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THE MONEY MARKET 153 mediate inquiry. The two conclusions with which our present concern lies are: (i) the discount apparatus ­ 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 indubitable. ­ (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.