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Show More Bank Credit In normal times, the banks of America ore the spark plugs of our economic system. And in abnormal times tho banks me among the first industries to be called upon for Special and vital jobs. A little example- of this, which didn't make the headlines but which illustrates how banking is cooperating with government, recently occured. Tho National Defense Council has been seeking seek-ing ways to prevent undue price increases and to harness idle bank credit. A short time ago representatives of bankin- ot together with Leon Henderson of the Defense Advisory Commi- ; ss.on mid agreed upon a form of government contract which w ill be "bankable"- hich a contractor, if he so wishes, can discount at his bank. One result of this, according to Commissioner Hen- uorson, ,s that "there will be less reliance on Government deb. and more use of private credit for underwriting plant ex pa as-ion." as-ion." Every dollar of credit tluvt can be provided by the banks and other private sources,, means that the government will be called , upon lor a dollar less. It means less of a burden upon the tax-. tax-. payers : ot today and tomorrow. Finally, it means that some of . ho billions of "out-of-work" capita! now held by the banks will bo put to productive use. : All along the line, banking is show ing lts w illingness to do all In is power to expedite the defense drivo-and, at the same ti-j ti-j me, cany o its normal functions on behalf of regular, peace , tune industry and business. Credit is as important to defense as ' bTocTtr01' "edit n'USt be P-vided, and in tremendous ; sta!" B lore ,e arms p,'OEram can como out of ,e W stage. Baling, ,arge and small, never was more vita, to this country than it is today. |