In order that the public may be absolutely assured and that the Government
may be in position to meet any public necessity, I recommend that an
emergency Reconstruction Corporation of the nature of the former War
Finance Corporation should be established. It may not be necessary to use
such an instrumentality very extensively. The very existence of such a
bulwark will strengthen confidence. The Treasury should be authorized to
subscribe a reasonable capital to it, and it should be given authority to
issue its own debentures. It should be placed in liquidation at the end of
two years. Its purpose is that by strengthening the weak spots to thus
liberate the full strength of the Nation's resources. It should be in
position to facilitate exports by American agencies; make advances to
agricultural credit agencies where necessary to protect and aid the
agricultural industry; to make temporary advances upon proper securities to
established industries, railways, and financial institutions which can not
otherwise secure credit, and where such advances will protect the credit
structure and stimulate employment. Its functions would not overlap those
of the National Credit Corporation.