Show Eighteen Billion Sound Dollars 1 To Put Life Lif Into nto Business D. D By NEA Service E Eighteen billion sound American dollars will Ill soon be put to work by Uncle Sam to overcome depression Major rel relief e programs now alread already In n force Corce together with the giant Glass- Glass project which Is nearing completion constitute the greatest peacetime financial drive in m the history history history his his- tory of ot the world Briefly here are the methods by which the government is marshaling I this stupendous store of money and I credit to revive drooping American commerce and finance Glass Glass all bill Makes available available available avail avail- able 1 to ease bank credits credits credits cred cred- its and will permit Issuance of oC 1 in currency if it needed to feed the starved cash-starved arteries of trade By enabling individual banks with capitalization of or less to borrow from reserve banks on promissory promissory promissory prom prom- notes or other collateral hitherto hitherto hitherto hith hith- erto Ineligible ible this tills move will vill open up financing to the small borrower and will release additional credits estimated at Larger banks will be controlled In borrowing under these extraordinary conditions assuring that small banks will not be crowded out Reconstruction Finance corporation corporation corpora corpora- tion A reservoir presided presided presided pre pre- sided over o by Chairman Charles Gates Dawes with agents scattered at strategic strategic stra stra- c points throughout the country Out of this reservoir w will till U come millions millions mil mu- lions in cash to revive railroads banks farmers and business men Borrowers are arc authorized to issue bonds as collateral It is a gigantic peacetime enterprise that dwarfs the vast credit machinery of oC World war ar days daS The National Credit corporation a 3 private pool organized at f government o instigation to frozen assets goes oes out of b bub J b being ing replaced b by the Reconstruct Finance corporation Federal land banks An part of the government these banks arc are doing Immensely d f. f relief relie work among the K farn ers erSt Federal land bank r a. a ire I Farm loan board board- Another perm penna nent organization in th the finance group roup with a cash pool pol ci cf The board lends mon moner to farmers from its revolving fu fund rund su u fast as money is paid back from oth loans Home loan mortgage e banks bank Ua I del der provisions of oC a bill not ye yet ea en acted would be ma available for bolstering credit I la hi t th field of or residential real estate Ho Hoar loans and other financial to the real estate market would bi be bc applied Another Important feature ol of th mobilization tion is th hit campaign to end cad hoarding It is designed desi de de- si signed ned to release an estimated 1300 now buried In teapots aa as safety deposit vaults The is 15 officially known as 33 the Citizen uti Reconstruction organization I II program ties u up directly with t tie R Bt construction Finance corporation te n. n The corporation got gol I from the U. U S. S treasury ury and wW j the balance of or its money t tt a so called baby bonds which wl offered in connection with the hoarding campaign The Glass program i t a abased based entirely on public money Baa will be able to get federal cash on bonds and other which the government will accept 2 a eligible paper under the measure to back up currency I |