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...
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