The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-12-30

ed States, by and with the consent of
the senate.
Sec. 5. Salary of commissioner
Said commissioner shall receive a sal
ary of $4,000 a year and hold Office
for term Of eight years, and shall
I! be eligible to reappointment During
his term of office he shall not be in
terested, directly or indirectly, in any
banking corporation. He may be re-
moved from Office during such term
for cause, but only after a public
hearing on charges duly made, Of
which he shall have reasonable notice,
and then only upon q finding in writ
irg by the president of the United
States.
Sec. 4. Other employees.-There
shall be in said Loan bureau an ass;s-
tant commissioner, a ch.of examiner,
chief clerk, and such ether clerks,
agents, and employees as congress
may provide from time to time. Tie
said commissioner shall appoint said
assistant commissioner, chief eXamia-
er, and chief clerk. All other en-
ployees of the bureau or its branches
shall be subjec+ to the provisions of
the civil servi, ,ws.
Sec. 5. In the absence of the COM
missioner, the assistant commissioner
shall perform the duties cf the said
commissioner.
Sec. 6. Board of supevision.-
Said commissioner, together with the
secretary of the treasury, the comp
troller of the currency, the secretary
of agriculture, and the secretary Of
labor, shall constitute the board of
supervision of the Loan bureau. The
said commissioner shall be eX officio
chairman of the board of supervision.
Within thirty days after the approval
of this act by the president of the
United States the members of said
board shall meet in the city of Wash
ington, District of Columbia, and pre-
pare and promulgate proper rules and
regulations for the government Of
said Loan. bureau and for the making
of the loans as herein provided for.
Sec. 7. Legal tender: now used
The secretary of the United States
trasury shall issue on the terms and
for the purposes herein mentioned
full legal tender notes from time to
time to meet the business require
ments of the country.
When the imitation Of prices caused
by the loaning Of "bank credits as
a substitute for money has ceased or
normal conditions are reached, in the
Judgment of the board of supervision,
the volume of money as issued by the
secretary of the treasury shall be
regulated oy the average price level
of the necessities of life in the Unit
ed States.
All notes as herein provided for
shall be a legal tender and payable
for all debts, public and private, and
shall be first lien upon all the assets
and services of the people Of the
United States for their redemption.
And all government currency now is
sued shall be, and hereby is, made
full legal tender.
Sec. 8. Return loans; how held
Upon payment to the government Of
any loan the amount of money so
received shall be held in the Bureau
of Loans in the United States treas
ury, and shall be either canceled CT
used in making new loans to meet the
business requirements of the country
as herein provided for. Preference
shall first be given those sections of
the United States where the rates of
interest are the highest.
Sec. 8. No banking or other cor
poration or association of men or in
dividuals shall be allowed to issue any
kind of money or currency, or lean
any credit substitute for money.
Sec. 10. Earnings; how used
The earnings of the Government Loan
bureau from all sources, after paying
the conservative and legitimate ex-
penses of the Loan bureau and its
i branches, shall be applied to the pay
ment of the general expenses of the
government, thus reducing the taxa
ton upon the people of the United
States.
Sec. Ii. Corporation loans restrict
ed.-The Loan bureau and its
branches shall be restricted IN loans
to corporations on collateral as fol-
lows: Approved state, county, and
bopdc aonrovo6 firc+ M 0rt-