3

Does "credit" in the following sentence mean

2) money that you borrow from a bank?

Or

5) a sum of money paid into a bank account?

(OALD)

Finally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order; there must be a strict supervision of all banking and credits and investments.

1
  • I think that credits here is an archaic term (to us - it wasn't in 1933) that means something along the lines of a credit union. You'd need an economist or economic historian to answer this, it's a question about jargon rather than English. Commented Oct 14, 2011 at 5:11

1 Answer 1

3

It looks like meaning #2 is more applicable than #5. That is, the closing list is more suggestive of "banking, borrowing, and investments" than of "banking, assets, and investments". Where is the quotation from?

Update 1 - Given the source[1] and given Optimal Cynic's remark associating 'credits' with 'credit unions', it appears neither #2 nor #5 above are applicable.

If the sentence is taken as calling for strict supervision of banks, credit unions, and investment companies, then the three elements of the list all are consistent with the next phrase, regarding "an end to speculation with other people's money."

[1] ¶12 of FDR's first inaugural address, as at www.bartleby.com:

Finally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order; there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people's money, and there must be provision for an adequate but sound currency.

2
  • It's from Roosevelt's first inaugural address. Commented Oct 14, 2011 at 5:09
  • I asked an economics buff and he pointed me to a statement a few paragraphs earlier in the speech: "Faced by failure of credit they have proposed only the lending of more money." His conclusion was that FDR was using "credits" in the sense of "loans", so meaning #2 is correct. Commented Oct 14, 2011 at 9:25

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .