In principle this objection is sound, tho experience may show that this evil has been practically remedied by other features of the Federal Reserve Act.

Moreover, bankers could, by pursuing a more conservative policy, discourage speculative methods of enterprise.

The strong public disapproval of stock-market speculation on margins may some day be able to express itself effectively in ways that will not injure healthy business.

Greater stability in our tariff policy would remove a constantly disturbing factor in prices, as would likewise the stabilizing of the standard of deferred payments.

In the attempt to remedy the great evil of unemployment, public works of every kind might be planned and distributed in time so as to better equalize the demand for labor and materials.