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.