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S. 4632, S. 4727, S. 4755, and S. 4822

BILLS RELATIVE TO FEDERAL LOANS

TO AID UNEMPLOYMENT

JUNE 2, 7, 11, AND 13, 1932

Printed for the use of the Committee on Banking and Currency

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COMMITTEE ON BANKING AND CURRENCY

PETER NORBECK, South Dakota, Chairman.
SMITH W. BROOKHART, Iowa.

DUNCAN U. FLETCHER, Florida.
PHILLIPS LEE GOLDSBOROUGH, Maryland. CARTER GLASS, Virginia.
JOHN G. TOWNSEND, JR., Delaware.

ROBERT F. WAGNER, New York.
FREDERIC C. WALCOTT, Connecticut. ALBEN W. BARKLEY, Kentucky.
JOHN J. BLAINE, Wisconsin.

ROBERT J. BULKLEY, Ohio. ROBERT D. CAREY, Wyoming.

CAMERON MORRISON, North Carolina. JAMES E. WATSON, Indiana.

THOMAS P. GORE, Oklahoma. JAMES COUZENS, Michigan.

EDWARD P. COSTIGAN, Colorado. FREDERICK STEIWER, Oregon.

CORDELL HULL, Tennessee.

JULIAN W. BLOUNT, Clerk
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UNEMPLOYMENT RELIEF

THURSDAY, JUNE 2, 1932

UNITED STATES SENATE,
COMMITTEE ON BANKING AND CURRENCY,

Washington, D.C. The committee met, pursuant to call, at 10.30 a. m., in room 301 Senate Office Building, Senator Peter Norbeck presiding.

Present: Senators Norbeck (chairman), Goldsborough, Townsend, Walcott, Blaine, Carey, Watson, Couzens, Steiwer, Fletcher, Glass, Wagner, Barkley, Bulkley, Gore, Costigan, and Hulí.

Present also: Senator Barbour, of New Jersey.

The CHAIRMAN. The committee will come to order. The committee was called together this morning for the purpose of a hearing on S. 4755 offered by Senators Wagner, Robinson of Arkansas, Pittman, Walsh of Montana, and Bulkley; and S. 4727 offered by Senator Barbour. The bills will be made a part of the record at this point.

(The bills, S. 4755 and S. 4727, will be printed at this point.)

(S. 4755, Seventy-second Congress, first session] A BILL To provide for grants and loans to the several States to aid in relieving unemployment, to facilitate the construction of self-liquidating projects, to provide for the construction of certain authorized Federal public-works projects, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) to aid in furnishing relief and work relief to the needy and distressed people residing in the several States and in relieving the hardship resulting from unemployment the Reconstruction Finance Corporation is authorized and empowered to make grants to the several Stares for such purposes out of the funds made available by the reconstruction finance corporation act, under the terms and conditions hereinafter set forth, and in an aggregate amount of not to exceed $300,000,000. Such amount shall be apportioned among the several States in the proportion which their population bears to the total population of the States of the United States according to the Fifteenth Decennial Census. Such apportionment shall be made by the corporation within ten days after the date of enactment of this act, and the corporation shall immediately certify to the governors of the several States the amount apportioned to each State. The amounts so apportioned to any State shall be available for payment to such State for the purposes of this section until the expiration of two years after the date of enactment of this act.

(b) The aggregate amount of the grants made to any State under this section shall not be in excess of the amount apportioned to such State. The amount of the grant or grants to each State shall be reimbursed to the Reconstruction Finance Corporation by making annual deductions, beginning with the fiscal year 1937, from moneys payable under regular apportionments made from future Federal grants in aid of the States for the construction of highways and rural post roads, of an amount equal to one-fifth of the share which such State would be entitled to receive under such apportionment, except for the provisions of this section, or of an amount equal to one-fifth of the grant or grants made pursuant to this section, whichever is the lesser, until the sum of such deductions shall equal the total amount of such grant or grants. Whenever any such

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