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Show NO FIFTH COLUMNS Speaking of banking's vital role in national defense P. I). Houston of the American Bankers Association, said: "There are no fifth columns in the ranks of hanking. I know that the country's chartered banking system has been far ahead of the procession in organizing or-ganizing for the national defense program." It is a fact that no needed defense activity has been held back because of lack of credit. When the emergency began, the banks adopted a policy of using us-ing the resources to the limit in financing defense work. That policy has been continued without deviation. devia-tion. Loans, big or little, are made without delay. The truth is that bank credit has not been used as much as it should be. Government itself is carrying-on carrying-on many financing activities which could be and should be handled by private financial institutions. Congress' clear duty is to insist that private capital be used whenever available and that the taxpayers' money be used only when there is no other source of credit. |