Evening star., 1930-12-02


countries and have diminished the
buying power OF these countries Tor
imported goods to o degree which
extended the difficulties farther
afisld by creating unemployment IN
all the Industrial nations. Thu polit-
irnl agitation in Asia; revolutions in
south America and political unrest
in some European States; the meth
DDS of sale by Russia OF her ircress-
ing agricultural exports to European
markets: and our own drought t--havee
all contributed to prolong and
deepen the depression.
In the larger view the major
forces of the depression now lie
outside cf the United States, and
our recuperation hes been retarded
by the unwarranted degree ot fear
and apprehension created bJ these
outside forces.
Indexes Encourage Belief in
Early American Recovery.
The extent of the depression Is
indicated by the following apprcxl-
mate PERCENTAGES Of activity during
the past three months as compared
with the highly prosperous year OF
1928:
value of department store :, ,oos
Volume of manufacturing an. :, ,o,s
production .........,.,.. oU'o oA AS@0
Volume OF mineral produc- 49, :, ,ooe
volume blum Of factory employ 49,. . ,o,.
Totsi ehe Of bank deposits. 1o5fs Of 1928
Wholesale prices-all COM ..,, :. ,a,e
Cost OF living ............. e4'o OF 1898
Various. ether indexes indlcaIe
total r1onronSn Of activity from lSEo
of from Is to 20 per cent.
There are many factors whlcn give
announcement for the future. Inc
fact that we are holding from NJ 70
35 ner cent of cur normal actlvitleS
and incomes; that our major nren-
ciaI and industrial institutions nave
come through the storm unimpalreo'
that price levels of major commoo-
titles have remained approximately
stable for some time; that num-
Der of industries are showing Signs
of increasing demand; tnaC tne
world at large is readjusting ltsel. 10
the situation; all reflect grounds Tor
confidence. We should remember
that these occasions have been met
many times before, that they are
hit temporary, that our country S
TO-DAY stronger and richer In re-
sources. in equipment, in SIKH, than
ever in its history. We are in an
extraordinary degree self lf-sustalnlng,
we will overcome world innuencsS
and will lead the march OF prosper
ity as we have always done hitherto.
Faith and Courage Need
Amcng individuals.
Economic depression can no. be
cured by legislative action or
executive pronouncement. Economic
wounds must be healed by the acticn
, of the cells Of the economic body
the. producers and consumers tnem.
selves. Recovery can be expedited
and its effects mitigated by coopera-
tive action. That cooperation re-
utiires that every individual should
sustain faith and courage; that eacn
shotlld maintain his self-reliance;
that each and every one should
search for method Of improving nus
business or service; that the vast
majority whose income Is unimpaireo
should not hoard out OF fear but
should pursue their normal living
and recreations; that each should
seek to assist his neighbors Who may
be less fortunate; that each INDUSTRY
should assist its own employees; that
each community and each State
should assume its full responsible
tiles for organization Of employment
and relief of distress with Lilat
sturdiness and independence which
built a great Nation.
Our people are responding to these
impulses in remarkable degree.
The best contribution of govern
ment lies in encouragement OF this
voluntary cooperation in t1e COM
munity. The Government, National,
State. and local. can join with the
community in.such programs and DO
its part. Asyear ago I, together with
other eficers Of the Government,
initiated extensive cooperative meas
ures throughout the country.
Employers Help TO Maintain
High Living Standards.
The first OF these measures was an
agreement Of leading employers 10
maintain the standards oil wages
and of labor leaders TO use their m
fiuence against strife. In iargs
sense these undertakings nave oeeh
adhered TO and we nave nh wt-
messed the usual reductions OF WAGES
which have always heretofore marked
denressions, The index of union wage
scales shows them to be today tully
I'M to the level of any OF the pre-
viols three years. In consequence
the b,lying power of the country mas
been much larger than would otner.
wise have been the case. OF equal
Importance the Nation has mao un-
usual peace in industry and freedom
from the public disorder which mas
characterized previous depressions.
The second direction OF coopera-
ton has been that our governments
National, State, and local, the INDUS
tries and business SO distribute em-
ployment as to give work 10 tne
maximum number Of employees.
The third direction OF cooperation
has been to maintain and eyen ex-
tend construction work and better
ments in anticipation Of the future.
1t has been the universal experience
in previous depressions that public
works and private construction have
fallen off rapidly with the general
tide of depression. On this occasion,
however. the increased authorization
and generous appropriations by the
Congress- and the action OF states
and municipalities have resulted In
the expansion Of public construc-
tion to an amount even above tnat
in the most prosperous years. In
addition the cooperation OF pubic
utilities. railways, and other large
= organizations has been generously
given in construction and betterment
work in anticipation CT future need.
The Department Of Commerce ad-
yjses me that as result, the volume
OF this type Of construction work,
which amounted to roughly $4,000
600 900 in 1929. instead Of decreas.-
ing will show "a total Of about
$1,000 100000 for 1880. There has.
OF course, been substantial decrease
in the types Of construction which
could not be undertaken in advance
of need
Suffering Held at Minimum
by Splendid Cooperation.
The fourth direction Of cooperation
was the organization In such States
and municipalities. as was deemed
necessary, Of committees TO organise
local employment, to provide for em-
a A.