The banking resources of the United States are today more than ($25,000,000,000) twenty-five thousand million dollars and our foreign trade more than ($4,000,000,000) four thousand million dollars. The question we are dealing with, therefore, is not only the most stupendous of its kind, but it must be considered both from a domestic and foreign point of view. It is from both these points of view that we have approached the preparation of this measure. As I proceed to read the bill I shall make some comment by way of explanation in order that our purpose may be understood. A bill to establish a complete Financial and Banking system for the United States of America. SECTION 1. _Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled_, That a complete financial and banking system for the United States of America shall be, and is hereby, created, organized, and established as follows: _First_: The commercial zone. _Second_: The bankers' council. _Third_: The board of control. _Fourth_: The American Reserve Bank. SECTION 2. That upon the passage of this Act the President of the United States shall appoint three persons, who, with the Secretary of the Treasury and the Comptroller of the Currency, shall proceed immediately to designate such cities in the United States, not less than twenty-eight in number and not to exceed forty-two in number, for the location of the financial centres of the commercial zones, numbering them consecutively as shall best accommodate and serve the business and banking interests of the United States. SECTION 3. That within ninety days after the designation of the cities for the location of the financial centres of the commercial zones every national bank, with the approval of the five persons designated in section two of this Act, shall select one of the centres so designated as the place for its clearing house, and thereupon the Comptroller of the Currency shall notify all the national banks to meet at their respective financial centres on a given day and at a designated place for the purpose of organizing the several commercial zones, of which there shall not be less than twenty-eight nor more than forty-two in number. COMMENT:--Referring to sections two and three I would urge upon your attention these points: _Geographical Considerations_ Great Britain has only 120,000 square miles of territory. France has 204,000 and Germany 208,000 square miles. All Europe, outside of Russia, is only about half the size of the United States. It has 1,600,000 square miles, while we have 3,026,000 square miles. Including Russia, all Europe has only 3,600,000 square miles. Extended as our territory is, our products are far more varied and more universally important to the human race than those of any other nation. They exceed in value $35,000,000,000 a year. _Local Interests_