The objectives of the Banking Bill of 1935 Speech in Philadelphia, April 12, 1935

摘要

When I received an invitation to discuss the philosophy underlying Title Ⅱ of the Banking Bill before a technical audience I accepted with alacrity. As you know, very many professional economists have expressed themselves in no uncertain terms against the bill. This has bothered me a good deal as I feel so strongly that of all classes in the community we had the most right to expect support from economists. The bill constitutes recognition of the important role played by money in the capitalist economy, and marks an important advance toward its rational and efficient control. Economists of all groups should be the most keenly aware of the importance of money and alive to the necessity of its control. Many of them, however, have taken this position: erect all the barriers and checks possible to thwart the boundless greed and cupidity of man, and then place your trust in the beneficent workings of the invisible hand. This is a counsel of despair. Many of us are resolved not to accept it until we have sought to apply reason and intelligence to our social problems and have failed not once, but many times.