...even in these trying times. But while faith in our banks is fully justified, it now rests unduly on the fact that troubled banks can turn to a governmental lender of last resort. It goes without saying that the discount facility is available for use and that it should be used when...

...faith by the average man that his money was safe rested not so much on confidence in the banks, but "on the fact that troubled banks can turn to a governmental lender of last resort." The bankers grumbled then (as they do now) that Burns' speech was not "constructive," and merely caused...

...justly described as beins in trouble." But he also said faith in the banking system,"now rests unduly on the fact that troubled banks can turn to a governmental lender of last resort." such as the Federal Reserve System. Burns didn't spell out any details of the proposed overhaul ol the bank regulartory...