OCR Text |
Show CURRENCY . JUUN WASHINGTON, Sept. 1 Secretary MacVeagh, ruling on the term "commercial "com-mercial paper" in the interpretation of the emergency currency law, became be-came known in its full import hero today. The way Is now clear for the banks of the United States to put Into circulation $500,000,000 in emergency money at the first sign of a atrlogen-cy. atrlogen-cy. The law provides that commercial paper upon which emergency currency curren-cy may be issued shall Include only notes representing actual commercial transactions, which shall boar tho names of at least two responsible persons per-sons and have not moro than four months to run. A large proportion of the banks hold the notes of reputable Individuals Individ-uals and corporations that have been bought from note brokers. |