"The main thing that seems to be needed is some stabilizing force in the call-money market, and, if I may be permitted the suggestion, it might be possible to find this force in some method of concerted action by lenders of money in which the bankers' clearing-house might play a part. I am not prepared with a plan and shall not presume to make suggestions as to details, but there does not seem to me to be any fundamental difficulty in adjusting the daily supplies of call money to the daily needs without unrestricted competition on both sides, and without wild fluctuations in money rates, which are a perennial source of amazement, and, I fear, contempt, to our foreign banking friends."