Show 0 WHAT'S MONEY QUERIES BANKER ANKER I State Stale Commissioner Gives Answer er Not Certificate of Indebtedness What mono money really Is became a a. difficult difficult dif dif- question which must bo be an answered an- an by N. N T. T Porter state bank commissioner when a Salt Lake hanker banker r yesterday filed a request with him for tor a. a definition and amid explanation of oC the term Although h Commissioner Porter believed that cv everyone rone knew tho meanIng mean- mean Ing tag its definition when accompanied with all nIl of or tho the nice legal phrases proved pro quite a n tas task The Information requested ted of or the commissioner r was as asto asto to lo whether United States certificates of oC indebtedness can b be included In a n. state commercial banks bank's lawful re reserve reserve reserve re- re serve as required under tho the laws of ot the state In Id defining this requirement time the wording of tho the statute was cited b by Commissioner loner Porter Commercial banks shall shaH at all times have hae on hand ham In la lawful mone money of or the time United States an all amount equal to 15 per cent of ot tho the aggregate ate amount of their deposits and demand liabilities The amount thus to be kout l on hand han shall bo be called its lawful m money noy reserve Commissioner Porter then said To date elate we have o no information as 38 to any Judicial det determination qt the question as 08 to whether or not certificates of in In- In Indebtedness referred to would be he construed con con- str cd or classed as lawful money of ot the United States In tho the absence of or such ruling the department Is bound b by precedents generally to the tho effect that the term lawful money of oC the United States States' is to bo be strictly construed and Is lt not to be extended ded so as to include obligations of ot the government In the form of ot or in the nature of ot that set act out In the United States certificates of oC Indebted indebted- ness You are arc therefore advised that the certificates referred reci to cannot b be counted or Included In tho the lawful re reserve reserve re- re serve of commercial banks as required by the state law v |