unimpaired capital and surplus of the banks of the United States.
(5) The tax on circulating notes secured by United States bonds bearing
two per cent or less shall be one-half of one per cent; if secured by
United States bonds bearing more than two per cent, the tax shall be one
per cent. If the securities are other than United States bonds, the tax
shall be at a rate of five per cent per annum for the first month and
afterward an additional tax of one per cent per annum for each month
until a tax of ten per cent per annum is reached.
(6) The redemption of the notes may take place by the banks depositing
with the Treasurer of the United States lawful money to replace the