The CHAIRMAN. There is a gentleman here, Mr. W. J. McGuckin, wants to be heard. STATEMENT OF WILLIAM J. McGUCKIN, JR., PHILADELPHIA, PA. Mr. McGUCKIN. Mr. Chairman, it will not take me very long, because I am just a home owner who has had some experiences. The CHAIRMAN. State your name and residence and occupation. Mr. McGUCKIN. My name is William J. McGuckin, Jr. I am in the chemical business. My address is 5522 Marshall Street, Philadelphia, Pa. Mr. Chairman, last April 17-that was a year ago, 1933-I sent a plan to Mr. James A. Farley for an enactment of law for each home owner to be given the privilege of borrowing $1,000. I will read the letter to you just as I sent it, and you will find out it will cover all circles of our economic life. The CHAIRMAN. Do you want that inserted in the record? Mr. McGUCKIN. Yes, sir. Senator BARKLEY. I suggest that be put in the record, because it might take too long to read it. Mr. McGUCKIN. It is only small, Mr. Chairman. Dated April 17, 1933: Mr. JAMES A. FARLEY, Washington, D.C MY DEAR MR. FARLEY: Referring to inflation of currency, credit, and bringing about the distribution of same among the people and to all circles, kindly see the President at once on the following: Have the Government advance $1,000 to each owner of a home or dwelling, same to be a first lien upon the property, with the understanding all taxes should be paid upon the property, the balance left of the $1,000 to be returned to the owner for repairs, etc. This will replenish moneys in the treasuries of all cities, counties, States, and so forth, open up all closed banks, trust companies, and be beneficial to every circle within our economic life. With best wishes, I am, very truly yours, WILLIAM J. McGUCKIN, Jr. I received a reply from Mr. Farley April 27, 1933. By the way, I announced this in the Mayflower Hotel last June 10, 1933. Mr. Farley's reply was as follows: MY DEAR MR. MCGUCKIN: I have your interesting suggestion of April 17 as to a way in which to relieve the home owners' condition. I appreciate your having written me. Sincerely, JAMES A. FARLEY. I might say, Mr. Chairman, that if a campaign was run similar to our Liberty Loan campaign for the Government to loan the money to the people just as the people loaned the money to the Government, I have every reason to believe that the home owner would save his home. I have lost two homes myself with first mortgages on them because of the fact that I could not borrow any money. One home I had purchased for $3,500. It was assessed at $2,700. I had paid in the building and loan association on the second mortgage for over 12 years, and I had paid in on the first mortgage for over 7 years. If it was possible at that time for me to borrow $1,000 I could have saved that home, but instead that home went at a price of $1,200 at auction sale, because I could not raise the money. Senator GOLDSBOROUGH. I was just wondering whether you approved this bill we have under discussion. Mr. McGUCKIN. What we need today in all circles of our economic life is money, and we need to get it as quickly as possible. I have every reason to believe that the Federal act has been changed so that national banks can loan money on real estate now. I have every reason to believe that it is more a method of procedure than anything else that we need. We have 10 million homes in the United States. If every home owner took it in a patriotic way to borrow a thousand dollars and repair their homes it would mean a circulation of currency practically over night of 10 billion dollars. I believe also that this could be worked out in the way similar to the parable in the Gospel of everyone "receiving a penny a day." Whether they had a $14,000 home or whether they had a $5,000 home, that $1,000 to pay for the building would cover every circle. I really believe also the Home Owners' Loan Act, through proclamation of the President, could work it out in the method that I say without any other enactment of law. The CHAIRMAN. Very well. We are very glad to have your views. We will close the hearings now. Mr. McGUCKIN. I hope I have not intruded in the least, Mr. Chairman. I mean the best. The CHAIRMAN. You are all right. We are glad to have your statement. (Whereupon, at 1:30 p.m., the hearings were concluded.) 59284-34. -28 THOUSAND 600 PERMITS ISSUED FOR RESIDENTIAL BUILDINGS IN 257 IDENTICAL CITIES SHOWING NUMBER OF FAMILIES FOR WHICH NEW HOMES WERE PROVIDED (NO DATA ARE AVAILABLE FOR RURAL OR SUBURBAN AREAS THROUGHOUT THE COUNTRY) 500 400 300 200 100 I (we) make the following statement of all my (our) assets and liabilities at the close of business on................ November 30.19.32....., and give other material information for the purpose of inducing you to purchase my (our) notes. Individual Venture..... ...Partnership.. state?...... Ill. ......When incorporated.......March, 1926.. Fire Insurance carried on Merchandise $250000 ..On Buildings and Equipment $10,00000 Name of Bank First National. Riverside Discount Co.. 8.962.90 $. $. ...Corporation... Yes....If incorporated, what Address....... ..Riverside, Ill.. " Description and Location of Real Estate: Market Value $900000 Mortga $...25.00 $. Address Title, if any In consideration of the purchase of notes from me (us) you shall remit to me (us) or the endorser on the note, 100% of the amount I (we) hereby certify the above statement is correct representing my (our) condition on (This chart and the four following are a part of pamphlet of the JohnsManville Co. beginning on p. 374.) To AGREEMENT. Rowe Roofing Co, Dear Sir(s): (Address) Data December 15, 1932 I (we) hereby agree to purchase the following material and authorize you to furnish all labor necessary to install the material, construct and place the improvements 467 So. Allyn street This agreement becomes binding upon you only upon written acceptance hereof by your principal or authorized officer and upon such written acceptance this shall constitute the entire contract and be binding upon the parties hereto, there being no covenants, promises or agreements; written or oral, except as herein set forth. The undersigned agrees to pay the above total as follows: Cash $30. Balance of $ 302.40 to be represented by an installment note payable in twelve equal monthly installments, the execu tion of which by the undersigned shall be deemed to be full and conclusive evidence of the satisfactory completion of the work and fulfillment of all of the specifications contained herein. IN WITNESS WHEREOF the undersigned has (have) hereunto set his (their) hand(s) and seal (s) the day and year first above written. Joseph F. Wames & S: Grace A Warner I. S. The Agreement or Contract with the Customer (Form No. X-331) |