Second: Every National Bank should be authorized to do
(1) A commercial banking business.
(2) A Savings bank business.
(3) A Trust company business.
(4) A note issue business, precisely as the Canadian banks do.
Third: All the various accounts—commercial, savings, trust and note issues—should be segregated.
Fourth: Every bank in the United States should be compelled to carry the same amount of bank reserves.
Fifth: All bank reserves should consist of gold or gold certificates, as soon as the United States notes can be converted into gold certificates.
Sixth: Every bank in the United States should be brought under national control, because banking is essentially Interstate Commerce.
Seventh: Every natural financial centre in the United States should become the clearing centre for all the checks, drafts and bank notes that are payable in the territory that is economically and naturally tributary to that Financial centre; such territory should constitute a commercial zone.
Eighth: There should be organized at each of these financial centres a Clearing House at which all the checks, drafts and bank notes payable within the commercial zone shall be at par.
Ninth: The banks of each commercial zone should elect a board of control to examine, supervise and control all the banks within such commercial zone, precisely as the Clearing Home bank examiners are examining and supervising all banks clearing through them today.