Chapter XXXVIII: Section 37: That the board of directors of the American Reserve

Bank shall define from time to time the nature and character of the promissory notes, checks, drafts, and bills of exchange that may be purchased by the respective zones and the length of time they may have to run: _Provided, however_, That every piece of paper purchased by any commercial zone shall bear the unqualified indorsement of some national bank in its zone.

COMMENT:--It would be unwise to fix now arbitrarily by statute just what kind of paper the banks of every zone should buy. This ought to be left to the board of the American Reserve Bank. They will meet it wisely as it arises.