Evening star., 1921-07-12
WORLDDEPRESS|ON
IS HOOVER foP|C
Secretary Points Way to
U. S. Recovery in Speech
to Leather Men.
TELLS OF EUROPE'S PLAN
By the Associated Press,

By the Associated Press.
BOSTON. July 12.-Reeovery from
economic depression in the United
States as well as abroad depends
upon courage and applied intelli-
gence and the return to primary viz
tues of hard. conscientious toll snd
economy in living.is Secretary Hoover
declared here today in an address
before the national shoe and leather
exposition.
"rhere may be no srecovery &om
these hard times for A1any years. to
CONE CONE, Mr.; , Hoover aaid, i,,xs III we
abroad. = The hard timeA that knock
at every cottage door 'came from
Europe. No tariffs. no embargoes.
no navies. no armies can ever de-
fend US from these invasions. Our
sole defense is the prosperity of our
neighbors and our own commercial
skill. The recovery Of our foreign
trade can march only in company
with the welfare and prosperity of
our customers"
Europe's Efforts to Recover.
Discussing efforts in Europe to recover
from the wealth destruction of the war.
the Secretary said that "in the rein
forcement of their marketing machinery
many Of the governments are stimulat-
ing the consolidation of banks and man.
ufacturing concerns"
Governmental and government EN-
couraged combinations are being ere
ated." he said. Ito control exports and
imports to exploit foreign markets. They
are seeking special concessions for de-
velopment and trade throughout the
world. Altogether. these policies COM
prise militancy in commercial expan-
sion that compares with Elizabethan
England.
ANY improvement in European pro-
duction of manufactured goods will ia
vorably affect our market for raw mate
rials. such as cotton and copper. l 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 surest road to con-
tinued high wages and the surest safe
guard against unemployment is to re-
move every restriction on effort. This
must extend from our mines to the rail-
ways. to the factories. to the wharf and
to the ship. 1t means smaller profits.
1t means that We must have ultima tely
much lower transportation rates. 1t
means we must have better organized
marketing machinery abroad under
Americans. 1t means the establishment
or adequate short-time credit machinery
and much more care in foreign risks
than our merchants have shown in the
last twelve months.
Lift Commerce Burdens.
TT means the government must re-
move as quickly as possible those un-
necessary domestic burdens upon
commerce to which the government Is
party. by the reorganization Of our
tax system. the settlement Of the tariff
question. the reduction in government
expenditure through the reorganiza-
ton OF the federal government,
through reduction Of armament and
through reduction of Shipping Board
losses and by the settlement by the
government of the outstanding claims
of our railways. 1t means we must
cease trying to drive American ship
owners off the sea with tax-paid ship
ping losses. l am satisfied we can hold
our markets. our higher standards of
living and of wage If we will all put
our backs into it," :.
Discussing the foreign debt owed
to the United States. and it's citizens,
which he placed at between thirteen
and fifteen billions of dollars" Mr.. |
Hoover said: |
III we stop giving more credits and |
demand payments of interest on debts |
due our govefnment our exports will !
further decline. and the decline will |,
lind its Interpretation in more unem- |
ployment among our own people and |
more displacement of our industries
am confident our debtors can eventu-
ally carry the debt due to u.s." !