28 The Stock Market Crash—And After
oped rapidly in the last few weeks, so that this
assurance is present. This is shown by the Treasury
refunding today of $325,000,000 at 314 per cent,
against its last borrowings at 47 per cent, not
long ago. This is probably the most extraordinary
 change ever recorded in Treasury operations
between transactions.
“Fifth, that industry, in being assured of available
capital requires then only the vision and courage to
proceed.”
The temporary speeding of public works does not
mean merely assurance of increased employment in
the cement, steel and building industries. Manifestly
 there could be no wholesale transfer of the
unemployed from shops and unrelated industries
into building, even though that building were distributed
 throughout the states.
But buildings have to be furnished. Architects
and their staffs are employed. The makers of office
furnishing, plumbing and other building equipment
feel the fresh demand and take on new help.
Housing is stimulated. The furniture dealers, carpet
 and rug makers, hardware dealers, radio and
washing machine makers, and numberless other contributors
 to house furnishings feel the stimulus of
new demands and add to their pay rolls. The workmen
 in all these industries promptly spend their
added total of wages for food, shelter and clothing,
so that very quickly the vivifying impulse of new
capital outlays is felt in all branches of industry
and trade.
These outlays might be made directly from the