national bank notes shall reach an amount equal to 5 per centum of
the national bank notes outstanding during the preceding six months
after paying all the expenses growing out of the administration of the
four organizations established by this Act--the commercial zone, the
bankers' council, the boards of control, the American Reserve Bank--and
the 1 per centum per annum upon all the 2 per centum bonds or consols
is being currently paid, the excess from whatever source remaining
over, allowing for such a reserve as is deemed necessary, shall, on
each succeeding tenth days of January and July in each year, be paid
into the division of the Reserve Fund of the United States Treasury in
gold coin; and as soon as the Secretary of the Treasury shall receive
and cancel an amount of United States notes equal to the gold so paid
in, he shall issue gold certificates therefor.