﻿THE MONEY MARKET

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mediate inquiry. The two conclusions with which
our present concern lies are:	(i) the discount ap-

paratus of the Federal Reserve Banks has effectively
relieved the money market from strain during the
period of war borrowing. The price paid for some
measure of this relief may hereafter appear to have
been excessive, but that it has been afforded is in-
dubitable. (2) The equilibratory apparatus has
not been organically related to certificate borrowing.
Used in conjunction therewith the result has been an
extraordinary freedom from monetary disturbance.
But the stabilizing effect is imputable to the credit
mechanism and not to the borrowing device. The
same arrangements might have been used, with
slight change and presumably with like success, in
connection with ordinary funding operations.