Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-29
LENDING
URGED IN 1O-PO|NT
RELIEF PROGRAM
Hoover Group Appeals for
Release of Hoarded Funds
to Trade Channels.
DIVISION OF CIVIL SERVICE
ASSIGNMENTS is ASKED
Another Pool for Reiiscounting
Paper to Benefit Small
Producers Advised.

The Presidents Organization on I'm
en- p,oyment Relief to;ay made a spe-
cial appeal for more spending in
stead Of boarding and. in turn, more
liberal lending by banks in order to
lessen distress from unemployment
and hasten business recovery"
A report containing a 10-point pro-
gram was made public by the Presi-
dents group. It was drafted by the
relief organizations committee for lur-
ing better times, the members Of which
are representative leaders Of industry
and labor. with Harry Wheeler, Chicago
banker, as chairman
The committee said il sees influ-
enceS "at work giving promise to aid
the upturn," but 1t urges resumption of
normal buying by persons who have
jobs and rebukeS those uneasy indiyid-
uals who hide away money which might
be mixing freely in trade channels.
Clifford Praises Findings.
Walter s. Clifford, national relief di-
rector, commendS the committees find-
ings and requested Immediate and
thoughtful consideration of all individ-
uals and organizations" of the recon-
mendations.
One of the important features is a
recommendation for the dividing of
civil service assignments with the un-
employed.
Another head light of the report is
an appeal for the expansion of credit
relief by the formation of another pool
to rediscount secondary classes of paper
Tor the benefit of the smaller producers
and distributors.
The committee also urged steps to
give needy white collar" workers part
time jobs at least, and the suggestion
was made that employment of wives
where husbands are making a living
should be locked into. Also in this
category Of investigation went the case
OF sons and daughters living at hcme
put not contributing to the family bud
get and teachers instructing in both
day and night school.
Wneelsrs committee, which includes
among its Is members, william Green
president Of the American Federation
OF Labor Daniel Willard, president of
the BALTIMORE 81 Ohio Railroad, and
Mathew G. Sloan, president of the New
YORK EDISON Co, declared q concerted
enort to correct domestic conditions
Wouio hasten economic recovery.
Program Is Outlined.
The program of the committee in
cludes the following recommendations
and accompanying comments:
i. United national action to encour-
age every American citizen now en-
ployed to resume normal buying. To
use available income to purchase goods
normally needed and in the replacement
OF which labor is employed is q condition
precedent to any hopeful program to
constructively increase employment;
continued and further restriction of
consumption OF goods and of expendi-
ments inevitably will offset any and
every effort for emergency relief.
The American people must be
brought to realize that by restricting
purchases to bare necessities at this
time they are further decreasing the
volume of business and spreading the
catastrophe they so attempt to avert.
Public Confidence Needed.
80 Public confidence in our financial
and credit structures must be re-estab-
lished. Withdrawals of money from
circulation for boarding seriously re-
strict credit and operate to delay bust
ness recovery. The creation of the Ma
tional Credit Corporation and such
further agencies, either public or pri-
vate. heretofore suggested by the Presi-
dent to insure further and more GER
tain fiuidity of banking resources, will
bring ready response in increased ac-
tivity in productive and distributive
forces of the country.
The participation by the banks in
the pool created by the National Credit
Corpora ton represents the full meas
ure of helpfuinesS to the existing Situ-
alton that banks can reasonably be
asked to subscribe. It's operation will
be helpful, but under existing condi-
tons it cannot relapse certain types of
credit at points most necessary to the
stimulation Of buying and expanding
production and distribution among
that class OF smaller producers and dis
tributors whose number is legion and
whose aggregate contributions to the
unemployment situation would be very
great if made effective 1t may be diff
hcult to organize q private enterprise
to cover this particular field, yet 1t
seems quite reasonable, If a pool were
created, to rediscount these secondary
classes Of paper. The very existence OF
such a pool would justify local banks
TO reopen lines of credit and corre-
spondent banks to rediscount the re-
sulting paper.
% In addition to expansion of basic
credit facilities, including those already
instituted by the President, bankers of
the United States NAV make their ef-
Continued on Page ?. Column ID