been withdrawn or deemed to be withdrawn within the meaning of this Act, shall be deducted from the greatest amount of the notes of the bank in circulation at any time during the month.
That means that the banks shall contribute five per cent of the balance. As regards the note circulation secured by gold, that is absolutely secured. That leaves it precisely as it is at present so far as the constitution of the banks is concerned towards a guarantee of the note circulation of the banks. In so far as the note circulation of the banks is safeguarded dollar for dollar by gold deposited under the provisions of the new Act, it is not necessary to contribute for that.