National Affairs: Pro & Con

Still floating among the grapefruit rinds and noxious smells of the Reconstruction Finance Corporation's past was the question of its future.

Last week outspoken Marriner S. Eccles, member of the Federal Reserve Board, joined those who thought RFC ought to go. "There is no real place in a private-enterprise economy for direct governmental lending to the private economy," Eccles told a Senate committee, "any more than there is a place for direct Government ownership of the means of production." Eccles had once supported Government loans to fill "gaps" in the private credit structure,...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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