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t, • V I t 13 not : . r • tthority of th ' • ct. - ' - '^hiie i ' ' • • .> director: con": . nation . . . l i e pui th« o' cieral . banks by the aember IMH tiieii naember bunks with the Reserve I iu : | i i . fvhile c control i s ;,rov p o l i c i e s %hi for ;;)ollcl MM - MMMHT - istrie; Ouners ©rs.1 • . • v . G fam- - • • >ek o, the aerabcr banks and the conhttnities thoy serve t o keep nn a c t i v e i n t e r e s t In the operations of the Reserve banka. J# Moreover, through t h i s c o n t a c t thr aenber bankn are more l i v e l y to develop an understanding of U M p o l i c i e s of the Federal Reserve Bo&rr. than would othenriee be th*1 ease* Washington aeeraw r$th*r remote to o*ny me«- bernbanks and the ::olicier j . i n i t i a t e d by thft Federal Res^rv*? Board in the p u b l i c intcr'ijtt o m r l i c t a t timer with tht- i n t e r e s t s of t ' « part Cellar banks. 7hrou;;h U M part »«Mch %hmj . l v / Ir. s e l e c t i n g th*% mnnare^mt the F«serve ^ys A > • the seaber kaftkl cat! f e e l t. . t they • rr -. Of a r t of the T.ust cooperate nith i t . Piarcha.-e by the Goven i aen t> if Feder 1 I m m b •ueh o'< o s i t i o n amon./ Govemnci",t ^Wtitti|Wtloa u ; P no ch'in»re in the oy»r MU UMI I ry t.cK vo\ilo iri -.rive *bout UM l i e v-.t- bu in ( ,•;., I t ^ i l i be r?»uc of the v l s e r to rovi-^' lOatlOl Of :ao'vt.^rv poli^ ' I >f It v.ilh k 'lcli'- body not -jnder the inii'u-nce of w\y =>riv-it*-. pPMp« Most of the important N f * i # l central b. i r rlvat^ Ly o«aed. I t eiioulo b© reaerabcrcc th^t the member hojB c, • io M K ck of the l&oeral Reserve ••Aks f can 'ever receive Mfi than '. percent on that ^tock. The r i g t of the banks1 MTlt»H 3, Khich strengthens ttie a b i l i t y of NMUU I «rhich, la MM o:' Liquidation, rever' " ' G
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