notes, as provided in Section 58 of this Act, shall be appropriated for
the following uses and purposes:
_First_: To pay all the expenses of whatsoever kind growing out of the
administration of the four organizations established by this Act.
_Second_: To pay 1 per centum per annum upon all the United States 2
per centum bonds or consuls until their maturity in nineteen hundred
and thirty.
_Third_: To establish and maintain in the American Reserve Bank a bank
note redemption fund equal to 5 per centum of the average amount of the
notes outstanding each six months preceding the first days of January
and July of each year for the purpose of redeeming the notes of failed
banks.
_Fourth_: The balance remaining, if any, shall, on the tenth day of
January in each year, be paid into the division of the reserve fund of
the United States Treasury in gold coin for the purpose of converting
the United States notes into gold certificates.
SECTION 60. That to any national bank which has complied with section
thirty-nine of this Act the United States Government shall return the
5 per centum fund deposited with it for the purpose of redeeming its
bond-secured bank notes.