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.