STATES & CITIES: Municipal Bankruptcy

Municipal Bankruptcy

To Washington fortnight ago trooped twoscore mayors of twoscore debt-ridden cities, all looking for Federal loans (TIME, June 5). Led by Boston's Curley, a delegation called on President Roosevelt, on Governor Black of the Federal Reserve, on Chairman Jones of R. F. C., on Vice President Garner, on Speaker Rainey. All they got was sympathy. The President was opposed to lending money to municipalities because 1) demand might quickly soar to ten billion dollars, 2) local governments would have to surrender their independence to Washington.

Last week President Roosevelt...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!