THE PRESIDENCY: Out of the Fog

Franklin Roosevelt at a press conference, Marriner Eccles in a speech at Boston, last week gave a bit more shape to the big new Spend-Lend program that began looming through the national economic fog three weeks ago (TIME, May 29). Essential nature of this contemplated program is known to be Federal-billions-into-capital-goods. To keep the program from further unbalancing the Budget, most projects in it are supposed to be self-liquidating. Governor Eccles lifted the veil to the extent of listing "toll roads, tunnels and bridges; rural rehabilitation and farm tenancy loans, especially...

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