US Presidency
1932

Such loans should be made by purchase of State bonds by the Corporation but where States are unable to issue bonds then loans should be made upon application of State authorities, and if they are not regularized by the issuance of bonds within a period of 12 to 18 months, they should become a charge upon the Federal aid funds to which such States may be entitled. In order to aid unemployment and to avoid wasteful expansion of public works I have favored an authority to the Reconstruction Corporation to increase its issues of its securities to the maximum of $ 3 billion in order that it may extend its services both in aid to employment and agriculture on a wide scale.