Business: Loans to Industry

Last week the House of Representatives passed S. 3487, the Senate bill to make direct Government loans to industry. Agitation for such a measure began under the Hoover Administration during the depths of Depression. At that time it seemed radical enough to be killed off with the warning that a political party with a stranglehold on credit to private enterprise could perpetuate itself in power. But small and tame beside other New Deal measures last week looked S. 3487 as amended by the House, with its authorization for the twelve Federal Reserve Banks...

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