notes for issue and circulation in accordance with this Act shall
pay the American Reserve Bank on the tenth days of January and July
of each year 1 per centum upon the average amount of notes in actual
circulation during the preceding six months.
COMMENT:--The tax is placed at 2 per cent per annum because that is
the usual rate of interest now allowed on good balances all over the
United States, and the notes are only another form of deposits made by
the public who carry or use the notes.