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I heard a discussion once between him and the President about whether or not they ought to get a guarantee from one of the companies who got money from the RFC to fish them out of trouble to put so many men to work. He was in favor of the idea that they should put people to work, but he very practically pointed out that you just cannot pick a figure in advance which will be practical. However, he took that into consideration in the advisability of a loan, took it as one of the major items of consideration. If they got the loan they should have a program in mind, which he and his examiners carefully studied, which would not only set the wheels going, but would put people to work within a reasonable length of time. Jones, with a purely business background and a commercial attitude towards making two dollars grow where one grew before, nevertheless was very liberal in the kind of things that he would lend money to.

You ask if I would call him a philosophical New Dealer. Well, I never knew what a philosophical New Dealer was myself and I never knew what a New Dealer was. I never met one, so far as I know. It has no philosophy. what I thought was new about the people who came in and were stuck with the phrase “New Deal” was a kind of general humanitarian impulse, but a general impulse,