Arizona republican., 1921-07-13
HARD WORK AND ON[Y' SOL ] I I0N FUR
 SLUMP
IRepubIican A. P. Leased wirel

BOSTON. July 12.-Recovery from economic depression in the United States as we'll as abroad depends upon courage and applied intelli- gence, and the return to primary yir- tues of hard. conscientious toll and economy in living" Secretary Hoover declared here today in an address be- fore the National Shoe and Leather exposition
 these hard times for many years to come,'' MT. Hoover said. If we neg lect our economic relations abroad. The hard times that knock at every cottage door came from Europe. No tariffs, no embargoes, no navies, no armies can ever defend us from these invasions. Our sole defense is the prosperity of our neighhors and our own commercial skill. The recovery of our foreign trade can march only in company with the welfare and prosperity of our customers"
 Discussing efforts in Europe to re- cover from the destruction of the war, the secretary said that .'in the reinforcement of their marketing machinery many of the governments are stimulating the consolidation of banks and manufacturing concerns
 Governmental and government encouraged combinations are being created" he said. Ito control exports and imports, to exploint foreign mar kets. They are seeking special con- sessions for development and trade throughout the world. Altogether these policies comprise militancy in commercial expansion that compares with Elizabethan England.
 Any improvement in European production of manufactured goods will favorably affect our market for
 raw materials such as cotton and copper. 1 am confident there will be a return to pre-war demand for these.
 But as to our manufactures, we must get production costs down. The sur
 est road to continued high wages and the surest safeguard against unem-
 ployment is to remove every restric- 1 tion on effort. This must extend l from our mines to the railways, to the 1 factories, to the wharf and to the ! ship. It means smaller profits. Il means that we must have ultimately much lower transportation rates. II | means we must have better organ l ized marketing machinery abroad un- der Americans. It means the estab- I tlishment of adequate short time cred it machinery. and much more care I in foreign r1SkS tndn our TneTcndnts
 have shown in the last F months
 'It means the government must re- move as quickly as possible those un- necessary domestic burdens upor commerce to which the government I is party, by the reorganization oi our tax system: the settlement ot I the tariff question. the reduction il goyernment expenditure. and by the l settlement by the government of the l outstanding claims of our railways I 1t means we must cease trying tt l drive American ship owners off th'
 sea with tax-paid shipping losses.
 am satisfied we can hold cur mar ! kets. our higher standards Of hvins
 and of wage, if we will all put ou Backs into it.'
 Discussing the foreign debt owed t
 the United States and it's oiJ.zens
 which he placed at "between thirteel and fifteen billions of dollars" MI
 Hoover said:
 If we stop giving more credits. am
 demand payments of interest on debt . due our government, our exports wi , further decline. and the decline vii find it's interpretation in more unem : pfoyment among our own people an more displacement of our industries , I am confident our debtors can even tually carry the debt due to us.''