average cash reserve, as prescribed by this Act, it shall pay at the
end of the year as a penalty therefor, 10 per centum upon all loans in
excess of such required cash reserve; and such penalty so paid shall
be paid without any reference to any rediscounts made with the board of
control for gold: _Provided, however_, That the board of directors of
the American Reserve Bank may at any time suspend the whole or any part
of said 10 per centum penalty that may result from a demand for gold
during a panic, crop-moving period, or any unusual or extraordinary
condition.