256 The Stock Market Crash—And After 
should be had, at any rate, before any resort to 
hasty and ill-considered legislation. 
The inquiry might be extended to include the 
investigation into the banking system recommended 
by President Hoover, relating to the development 
of “group” and “chain” banking systems. The 
President suggests that expansion of such systems 
without restraint might dangerously concentrate con 
trol of credits and prevent their proper direction 
within those areas which furnish banking deposits. 
But if legislation and voluntary remedial action 
are held in abeyance pending inquiry on these weighty 
matters, it is incumbent upon the investigators to do 
their work promptly. The nation endured many 
panics and listened to many elaborate reports on 
banking reform before comprehensive action was 
taken to provide the conduct of its business with an 
elastic money system. This system won unanimous 
support only after the Act had been applied. Will 
the serious lessons of the panic of 1929 be ignored 
and their application postponed until the nation runs 
into another similar catastrophe?