Since 1873 the United States adopted the gold standard, although for a considerable time after that heavy silver purchases were being made and paid for in treasury notes. At the close of 1910 there were $1,701,198,787 of gold coins including bullion in treasury, 564,783,508 silver standard dollars, 3,494,000 treasury dollar notes, 156,546,852 subsidiary silver dollars, 346,681,016 dollars of green backs of 1862/63, and 726,855,833 dollars of national bank-notes. Before the passing of the new Federal Reserve Act, there were 7,522 national banks issuing bank-notes and these note issues were covered by the United States interest bearing bonds deposited with the treasurer. The legislation of the last Congress, passed on December 23, 1913, has changed the whole system and provided for the Federal Reserve Notes to be issued by the Federal Reserve Banks, which are being established under the new law. Section 16 of Federal Reserve Act states that "the said notes shall be the obligations of the United States and shall be receivable by all national and member banks and Federal Reserve Banks and for all taxes, customs and other public dues. They shall be redeemed in geld on demand at the Treasury Department of the United States or in gold or lawful money at any Federal Reserve Bank. Any Federal Reserve Bank may make application to the local Federal Reserve Agent for such amount of the Federal Reserve Notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal Reserve Agent of collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application. Every Federal Reserve Bank shall maintain reserves in gold or lawful money of not less than thirty-five per centum against its deposits and reserves in gold of not less than forty per centum against its Federal Reserve notes in actual circulation, and not offset by gold or lawful money deposited with the Federal Reserve agent. The Federal Reserve Board shall require each Federal Reserve Bank to maintain on deposit in the Treasury of the United States a sum in gold sufficient in the judgment of the Secretary of the Treasury for the redemption of the Federal Reserve notes issued by such bank, but in no event less than five per centum; but such deposit of gold shall be counted and included as part of the forty per centum reserve hereinbefore required." Thus the United States is bringing down the number of banks that issue paper money to eight or twelve; and in view of the several unfortunate experiences culminating in the crisis of 1907, the Government has wisely provided for a sufficient margin of metallic reserve for the notes.