Chapter XCVII: Section 137: That the mortgages held by any local association, or

by any State association, or by the National Land Credit Bank, such mortgages having been taken in accordance with the provisions of this Act, and all the obligations, bonds, or debentures issued by the National Land Credit Bank under the authority granted by this Act, shall be exempt from all taxes or duties of the United States Government, as well as from taxation in any form by or under any State, municipality or local authority.