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.

During this period (1820-1910) the character of immigration has changed.
Prior to 1880 the greater part of it came from northern Europe, but
since that time the number has constantly fallen off, and the flow from
southern Europe has greatly increased. During the decade 1871-1880
Austria-Hungary, Italy, and Russia sent only 181,000 of 2,262,000 aliens
who landed in the United States--about eight per cent. During the decade
1901-1910, 8,130,000 immigrants came to our shores, and of these
5,800,000, or over 70 per cent, were from these three countries. In 1901
Austria-Hungary sent, 113,400; in 1907 about 338,500, but owing to the
passage of the immigration law in 1907 the number fell abruptly, but by
1910 had again increased to 260,000. The same is true of Italy. In 1901
about 136,000 came; in 1907 nearly 286,000, and in 1910 about 215,500.
Russia sent 85,000 in 1901, some 260,000 in 1907, and 187,000 in 1910.
The numbers from northern Europe do not approach these. The immigration
from the British Isles does not reach the 100,000 mark; from Germany
only 30,000 come yearly.

Causes for this influx are varied. Many come desirous of owning homes, a
pleasure out of reach in their home country on account of high prices.
Free institutions attract others. A land which offers free schools to
all regardless of race or creed, religious freedom, and the opportunity
to play some part in the political life of the