I do not know enough about our own reserve bank law to form an opinion.
The member banks should look upon the reserve bank not as an alien but as their own institution.
Gold may be substituted for rediscounts and rediscounts for gold, in accordance with the requirements of the reserve bank.
At the reserve bank they may borrow as a standing right and not as a favor which may be cut off.
The dormant accounts most of the banks maintain with the reserve bank are, perhaps, indicative of their attitude toward it.
Here again the decision of the reserve bank boards is altogether unlikely to be overruled if these banks are skilfully managed.