will preserve the rights and interest of the farmers of this State.

The resolution was read and Senator Bailey of DeWitt moved that same be adopted.

Senator Townsend offered the following amendment:

Amend the resolution by adding the names: O. P. Pyle and "Cyclone" Davis, after the name "Peter Radford." Senator Westbrook offered the following substitute for the amendment:

Senator Bailey of DeWitt made the point of order that the substitute was not germane as a substitute, in that the original resolution provided for inviting four certain gentlemen to address the Legislature, whereas the substitute provided for the invitation of any per

son.

The point of order was overruled.

Senator Watson moved to table the substitute, and the pending amendments to the original resolution.

Senator Townsend requested unanimous consent to withdraw his amendment to the resolution, but there was objection.

Pending discussion, Senator Gibson asked unanimous consent to offer a simple resolution, but there was objection.

EXCUSED.

By unanimous consent, Senator Wil

Substitute the amendment to the resolution by eliminating the names lacy moved that Senator Morrow be ex"Radford and Lewis." cused from attendance upon the Senate for an indefinite time, which motion was adopted.

(Senator Lattimore in the chair.) Senator Cowell offered the following substitute for the resolution and pending amendments: Whereas,

The Legislature of Texas SENATE has been called in extraordinary session to consider warehouse legislation; and Whereas, It may be of benefit to us as members of the Legislature to hear all who have studied such questions and can offer us any suggestions; therefore,

be it

Resolved by the Senate of Texas, the House concurring, That we tender to any citizen of this or any other State the use of the Senate Chamber of this Senate at any hour when the Senate is not in session, in order that he or they may offer such suggestions or addresses as may be of assistance to us in attempting to enact wise legislation upon this subject.

Signed Cowell, Lattimore, Nugent. Senator Clark moved to table the substitute, but withdrew the motion.

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Action recurred on the pending business, and

DeWitt

Senator Bailey of asked unanimous consent to strike from the resolution the words "in joint session." There was objection.

Pending discussion, action recurred on the motion to table the substitute and amendments to the original resolution, and the same was lost by the following vote:

Astin.

Yeas-9.

Harley.
Bailey of DeWitt. McGregor.
Bailey of Harris.
Carter.
Hall.

Terrell.
Watson.

Nays-18.

Brelsford.

Clark.

Collins.

Conner.

Senator Bailey of DeWitt made the point of order that the substitute was not germane to the resolution. The Chair (Senator Lattimore) overruled the point of order. (President Pro Tem. Warren in the Cowell.

Darwin.

chair.)
Pending discussion of the substitute Gibson.
by Senator Watson, Senator Lattimore Greer.
made the point of order that the argu-
Johnson.
ment was not germane to the matter
before the Senate, but pending discussion
the point of order was withdrawn. Willacy.

Lattimore.
McNealus.
Nugent.

Real.

Taylor.
Townsend.

Warren.

Westbrook.
Wiley.

Present-Not Voting.

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Senator Bailey of DeWitt, author of the resolution, asked recognition, but on Willacy. a point of order by Senator Lattimore was ruled out of order on the ground that the previous question had been or dered.

Senator Watson asked unanimous consent that Senator Bailey of DeWitt be heard, but there was objection.

Senator Watson moved that the rule be suspended, but the motion was ruled out of order on a point of order.

Action then recurred on the motion to table the resolution, amendments and the substitute, and the same was lost by the following vote:

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Present-Not Voting.

Hudspeth.

Absent-Excused.

Morrow.

The resolution, as substituted, was then adopted.

SIMPLE RESOLUTION.

By Senator Gibson:

Resolved, That each Senator be permitted to subscribe for as many as five newspapers, same to be paid for out of the funds set aside for contingent expenses.

Signed-Real, Astin, Bailey of Harris, Darwin, Greer, Townsend, Carter, Gibson, Willacy, Watson, Cowell, Lattimore, Nugent, Hall, Brelsford, Harley. The resolution was read and adopted.

SIMPLE RESOLUTION.
By Senator Wiley:

Whereas, The bills now being considered by the Senate are of such vital importance to the financial interests of the State; and

Whereas, Said bills are now being considered by the Committee on Commerce and Manufactures, I move that the membership of the Committee on Judiciary Nos. 1 and 2 be added to the Committee on Commerce and Manufactures for consideration of the ware house and marketing bills only.

Senator Brelsford offered the following amendment, which was read and adopted:

Amend by including entire membership of Senate as members of said com

The substitute was adopted by the fol- mittee. lowing vote:

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The resolution, as amended, was adopted.

SENATE BILL NO. 1 PRINTED IN
FULL.

Senator Wiley asked unanimous consent to have Senate bill No. 1 printed

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