US Presidency
1932

Under the methods proposed the Corporation is to be: ( a ) authorized to buy bonds from political subdivisions or public bodies to aid in construction of income producing or self liquidating projects; ( b ) to make loans to established enterprise upon adequate security, for advancement of sound projects that will increase employment but safeguarded by requirement that some portion of outside capital is also provided; ( c ) to divert a portion of the unexpended authorizations of agricultural loans through the Secretary of Agriculture to finance exports of agricultural products; ( d ) to make loans to institutions upon security of agricultural commodities to assure the carrying of normal stocks of these commodities and thus by stabilizing their loan value to steady their price levels; ( e ) to make loans to the Federal Farm Board to enable extension of finance of farm cooperatives. I have not been able to favor the expansion of public works beyond the program already proposed in the budget.