Herbert Hoover actually said...

"It liberalizes existing provisions with regard to eligibility of collateral and thereby enables the Federal Reserve banks to furnish accommodations to many banks on sound assets heretofore unavailable..."

"First. In a sense this bill is a national defense measure."

"The bill should accomplish two major purposes."

"The gradual credit contraction during the past 8 months arising indirectly from causes originating in foreign countries and continued domestic deflation, but more directly from hoarding, has been unqu..."