Since last July a hot financial argument has been waged between U. S. bankers and RFC Chairman Jesse Jones. Mr. Jones demanded the bankers lend more freely to promote recovery. The bankers retorted that they would gladly lend but most would-be borrowers wanted medium or long-term capital advances, such as commercial bankers should not make. Last week President Roosevelt began to see the bankers' point. To his study he called Governor Black of the Federal Reserve, Secretary Morgenthau of the Treasury. With them he discussed the wisdom of setting up intermediate credit...
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