Show THE SALT LAKE TRIBUNE Jones Urges Banks to Loosen Credit Liberty Depends on Sense of Individual Security Found in Democratic People Lippmann Holds in Citing Cause of ‘Isms Financiers on Tight I oan Policies Washington July is m— Chairman Jesse H Jones of the Reconstruction Finance corporation called upon tha bankers of the country Monday to make more Industrial loans He also reiterated his recent statement that "if banking is to remain in private hands It must meet the credit needs of 'the country” Jones said that from February through July It the RFC authorized 2001 business and industrial loans aggregating $85311788 and that banks participated in only 302 f them totaling $11183111 f "This is not enough loan participation either in number of loans r in amount” he said The RFC chairman made pub- Nc a copy of a letter he sent to the directors and managing officers of every stats and national bank in the country calling their attention to the recent regulations ®f the comptroller covering investment securities and the uniform bank examination procedure adopted by federal agencies and certain state authorities Cites Finance Profits ‘The comptroller's regulations for investment securities provide a convenient method for making time loans in bond or serial note form to business and industry” he said "They also provide a convenient method of making loans that may be participated in by correspondent banks or the R F C” Jones called the bankers' attention to the growth of finance companies and cited comparative figures to show their greater net profit than that of banks He said banks could render such service at lower rates of interest than finance companies and at good profit to themselves He reminded bankers that banks themselves are “quick to notice” when a business man “lets his competitor get ahead of him” Good Morals Jones said he was not suggest- ing that banks make unsound loans but “in good business morals a bank should not accept the deposit account of a N business however small unless it is willing to accord that business credit accommodation reasonably within the requirements of the business when they can be safely extended even though it requires a little extra trouble $o do so” ' Jo'nes charged that "entirely too have not realized many” bank changing credit requirements and added "Waiting for prospective borrowers who are often reluctant to apply for loans because of fear they will be turned down is not preserving the bank's place in our national life” Plane Crash Kills Naval Airmen EVERETT Wash July 18 UP)— Two navy fliers died Monday when a scouting seaplane from the U S S Louisville plunged into the Snohomish river after hitting power wires One victim was identified as Aviation Cadet Joseph Carter Booth about 25 of Glendale Cal The other was J J Monti pharmacists’ mate The ship fell during an apparent attempt to make a forced landing because of motor trouble while flying with two other planes from the Louisville anchored in Elliott bay Beattie By WALTER LIPPMANN PARIS— We live in a time when f doubtedly it seems to me that great masses of civilized men have France still is a country where either voluntarily surrendered the great mass of the people have their personal liberties or at least their own farms their pwn shops have submitted without serious their own little business enterprotest or resistance to the deprises and some savings for a struction of their liberties It is rainy day and an emergency This is the solid foundation of important that we should understand the causes This is not too French liberty The French difficult For while a library of except perhaps In a few— books might profitably be written industrial centers Is not a frighton the subject one fundamental ened crowd but a collection of inaspect of the question at least is dependent families stubbornly atclear enough to any one who tached to their farms shops homes and bank accounts passes back and forth between the totalitarian and the free na- - Not Easy to Terrorize tions of Europe It is that the peoples who have - They are not easy to terrorize last their civil rights had prebecause they have reserves for their independence viously lost or had never obtained They have the means of economic indepenresistance to mass' propaganda dence for individuals families and because they have so much inlocaf communities And It is very dependence as individuals clear I think that the masses who that is why they have such a dread have fallen under the spell of of inflation which would dedemagogic dictators and their terstroy their individual savings) roristic bands were recruited and such a dislike of monopoly from individuals who had no propand the concentrating of big busierty no savings and either no ness which would make them the job- at all or a job which they' hirelings of a Single master could not feel sure of holding The mb re I see of Europe the more deeply convinced do I beHad No Reserves come that the preservation of freedom in America or anyThey were In the exact sense of the term proletarians even if they where else depends upon mainhappened to bp earning fairly high taining and restoring for the great salaries at the moment For they majority of individuals the ecohad no reserves to fall back upon nomic means to remain indepenThe greatest dent individuals They couldsnot afford to lose their evil of the modern world is the jobs They could not afford therefore to speak their minds or to reduction of the people to a proletake any risks to be in any real tarian level by destroying their sense of the word individual citiby depriving them of savings zens They had to be servile or private property by making them the helpless employes of a prithey starved Wherever a dictavate monopoly or of government torship has been set up in Europe the mass of individuals had almonopoly At that point they are no longer citizens ready become so insecure that They are a mob For when the people lose they no longer dared to exercise the legal liberties that the demathis sense of their separate and individual security they ceaae to gog was attacking To have economic independence be Individuals They are absorbed a man must be in a position to into a mass Their liberties are ' leave one job and go to another already lost and they are a frighthe must have enough savings of ened crowd ready for a master some kind to exist for a considerObjective is Clear able time without accepting the first job offered Thus the peasant Though the actual measures to for all his poverty and the exploibe taken are debatable the objectation which he suffers is relative tive for a free government is I to his own needs still the freest think clear It should use its man in central Europe The fact authority to enable the indepenthat he can exist by his own labor dent farmer the small and modon his own piece of land gives erate sized enterprise the small him an independence which every It should use saver to survive dictatorial regime except the Rusits authority to see that large ensian perhaps has been forced to terprise is no larger than techrespect nology requires depriving big business of corporate privileges Live Too Precariously and other forms of legal and ecoBut the industrial worker who nomic advantage which make it has a choice between working in bigger than on economic grounds one factory and not working at it needs to be A resolute democall- - the white collar intellectuals racy should favor- the dispersion who compete savagely for the relof industry rather than its concentration and it should favor atively few private positions and for posts in the bureaucracy—-thes- e the rise in as many communities are the people who live too as possible of different kinds of precariously to exercise their libenterprise rather than a high deerties or to defend them They gree of specialization on some one have no savings They have only product their labor to sell and there are For unless the means of indevery few buyers of their labor pendence are widely distributed Therefore they have only the among the people themselves no choice of truckling to the powerreal resistance is possible to the ful or of perishing heroically but advance of tyranny The experimiserably Men like these havence of Europe shows clearly that ing none of the substance of libwhen a nation becomes proleerty themselves have scant retarian the result is not as the or of law form for any spect any communists taught a dictatorcivil rights ship by the proletariat but a dicThe reason why the love of libover the- proletariat tatorship erty as we understand it in America is so strong in France is unCopyright 1938 for The Tribune REDUCED of 98c While IlaiiIlnis PLAYTOG SAVINGS T8 t Vacationists or will welcome these savings! 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