OCR Text |
Show CURRENCY LAW CONSTRUED. Ruling .Allows Banks to Add Five Hun- ' dred Million Circulation. Washington. Secrotnry MacVeagh'a ruling on tho term "commerciul paper," pa-per," In tho interprotalon of tho . emergency currency law, bocamo known in its full Import horo Thursday. Thurs-day. Tho way now is clear for tho ; banks of tho United States to put Into circulation $t00,000,000 In emergency money nt tho llrst sign of a stringency. Tho law provides that commercial paper upon which omorgency currency may bo, Issued shall Include only notes representing actual commercial trans, actions, wnlch Bhall boar the names ot nt least two responsible persons and liavo not more than four months to run. |