shall be as follows:
_First_: Each board of control shall have supervision of all the
national banks located in its zone.
COMMENT:--The expense and annoyance of bank examinations as they are
carried on today would be reduced one-half and they would be worth ten
times as much as they are today with the exception of those made by
clearing house examiners.
_Second_: The boards of control shall have power to employ all the
examiners and such other assistants as may be necessary to properly and
efficiently supervise the banks under them, and such examiners, as far
as possible, shall be paid stated salaries.
_Third_: Each board of control shall have power to purchase commercial
paper or bills of exchange from the banks in its zone whenever they
desire to build up their reserves by obtaining additional gold or for
the purpose of crop moving or any special or extraordinary demand of
trade: _Provided, however_, That all the paper so purchased by them
shall bear the unqualified indorsement of some bank in their respective
zone.
COMMENT:--MR. MERCHANT: Now it seems to me as though that organization
is as simple, direct and complete as it can possibly be. It makes
every zone an absolutely independent banking democracy. No outside
influence is permitted to interfere with the zone. It is certainly
local self-government from top to bottom. The fact that anyone in the
zone may appeal to the Bankers' Council for redress and that every
district has two representatives upon that board, will insure fair
consideration at the hands of the Board of Control.