rovements may be made in our banking laws. Competent
students of the subject have urged that the payment of interest
on deposits not subject to notice before withdrawal should be made
unlawful, because demand deposits constitute the greatest danger at
critical times. 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. Finally, much better
commercial statistics are needed, and for collecting them and
reporting the outlook, government organization is required comparable
in range and methods to the weather bureau.

It cannot be expected, however, that financial crises, in the sense of
general readjustments of prices downward from time to time, ever
can be completely abolished. There will always be changes in general
industrial conditions calling for reevaluation of the existing sources
of income; and in this process there will always be a tendency to
rhythmic swing like that of a river, which carries the stream
of prices now on this side of the valley, now on that. But this
fluctuation of general prices surely can be so greatly moderated in
magnitude and in evil results as to make the word "crisis" almost a
misnomer. It is toward the attainment of this irreducible minimum of
uncertainty and disaster in business that efforts should be directed.

[Footnote 1: On the way these affect private profits see Vol. I, pp.
340, 341 (and references there given in note), 348 ff. and 361 ff.
There are thus good reasons for discussing crises in connection with
profits, as well as with money and banking.]

[Footnote 2: See Vol. I, pp. 51, 154, 300-302.]

[Footnote 3: See below, ch. 15, sec. 5, on the tariff legislation at
this time.]

[Footnote 4: See ch. 8, sec. 1.]

[Footnote 5: See ch. 6, sec 5.]

[Footnote