Chapter XXXIII: Section 30: That the President of the United States, with the approval

of the United States Senate, shall appoint three directors of the American Reserve Bank, who, for their first term, shall serve five, six, and seven years, respectively, and thereafter seven years, and each such director shall receive a salary of ten thousand dollars, payable in monthly installments.

COMMENT:--While it is true that the matter of management should be kept out of politics, it may be granted that it might be wise to have a small number of directors, appointed by the President of the United States, who would have only their respective votes in the deliberations of the board--but no official place. They might serve some good purpose at times; while they certainly could do no harm. The policy of the institution should not and would not be involved in these appointments.