Evening star., 1928-06-12
TEXT OF PRESIDENTS SPEECH
BEFORE u. S. BUSINESS BODY
Coolidge Lays Stress on Necessity for
Proper Conduct of Nation Finances.
Refers to Economy Policy.

The text OF the Presidents address
before the semi-annual business meet
ing OF the Government last night FOL-
lows:
Members of the Governments Busi-
ness Organization
"It has always seemed natural at
these business conferences to discuss
the finances of the Government In their
relation to national prosperity. While
that relation, I believe. Is exceedingly
intimate. it is nevertheless possible to
place upon 1t altogether too much
emphasis. It Is true that our Gov
eminent has been established and is
conducted for the people. Its finances
should be so administered as to promote
their welfare. Yet the reciprocal duties
OF the people should by no means be
forgotten. The obligation is equally on
them to support the Government with
their services and with their money.
This has to be done not only when
times are good but when times are bad.
The Government of the United States
must always be supported for its own
sake.
'It has been my endeavor. however,
20 70 manage the national finances as
10 secure the greatest benefit to The
people. / have rejoiced in keeping down
the annual budget, in reducing taxes
and paying of the national debt. be-
cause the influence of such action Is
1eit IN every home In the land. 1t has
meant that the people not only have
greater resources with which to provide
themselves with food and clothing and
shelter. but also for the enjoyment of
what was but lately considered the
luxuries OF the rich. We cal these
results prosperity. They have come be-
he 1a. 70
DO their duty. They have refrained
from waste; they have Stunned ex-
travagance. They have paid their debts:
they hive improved their credit. If,
out oi all these efforts, the reward of
prosperit. has come. there is reason
Tor national thanksgiving.
Moral Power of People.
1T would be unfortunate, however,
II out OF these discussions the impress
sion sfaoulG be gained that it is the
obligation Of the government to fur
nish the people With prosperity. They
are entitled TO such an administration
OF their affairs as will give them every
fair opportunity, but it should always
be remembered that If there is to be
prosperity they must furnish it them
selves. Neither should 1t be supposed
that prosperity is something to be wor-
SHIPPED. The moral power of the people
may be just as great. the standard of
character may be just as high, the en-
tire spiritual condition OF the Nation
may be just as good In time Of adver-
sity as In time Of prosperity. 1t all de-
peElcs upon what use Is made of the
rewards Of success. II is always posi-
bic 70 use them extravagantly and in
GiSreputable ways. 1t is also possible
70 use them as the main supports of the
re progress of enlightened civilization.
Prosperity Is only an instrument to be
Used. not a deity to be worshiped.
1T is my firm belief that for the
mcSt part the people Of the United
States are making a proper use Of
their prosperity. When we emerged
from the war with its great burden of
debt and high taxes. It soon became
evident that. although the country ap-
peaTed prosperous. In reality it was
consuming its capital II was neccs-
saYy to bring it back to a condition
where IL would live on its income and
Out OF its surplus restore its exhausted
capital. The first step in that direc-
ton was National Government econ
Omy. To secure this. Budget Bureau
was established by the Congress TO
bring appropriations within our re-
sources. and a comptroller generals
EH4HU&3HflCG
tures within appropriations 1t is seven
years now since this plan went into
effect. The results are far beyond any
thing which could have been foreseen.
The industry and trade Of the United
GtA1es In 1921 were suffering from grave
depression. They had been severely
affected by the inevitable reaction from
the war 1eriod. Our foreign trade was
experiencing a great decline. Produc-
ton had been sharply restricted. There
were many cancellations Of orders.
Bsisaness failures were numerous Rail
way trafic. commodity prices and the
yallse OF securities declined By June,
1921, 70 the lowest point In q decade
Unemployment had reached most dis
QuisAing state. The prevailing feeling
tn the commercial world was one Of
pesainism end profound uncertainty.
Commercially speaking we were at that
time at the bottom OF the pit.
Contrast to 1921.
There is a striking contrast between
ti1ose dark days Of 1921 and the re-
nnagkably favorable position Of our trade
Industry today. II is the human ele-
Igegl1 In the situation that deserves TO
/ be stressed first, and here the question
s6f Unemployment comes strongly 10 the
front In July, 1921. more than 5 ,700.-
600 peor'. were without work In the
United States. Al the present time. ac-
c0F1inR 70 the most careful computation
by the Department Of Labor, the num-
Der & not much more than 800 600
nearly half of whom are normally 70 be
eyf@cted as temporarily unfNuyloyed
While IN transit from one position 10
another. Forces are III operation which
premise 70 tale care of many Of those
who stsll find themselves without re-
nggneyatiye employment
Manufacturing output during tine