The Washington times., 1923-06-29
BUSINESS
THRIVING,
He SAYS
Continued from First Page.)

Continued from First Page)
ness were given ONE ground for
hone the winter would be marked by
privation and differing to scale
unprecedented by the history OF our
people.
"These conditions involved men,
ace to society. Europe was torn with
distractions and revolutions, dis
tressed with the fear Of future wars
and buried with debt. A small min.
GRITTY of extremists sought to draw
our own country into the maeltr.
Otrom of social Reorganization.
Earnest men in Europe were solemn
" discussing whether civilization
would survive and thoughtful people
everywhere realized that IL America
should be swept into the vortex the
disaster would be irreparable. shall
not tell you about the many anxious
hours the Cabinet devoted to these
conditions.
Avoided Paternalisnl.
MANY sincere people pleaded that
the Government provide unemploy-
ment doles from the public treasury.
That policy had been adopted in
many European countries with re-
suits which did not commend them
selves. We believed it could and
should be avoided.
1--WE based our belief on certain
convictions about that unique. com.
bination of altruism and common
sense Of generosity and hardheaded.
ness which always has been charac-
teristfc of Americans. The Govern.
nent proceeded to do everything in
its power to better conditions. The
policy of public finance which had
kept the hand Of Government in the
tills OF the bankers, filching away
from them the resources which bust
ness 30 desperately needed was re-
versed Business was given a tardy
chance to get the money it needed.
"A series of reductions in the
Federal Reserve discount rate was
inaugurated. Sagacious and some
times unpopular gentlemen were set
at work pruning down the person
mel and expenditure Of Government.
The budget system was inaugurated.
Measures were adopted to tighten
the taxation load and distribute it
more equitably. An international
conference for reduction Of arma-
ments and some menacing causes Of
war was started.
"The Federal Farm Loan Board
WAS provided with funds in order
that 1t might resume loans to farm.
ers. The War Finance Corporation
was given a cpedit of $500. 200. 900
and sent out to relieve the agricul-
t1ral community.
Summoned Community.
1--WE summoned the whole COM
munity to take Itself by its eco.
nomic boOtstraps and lift itself out
80 4naA r1~ - a.
which 1t was fast n1iring down. A
national conference on unemploy.
ment was called The whole bust.
ness field was surveyed to deter
mine where more employment could
be found and to get man and Job
together. Appeal was made to
every employer to find work for as
many people as possible. Munici.
palities pressed public Improvement
works. Every employing interest
was appealed to to do IL now
All United I'm Effort.
Emergency committees were
established all over the country by
Industries and municipalities to help
organize. Labor and capital, en-
ployer and employees, united in q
common effort which proved to be
one OF the finest demonstrations Of
applied altruism and intelligent un.
selfishness that has ever been 40.
complished on a like scale. Onr
policy was to educate the people to
help themselves.
Looking back a scant two years
from our present pinnacle Of pros
perity, it rs not easy to realize how
far we have gone. Whatever had
been accomplished was made posi-
- H~w1 -
firm confidence in the capacity of
the people to take care Of them.
selves II they were given q fair
chance in their aspiration for indi.
vidualistic freedom in preference to
mass control. We thought we knew
the American people and we guessed
correctly.
II think the national mobiiiza.
ton voluntarily accomplished was
no less an accomplishment than the
great cooperation to win the war
It was brought about by q sum.
mons to sense and sanity. The
method was unique among the pro.
cedures adopted by nations in that
after-war crisis.
Started Experiments.
Some Of them concluded civiliza.
ceeded to new and strange expert.
ments. Some entered upon the
way OF communicate organization or
disor organization. Some plunged into
socialistic projects. Some entered
upon initiation and currency de-
basing, running their money systems
in order to produce a momentary
but dishonest impression Of pros
perity. Yet others committed them
selves to the assumption that the
cure for the disorders of peace was
more war. One need not recount
the misfortunes that have followed
upon the collapse of social organiza
ton and industrial capacities ir
some countries, nor upon the wreck
OF financial systems and the de
struction OF investments in others
or the industrial paralysis that II
some places has followed upon al
rect contributions from the Stat,
treasury.
We have little occasion to rexra
mat our own country disappointed
those who wished to engage II
similar bizarre programs. II ou
procedures have been rather plail
and old.fashioned they have We
produced results that justify prid
and require no ApoloRiaa