Evening star., 1932-03-08

tOsA4bLlACo lAcS byC'J
leading cities showed that net demand
deposits increased $4,000, 900 to S11,-
003, 600 .o00 but still were SSH 600, 900
under a year ago. II was the first In
crease In these deposits since December
g. Previous TO that there had been
slight increase IN the week ended De-
cember 16.
Time deposits showed the first in
crease since the week ended last Au-
gust IL and were up $15,000,000 to
IS. TOE, ,000, 900. These deposits, however:
were still 1889 900 600 under those OF
q year ago.
Meantime. on Capitol Hill, Chairman
steagau of the House Banking Commit
tee, went forward with a new program
designed to amend Federal banking
laws, revive business and restore still
further boarded money TO circulation.
Mr. steagall yesterday explained his
amendments to an attentive House.
The idea Summarized.
In his radio address last night, Mr..
Rust summarized sharply the whole
idea In one short sentence: "Hoarded
dollars parslyze business and are poison
to prosperity -
why put your money in strong boxes
or place IL IN secret hiding place IN OF
about your home?" asked Mr.. Rust.
"This money is doing no one good II Is
doing much harm, and most harm TO
those who are hearding 1t. They re-
cetye no interest, their lives are In daily
jeopardy, and their funds subject to
destruction by fire and q thousand
other hazards"
You can put men back on the pay
rolls nv rutting YOUR idle funds BACK 10
work. Every baby bond you buy VIII
mean the making Of a new job Tor an
American citizen who asks only the
right to earn living for his family and
himself. You owe him that chance.
Join the Nation wide fight TO bring
prosperity and happiness back to the
United States Buy your Governments
new bonds and make yourself one OF
the army of loyal Americans who are
determined to put swift end to hard
times In the richest nation In the world"
Explains Nature Of Bond.
Explaining the nature Of the baby
bonds IN simple terms, Mr.. Rust asked:
Have you fifty. hundred or five hun
dred dollars lying idle In a safe deposit
boz. or running the risk of fire or theft
in your own home? If so, your Govern
nent offers TO pay you dollar, or Two
dollars, or ten dollars, Tor giving the
Treasury Department the privilege OF
keeping that money in its impreenable
vaults for a single yeor. II you wish
your dollars back, they will be returned
to you ON so days notice, with per
cent added for the actual time they
were borrowed from Uncle Sam"
THESE baby bonds" he declared, ARE
infants in cost. but giants IN safety.
you can buy one of these bonds for
fifty. a hundre dor five hundred dol
lars"
Describing the fight to regain pros
perity as a war unprecedented IN the
history of civilization" Mr.. Rust said
that mot SO long ago this normally
cheerful country was plunged into pes
simism and gloom. Millions OF men
lost Jobs" he said. land many banks
had closed their doors. Business was
bad, but 1t grew rapidly worse when
the stupenduous sum Of a billion and
half dollars was withdrawn from cir
culation by frightened owners and
buried away for emergencies. This
withdrawal OF money from circulation
forced solvent banks to close their doors,
temporarily. until they could liquidate
sufficient assets to meet the unprece-
dented demands for currency.
Government Steps In.
'Then it was that the United States
Government stepped in," said the
speaker, "the Reconstruction Finance
Cooperation. with assets of $1,000
600, 600, was erected to provide prompt
help for banks and railroads and other
servants of the public in need Of i'm
mediate cash. This was followed by
the so-called emergency credit expan-
sion law, which put willing billions In
the Federal Reserve system squsrely
behind the banks"
The effect was magical" he said.
"At the end of the first week of the
new plan of financial cooperation, the
Treasury Department announced that
not q bank had closed It's door since
the Inauguration Of the campaign. And
money began to. come out OF boarding.
It Is still coming out. And it is with
the determination to finish in hurry
this job Of putting timid dollars back
to work that a Nationwide campaign
has been launched this week to wipe
out boarding I am told that there
is very little boarding in this particular
section of the United States-a gratify-
ing fact. But why should there be any
hoarHinc1o