That this body of men and the
people may get the full import of
this measure, I here quote section
17 of the bill:
“Sec. 17. That an issue of United
States notes not to exceed $700,000,-
000, and in addition thereto a sum
equal to the difference between the
total amount of national-bank notes
outstanding at any given moment
and the amount of such notes out
standing at the passage of this Act,
is hereby authorized. The said notes
shall purport on their faces to be
the obligations of the United States
and shall be issued at the discretion
of the Federal Reserve Board, and
solely for the purpose of making ad
vances to Federal reserve banks, as
hereinafter set forth. They shall be
receivable for all taxes, customs, and
other public dues, and shall be a le
gal tender in the United States for
all debts. They shall be redeemed
in gold on demand at the Treasury
Department in the city of Washing
ton, District of Columbia, or at any
Federal reserve bank, and when de
posited with such bank for redemp
tion may be charged off by said bank
against Treasury balances on its
book's, or may be paid out of its
lawful money funds specifically set
apart for their redemption. The
United States notes herein provided
shall be divided in three classes, to
wit: A, B, and C. Class A shall
consist of $3 00,000,000, and on the
face of each note there shall be
printed or engraved in plain letters
the words “Commercial currency of
the United States of America.” Class
B shall consist of $200,000,000, and
on the face of each note there shall
be printed or engraved in plain let
ters the words, “Industrial currency
of the United States of America. 