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.