President Hoover Acts 29 
large reserves of our leading industries, which had 
providently plowed-back into surpluses from their 
expanded earnings of recent years. It could be 
provided by new public and private issues of securi- 
ties, especially of bonded securities. 
For this purpose, Chairman Barnes points out, 
vast credits are available to such extent that money 
rates have gone down. Until confidence is fully 
restored and business is again in full volume there 
should be the certainty that our credit structure 
will be more than equal to the extensions demanded. 
That should tide the country over the period of 
dislocation. But it might be objected that interest 
and sinking fund payments would soon become due 
on the added bond issues—installment payments on 
the country’s added circulation of purchasing power 
which will add to public and private burdens. 
But these burdens can be better carried if the 
dislocation produced by the panic is prevented from 
destroying real values in enforced idleness and 
depreciation of plant and product, unemployment, 
and business stagnation. 
Of course added public and private expenditures 
in emergencies must be controlled in such manner 
that new credit issues shall not increase faster than 
the supply of goods. The aim should be an increase 
in real income; that is, the distribution of greater 
quantities of goods on a stable level of prices. To 
achieve this dynamic balance on an expanding pro- 
gram requires the codrdination of data from many 
sources in indexes of production, trade, employ- 
ment and consumption. It will require the coordi-