Evening star., 1930-05-02

The text of President Hoovers speech
to the United States Chamber of Com
merce last night follows:
Gentlemen Of the United States Cham
Der Of Commerce:
We have been passing through one Of
those great economic storms which
periodically bring hardship and suffer-
ing upon our people. While the crash
only took place six months ago. I am
convinced we have now passed the
worst, and with continued unity of
effort We shall rapidly recover. There
Is one certainty in the future Of q
people Of the resources, intelligence and
character of the people Of the United
States-that Is, prosperity.
On the occasion of this great storm
we have for the first time attempted Q
great economic experiment., possibly one
OF the greatest of our history. BY CO.
and the entire community, business
railways, public utilities, agriculture,
labor, the press, our financial inStitu-
tions and public authorities, we have
undertaken to stabilize economic forces;
| to mitigate the effects of the crash and
to shorten its destructive period. be-
lieve can say with assurance that our
joint undertaking has succeeded to q
remarkable degree, and that 1t furnishes
/
| for unity of action In time Of national
| emergency. To those many business
| leaders present here know that
express the gratitude Of our country
| men.
It is unfortunate. in a sense, that any
| useful discussion Of the problems be-
| hind and before us has to be expressed
wholly in the cold language of econom-
| les, for realize as keenly as any one
AHAk inA itgilY ra1l fhAu mi
| problems in science, but are the most
human questions in the world. They
involve the immediate fears Of men and
women for their daily bread. the we'll
being Of their children, the security Of
their homes. They are intensely per-
sonal questions, fraught with living
| significance to everything they hold
dear. The officers Of a ship in heavy
seas have as deep a consciousness Of
| the human values involved in the pas
sengers and crew whose lives are in
their keeping but they can best serve
them by taking counsel Of their charts,
| compass and barometer, and by devo-
ton to navigation and the boilers. In
| like manner the individual welfare can
best be served by us If we devote our
selves to the amelioration of destructive
forces, for thereby we serve millions OF
our people.
| All siumps are the inexorable conse-
quences of the destructive forces Of
booms. II we inquire into the primary
cause Of the great boom on the stock
exchanges last year, we find 1t rests
mainly upon certain forces inherent in
| human mind. When our Nation has
travelled on the high road to prosperity
| for a considerable term of years, the
natural optimism Of our people brings
into being o spirit of undue specula-
ton against the future. These vast
contagious Of speculative emotion have
| hitherto throughout all history proved
themselves uncomfortable by any device
that the economist. the business man,
or the Government has been able 10
suggest. The effect of them is to divert
capital and energy from healthy enter
prtse-the only real source Of prosperity
to stimulate waste, extravaganza and
unsound enterprise, with the inevitable
collapse In panic.
out Of the great crashes hitherto