[Illustration: Hundreds of people in the street.] The panic of 1907, Run on the State Bank, Grand Street, New York. (4) The total amount of circulating notes outstanding for any bank shall not at any time exceed the amount of its unimpaired capital and surplus, neither shall the amount of such notes in the United States exceed $500,000,000 at any time. The amount issued in each State shall bear the same relation to the total amount issued in the United States as the unimpaired capital and surplus of the banks of that State bear to the 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 securities deposited. (7) The formation of a national monetary commission to inquire into and report to Congress necessary or desirable changes in the banking and currency laws was provided for. CHAPTER XI IMMIGRATION AND EMIGRATION [1907] Since the organization of our government nearly 29,000,000 foreigners have come to the United States. The flow of immigration first assumed large proportions during the decade 1831-1840 and since that time one wave after another has reached our shores. The last one, and the one which has caused the greatest alarm, gathered force about 1897 and reached its full tide in the first decade of the twentieth century, when over 8,000,000 aliens landed at our ports.