To complete the logic of Senator Glass . . . it would seem necessary to have a separate banking system paralleling the commercial banking system, whose primary objective was to act as purveyor of liquidity to investment transactions and to the investment market, replacing the speculator pure and simple by the soberer and more calculable mechanism of loans. . . . Such a

banking system could, among other things, determine how far speculation is necessary, and if so, how far it should be financed, and to reduce the necessity of such speculation, since a holder of securities who wished to reduce them to cash but feared the effect on immediate sale might delay the time element by borrowing on his security.