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Show THE RECONSTRUCTION FINANCE CORPORATION. Vitriolic attacks by demagogic politicians pol-iticians on the Reconstruction Finance Fin-ance corporation in an effort to injure in-jure the national administration were well answered the other evening by no less a personage than Jesse H. Jones, nationally known Democrat, and senior Democratic member of the Reconstruction Finance corporation. Mr. Jones praised) the constructive purposes of the act, characterized the officials of the corporation as tireless patriots intent upon rendering a real public service to their country, and gave a convincing summary of the constructive things which have been accomplished to date. Since its' organization, he declared, the corporation has advanced $1,103,-1 386,000 in loans, exclusive of indivi- dual seed loans to farmers, and! slightly more than ten per cent of this amount has already been repaid ! to the government. "For the managing force," Mr. Jones declared, "I may say that in 40 years of business experience I never saw a body more patriotic, more tireless tire-less in their efforts, or more intent upon rendering a real service; and this applies with equal force to our agencies and advisory committeemen. For many weeks in the beginning, the Washington force worked an average of probably eighteen hours a day, and even now it is frequently necessary for them to work on Sundays Sun-days and at night." Mr. Jones believes that without the organization of this great corporation there would have been a complete collapse of all trade, industry and finance at least for a time. In his account of the R. F. C. operations oper-ations since February, Mr. Jones revealed re-vealed the following distribution of 7,349 loans authorized up to and through August 25: 4,265 banks....- - - $778,347,000 9 Federal land banks 29,000,000 630 building societies . 79,156,000 79 insurance companies...... 70,423,000 67 mortgage companies. 81,487,000 10 agricultural corp'ns...... 1,160,000 17 livestock associations... 10,397,000 5 land banks... 1,420,000 3 credit unions 405,000 49 railroads - 240,989,000 Demagogic politicians have been seeking to create political and class prejudice by telling their audiences that the government is in the hands of the plutocrats; that it has had plenty of money to lend to big banks and corporations but none to the small farmer, tradesman and worker. In reply it is only necessary to point out that these 4,625 banks, 630 building build-ing societies, 79 insurance companies, agricultural associations, livestock corporations and land banks have a direct interest for the average citizen. He has his money in the banks and insurance companies, finances his home through building societies, and gets direct assistance from the other organizations just named. . As Mr. Jones pointed out, of all the loans going to banks, 69.7 per cent went to institutions in towns of less than 5,000 population, and 89.6 per cent to towns and cities of less than 50,000 population. The great plutocrats, if there are any left, do not keep their money in small town banks. These institutions house the savings of the people. And through advances from the corporation more than 386 closed banks have been reorganized re-organized or completely liquidated, to the great benefit of the depositors. A little examination, therefore, shows how misleading are the statements state-ments of the agitators who seek to make the people believe that the government gov-ernment is only seeking to help "big fellow." By easing credit and relieving reliev-ing a state of panic the government is assisting every citizen in the United Unit-ed States no matter how great or how humble he may be. And the now-Home now-Home Loan banks will bring forward another activity to help the condition of the average man, whom the agitator agi-tator is seeking so assiduously to turn against his government. |