or bank, and every State bank or trust company that shall, after
January first, nineteen hundred and fourteen, hold as a part of its
required reserves, as prescribed in section sixty-three, any national
bank note, check, draft, or other instrument of credit, shall pay a tax
thereon to the United States of 10 per centum per diem on the amount so
held; and every person, firm, or corporation using the word banker or
bank, and every State bank or trust company accepting deposits or trust
funds as described in section sixty-three shall, upon the first day
of January in each year, make a sworn statement to the United States
Government showing exactly the amount and the character of reserves
held during the preceding year against all of its deposits, and upon
failure to do so shall pay a fine of one thousand dollars per day until
such report is made.
COMMENT:--These Sections, 74 and 75, provide that every person or
corporation in the United States shall not only carry its proper share
of reserves, as we have all agreed they should, but the right kind of
reserves as well. Quantity and quality must both be made obligatory if
we are to have a banking system that amounts to anything.