Show Credit Scheme Sent to Hoover For Fo r Signature Signature- I House Senate Complete Work Upon Two Billion Dollar Measure Designed to Boom Nations Nation's Business I IBy By RAMOND RAl CLAPPER r I United Press Staff Correspondent V WASHINGTON ASHINGTON Jan 22 President 22 President Hoovers Hoover's program for Cor a reconstruction finance corporation which will wiIl put of credit into a war against business depression depression depression de de- completed its journey through congress today Only the affixing of Mr l Hoovers Hoover's signature and a few technical details now are necessary before the project may maybe maybe maybe be into effect It is to with with- put expected begin functioning i in a snort short time ime The finance corporation bill was completed in congress with comparative comparative comparative tive smoothness Representative McFadden McFadden McFadden Mc- Mc Fadden R Republican Pennsylvania voiced brief brier protests before the house adopted the conference report without without with with- out a record vote Some criticism to details of the corporations corporation's operation was heard in the senate but it died down quickly and the measure w was s adopted Governor Eugene Meyer of the federal federal fed fed- eral reserve board who will become chairman of the board of the reconstruction reconstruction recon recon- corporation was engaged in preparing the necessary equipment and personnel for beginning work as asas soon as possible He announced that applications for positions had been received many of them from former high ranking bank officials The reconstruction corporation will have headquarters in the old department depart depart- ment meat of commerce building here GIVES APPROVAL The senate like the house gave its final approval without a record vote Both houses earlier had passed bills to establish the corporation and the question today was on agreeing to a conference report compromising differences differences dif dil- dif dif- in the two measures With the new reconstruction reconstruction recon recon- finance corporation the government government gov gov- will make its supreme effort to push industry off its dead center By sheer mass barrage of millions of dollars on a scale never before attempted attempted attempted at at- tempted anywhere in history and possible possible possible pos pos- sible only in a country of Americas America's gigantic wealth this government is seeking to revive the confidence of the country This nat nation on which has astounded the world by an industrial development develop develop- ment which put automobiles and other other oth oth- other er luxuries within the reach of almost almost al almost al- al most everyone with a normal annual income of possibly with actual money in circulation and unlimited resources temporarily locked up by fear is now attempting to drive away its own bogies It is attempting to pull pun itself up by its own efforts with typical American audacious enterprise DA DAWES WES PREPARED Charles G. G wes a typical ical American Ameri Ameri- can business man of courage and disregard disregard disregard dis dis- dis- dis regard for precedents is standing by already designated as president of the corporation prepared to throw his commanding personality and busIness business business busi busI- ness experience into this gigantic job He is pulling a utile little harder on his pipe He is scowling a little more He is even brushing up on his individual style of profanity after alter a tedious hi- hi berna ion in sedate diplomatic life He stands as the impersonation of American confidence in the future in the country's almost inexhaustible re resources resources resources re- re sources for the conviction that anything anything any any- thing is possible He with along with the will become one of the most valuable assets of the corpora corpora- tion lion Beside him is the less dramatic quiet shrewd expert Eugene Meyer Jr governor of the federal reserve board and its guiding hand through the roughest sea it has ever sailed Continued on Page Pace Two I CREDIT SCHEME GOES TO HOOVER Continued From Pare Pase One He lie has been named chairman of or the board lI His s experience with the War Fi Finance Finance Finance Fi- Fi nance corpor corporation a miniature predecessor predecessor predecessor cessor of the Reconstruction Finance corporation Is an asset which Inspires inspires In spires the confidence of the financial world WILL MAKE LOANS Under their generalship and with colleagues thoroughly familiar with financial and business conditions the Reconstruction Finance corporation soon will begin making loans and ad rediscounting rediscounting re- re discounting securities Banks savings banks trust companies building and loan associations Insurance companies compa flies nies mortgage loan companies credit unions federal land banks agricultural agricultural tural and livestock credit corporations corporations corporations corpora corpora- are arc entitled to the aid on sound collateral Offices will be set up here with branches throughout the country A secretary and arid director of personnel will be appointed immediately The corporation begins its fateful adventure at a critical time A drive on the dollar has started abroad again Gold Is being beme called to Europe from New York daily Americans have hoarded more than out of ot fear tear Some other nations are believed believed be be- to be eager enger to see sec the United States Slates go off oft the gold standard I If the Hie nation keeps cool economists sa say nothing can force torce such an event President Hoover has moved a long longvay longway way vay since he proposed his moratorium last June He hoped then that Europe and America linked together could conquer the depression He has been through six months of oC disillusion disillusion- ment He thought Europe would seize Americas America's extended hand and cooperate cooperate coop coop- erate crate for tor mutual help MORATORIUM DENOUNCED Instead his moratorium proposal was vas denounced in Europe It was de- de Changes Chanes were forced Finally Premier Laval of France came over and wrung a promise from Mr Hoover Hoover Hoover Hoo Hoo- ver that he would not take such actIon ac- ac tIon lon again that again that h ho he would in the fu- fu Lure ture let Europe operate through the Young plan Germanys Germany's condition went from bad bado to o worse Experts recommended reparations reparations reparations repa repa- rations relief The statesmen of oC Europe Europe Europe Eu Eu- rope apparently are arc not ready to face the he problem They have delayed the Lausanne conference They are arc balkin balking balk- balk in ing ng at reducing arms expenses expense Mr Hoover viewing this discouraging discouraging 1 aging mg scene is now convinced that America must go ahead setting its own wn house in order hoping for lor the best from Europe but not waiting on it This is the mission of the Reconstruction Reconstruction Recon Recon- Finance corporation S. 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