Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-07-13
NEED HARD TOLL
AND ECONOMY To
RELIEVE SLUMP
Hoover Gives Recipe for
Recovery From Economic
Depression in the U. S.
As Well As Abroad.
(By The Associated Press.)


Boston, July 12.-Recovery,
from economic depression in the
United States as we'll as abroad de-
ponds upon courage and applied
intelligence and the return to pri-
mary virtues of hard, conscientious
toll and economy in living Sec
rotary Hoover declared here today
in an address before the National
Shoe, and Leather exposition.
There may be no recovery from
these hard times for many years to
come" Mr.. Hoover said, IF we
neglect our economic relations
abroad. The hard times that
knock at every cottage door came
from Europe. No tariffs. no en-
bargoes, no navies. no armies can
ever defend us from these inva-
sions. 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 Gus
toner's
Discussing efforts in Europe to
recover from the destruction of
the war, the secretary said that I'm
the reinforcement of their mar
keting machinery many of the gov
i, ernments are stimulating the con-
solidation and banks and manu-
featuring concerns"
Seek Special Concessions.
Governmental and government
encouraged combinations are be-
ing created" he said. to control
exports and imports. to exploit
foreign markets. They are seek
! ing special concessions for develop
ment and trade throughout the
world. Altogether these policies
comprise a militancy in CONNER
cial 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. / am confident there
| will be a return to pre-war demand
| for these. But as to our manu-
| features we must get production
! costs down. The surest road to
! continued high wages and the
surest safeguard against unemploy-
ment is to remove every restric-
ton on effort. This must extend
| from our mines to the railways, to
| the factories, to the wharf and to
| the ship. 1t means smaller profits.
| It means that we must have ulti-
mately much lower transportation
rates. 1t means we must have bet
| ter organized marketing machin-
cry abroad under Americans. 1t
means the establishment of ade-
ouate short time credit machinery,
and much more care in foreign
| risks than our merchants nave
shown in the last twelve months.
Remove Domestic Burdens
at means the government must
remove as quickly as possible those
unnecessary domestic burdens
upon commerce to which the gov
| eminent Is party. by the reorgan-
| ization of our tax system; the set
| Element of the tariff question. the
reduction in government eXpendi-
ture 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 shipping losses.
| am satisfied we can hold our mar
/ kets, our higher standards of liv-
ing and of wage. if We will all put
our backs into it."
Foreign Debt Owed q. S.
Discussing the foreign debt owed
| to the United States and its citi-
zens, which he placed at between