Chapter XXIX: Section 25: That the members of the board of the American Reserve Bank

shall receive as compensation ten thousand dollars per annum each, payable in monthly installments.

COMMENT:--Each independent zone will send its own man to represent it in the board of the American Reserve Bank--so that every financial centre will have a spokesman to present its claims on the one hand and to give full and reliable information on the other; also to guide the whole board in its policy. The board shall give weekly advice to all the banks in the United States upon the condition of business at home and abroad. The American Reserve Bank, as we shall see, will hold all central reserves of the United States for the benefit and protection of each and all of the zones precisely as the zones must protect all the individual banks within their borders.

Since our gold reserves are now a part of the common reserves of the whole commercial world, the price for the use of gold must be under the control of the Board of Directors of the American Reserve Bank. In this capacity they are acting for every individual bank in the United States whose agent they are.