Show wp X J tl R v N FIRST BIG LOAN IS FULLY PAID UP THE FIRST large loan made by the reconstruction finance corporation has been repaid to the last dollar in 1931 when the banking situation was extremely bad in au all sections chicago was an especially hot spot many ot of the smaller banks of the th city had closed and some of the larger ones were threatened with withdrawal demands on the part of depositors po tars which although solvent they might not have been able to meet because of inadequate cash reserves of these the central trust of which gen charles dawes was president was one it had a run on friday and saturday and if it had continued on monday without help from other sources it would probably have had to close for lack of available cash the closing of that bank would undoubtedly have precipitated a general bank crash ini in chicago and other cities under these conditions an appeal was made by the chicago banks to the reconstruction finance corporation for help for central trust some four years ago former president hoover told me of stand the anxious hours he spent at his summer camp near washington during I 1 saturday night sunday and sunday night with direct telephone connections to new york chicago and washington he made every ever Y possible poss effort to meet the situation without a loan from he knew the loan was justified he knew central trust could pay out in time he knew the integrity and ability of general dawes the general disliked the idea of receiving aid from because the president was his friend his bank was in no worse predicament than some of the others but had suffered the misfortune of encountering a more severe run than others had up to that saturday mr air hoover told me he made every effort of which he was capable to procure relief for the chicago situation without an advance from he worked at the job without any intermission from saturday until before dawn monday but without success and finally authorized the loan and instructed the treasury to rush ninety millions in currency to chicago that the 1 loan oan was J justified tidied was evidenced by the relief 9 n the situation of all the larger banks ba aks in chicago that his faith in the integrity and ability of general dawes was justified has been proved by the payment in full of that and no depositor of central trust lost a dollar FINANCIAL TOWER OF BABEL UNDER construction WITH THE HELP and support of the american people samuel insull built a towering top heavy financial structure measured in millions when it toppled over and we lost we damned insull instill and demanded his punishment insull instill fled the country to escape our wrath he could not have built that financial myth with out over support and help today we are assisting in building another financial tower of babel that is measured in billions instead of the insull millions the governments expenditures are backed only by our ability to pay the billions that congress so blithely appropriates ates must come out of the sweat of our brows and there is a limit to what we can pay when that limit is reached there will be a crash that will be a hurricane as compared to the gentle zephyr of the insull failure the hysteria or insanity of us americans will be responsible as we were tor for the insull instill collapse we are building the top heavy structure that will topple over and bury us in a financial morass whom will we damn for that catastrophe for what are your representatives in congress voting RAILROAD WAGES RAILROAD employees are demanding a heavy increase in in wages if they get it each farmer will pay more transportation on 0 n the products he be sends to market each housewife will pay more for the food for her family the railroads will pass the increase along to their patrons if u they are permitted to do so if not they will probably be in the hands of receivers and the several millions of amerin americans aels who have invested their savings in railroad securities will lose railroad net earnings will not permit the paying out of more money unless more is taken in it is from such things that inflation is born 0 a a OLD AD AND NEW HITLER IS MORTAL just as we are mortal his expectation of days or years of life afe can be no greater than that of other mortals with his death will come an end of the vast structure of hate he has on the bodies of conquered people including clouding those th ose ot of the germans it will topple and fall in its place will come some other demonstration of the power politics of europe of which we may or may n not ot approve but which we cannot cox control no matter meitter how we tried |