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Emperor Jones is the greatest lender of all time. Since inception RFC has loaned $9.146,735.055. Its balance sheet records repayments totaling $6.149,351,-222 for a "profit." These repayments do not include $2,720.000,000 of "cats & dogs," loans for relief, etc. which Jones never wanted to make and which in 1938 he had Congress cancel. Jones thinks borrowers are the salt of the earth, the optimists, the builders, the men who take chances and thus make the U.S.
Last month he addressed the nation's life insurance executives in Manhattan. In his speech he came as near to stating his beliefs as he ever has. Said Jesse Jones: "You are, in effect, trustees for approximately one-half of the people of the United States, and I, as a public official, am a trustee for all of the people. . . .
"I believe it would be possible for me to express the substance of what I have to say merely by asking you to remember that it is late in 1940, and not the 19205 or the early '30s.
"We are living through an era of change at home and abroad to which we must adjust ourselves, like it or not. . . . The thinking of some of us lacks breadth. We have been worrying too much about the New Deal, and the changes it is bringing about. . . .
"We might as well realize that we are not going to turn the pages of progress backwards and repeal social laws that increase the Government's budget. . . . The record shows no evidence of any open advocacy that we retrace our steps or undo any of the things which have been done for the common good. ... No level of society or business is strong enough to sweep back the tides of advancement or to prevent changes in our national affairs that have the support of the majority of the people. We are still what we want always to be, a democracy, a free people. . . . We have no boom, and I hope we never have another. Prosperity is hard to stand. . . .
"In my own view, interest rates have always been high. ... I think our loans have been made on a sound basis, and that barring complete disorganization in world affairs, they will be paid. . . . Everything ... is being done by the Government to aid the democracies that are in trouble, that is, everything short of war." So spoke Jesse Jones, 66, 220 Ib. of hard Texas sense powered by an electric mind, emperor of all he surveyed as 1941 got under way.
He was banker to the world—on his terms, but for reasons that concerned every person now alive. And people of all sizes could take comfort, in grain or large dose, from what Jesse Jones seemed to mean: Democracy is a good risk.
† Herbert Hoover, forced to trade Garner a post for political aid, let him choose one man. There are two versions of the story: 1) Garner submitted but one name — Jones — saying: "Mr. President, there's my complete list." 2) Hoover showed Garner a list of five names, Jones's last. Said Cac tus Jack: "Mr. President, that's a kangaroo list — all its strength is in its hindquarters."