Chapter LII: Section 59: That the tax so paid by the banks upon the national bank

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.