Chapter LV: Section 64: That any national bank may and is hereby authorized to

accept any note, check, draft, or bill of exchange, with not more than four months to run, for any one of its regular customers: _Provided, however_, That the instrument of credit so accepted shall be for goods or merchandise sold and actually delivered or in transit to the buyer: _And provided also_, That the instrument of credit states this fact upon its face: _And provided further_, That the bank so accepting any such instrument of credit shall keep and maintain against such acceptance identically the same reserve as it is required to keep and maintain against a deposit subject to check, and it shall be subject to the same penalty as provided in section forty-six of this Act.

COMMENT:--Let us not fool ourselves by supposing that by creating liabilities we are actually creating new capital. By acceptances a class of paper will undoubtedly be created that will in turn create a market for itself. The object therefore of acceptances should be to facilitate the handling of commodities in transit.