DISCUSSION.

The article presents discussion on the monetary aspects and interrelation between monetary developments and saving and investment. Institutions with varying functions for handling the public's funds have played an increasingly important role in influencing the rate and direction of money flows in the economy. Their impact on the volume and use of credit has become more closely similar to that of banks. Their potential influence upon the maintenance of economic growth and stability is very great. This has resulted in an increasing emphasis on the study of these institutions as an integral part of the study of monetary developments. The article focuses on the impact of controls on debt, and through them on the economy. Present general monetary measures-discounts, open market operations, and changes in reserve requirements-apply to commercial banks. They do their work through their effect on the reserves of commercial banks The impact spreads from banks throughout the economy, depending on the operation of the commercial banks under our so-called "private enterprise system."