Henderson Daily Dispatch

Roosevelt Resisting
Inflation

(Continued from Page One.)

"protection" from the "wild-eyed radicals".

BANK PAYOFF

Nor should it be believed that a federal payoff for depositors in closed banks has been forgotten.
That group of citizenry believes the Roosevelt administration "betrayed" it at the last session of Congress.
It considers the Rooseveltian arguments against a payoff as specious.
The President was reputed to have said last spring that persons who invested in a business would not expect the government to make good their losses.
The depositors contend that a bank is not a business, but a quasi-public institution supervised either by federal or state government.
The largest banks to fail-in Detroit, Cleveland, Akron-all were federal reserve banks. What is the public to understand "federal reserve" to mean?
That is the question ruined depositors ask.
Now a depositor-a business man, we shall say-not only has lost his working capital, but is unable to obtain credit, to boot, for his business.
In Cleveland, worst hit of all the bank failure cities, deposits have risen $68,000,000 so far this year but loans have decreased $33,000,000.
In brief, deflation still continues where reflation is needed the most.
The bank payoff group may suggest that the government nationalize the banks and credit-and at least supply credit to the depositor whose money remains frozen.
The RFC has not relaxed its rules in lending money for payoffs. It demands good security-but securities
PHOTOPLAYS