Imperial Valley press., 1932-07-21

NAME ON
MEASURE
President Signs Relief
Bill Passed Last Week
By Congress.
ACTION EXPECTED
Drive Upon Depression
To Be In Full Swing
Within Four Weeks.

WASHINGTON, July 81. W.P -
President Hoover today signed the
s2,122 100000 relief bill while ap-
plications totaling 1887 $50, 900 fof
loans under the bill were awaiting
presentation to the reconstruction
finance corporation.
WASHINGTON, July 81. W.R--
The governments mighty drive to
break the depression should be IN
full swing within four weeks after
President Hoover signs the new
relief bill.
That is the time set by recon-
struction finance corporation Off
cials, charged with administering
the s2,122 ,oo0,o 900 unemployment re-
lief program.
President Hoover has yet to
give his official approval to the
act. But this is being delayed only
until he selects the two new mem
bers necessary to complete the di-
rectorate of the reconstruction cor
poration. The White House has
indicated that signature can be ex-
pected before the end Of the week.
Corporation officials ask month
in which to perfect their organiza-
ton. Then they will be ready 80
start the golden stream of relief
loans-loans designed to create en-
ployment ultimately for hundreds
of thousands and provide food for
thousands Of others.
Already the desks of 'reconstruc-
ton officials are piled with In
quiries. Requests, carefully guarded
from publicity, have come from
states, cities and private corpora
tions desirous of borrowing under
the terms of the relief bill. An
even more forceful sign Of the
times is the 10000 applications for
jobs received from private citizens.
The corporation, originally set
up to break the jam Of frozen
credit and protect the financial
structure of the nation, is FRAN
tically preparing for its new and
even more complicated task. Board
meetings of from three to five
hours are daily occurrences.
Speed Essential
So monumental Is the job con-
fronting the board that serious
consideration is being given to es-
tablishment of some new machinery
to aid in passing on applications
for loans. This would be designed
to hasten action--a primary aim
of the corporations officials.
Under the terms of the relief
BILL the directors have authority
to allocate $300,oo0,00 to states
for direct relief. These advances
must be used for meeting emerg-
ency conditions.
A huge fund of s1,5OO,0O0, 900 is
set aside for financing self liqui-
dating construction projects States,
municipalities and semi-public cor
porations will be eligible for ad-
vances. The construction must be
needed. 1t must guarantee addi-
tional employment, and it must
be of such character that 1t will
pay returns enough to secure the
federal loans. Adequate initial Sc
curity is also demanded by the
relief act.
All the innumerable details Of
these huge financial undertakings
must be passed upon by the COR
poration.
Congress, as last minute
amendment to the relief act, re-
quired monthly statements Of all
loans as an additional check on
a government institution clothed
with tremendous powers. Criticism
is certain as long as congress re-
mains congress, and the corporation
is faced with the necessity of
working swiftly but with super
pa1Itio0