Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-03
HOOVER ANSWERS !.
CRITICS IN ADDRESS.
Takes Issue Before Bankers
With Those Who Dwell on
unhappy Features"
Continued From First Page0

NOOAANt4AoCQ - AOlAl ASO a aoStI
those who believe American standards
Of living should be lowered.
Personally replying to opposition
campaign declarations for the first time,
Mr.. Hoover asserted before the Amer
lean Bankers Association in Cleveland
last night there were several folks in
the political world who resent the
notion that things will ever get better
and who wish to enjoy our temporary
misery"
To relate to these critics that the
Government is cooperating with the
people to improve conditions and that
the United States economic suffering
Is far less than that in other countries,
he said, only inspires the unkind retort
that we should fix our gaze solely upon
the unhappy features of the decline"
Replies to Banker.
Just before going to tn auditorium
to deliver his speech the p. esdent made
a last minute addition to his text ir
which he took vigorous exception to
remarks of a banker delegate who was
quoted as saying American living stand
ards should be on a lower plane. t-
ITO that I emphatically disagree"
the President asserted amid applause,
and added: ANY retreat from our
American philosophy of constantly
increasing standards of living becomes
q retreat into perpetual unemployment
and the acceptance of cesspool OF
poverty for some large part of our
people"
The auditorium, scene of great
political gatherings in the past, was
filled during the Presidents, 35-minute
address. It's seating capacity is esti-
mated at something over 10000. Addi-
tional hundreds heard the speech
through amplifiers in an adjoining hall,
while millions of radio listeners caught
1t from Nationwide broadcasting
chains.
A group of self-styled Communist
demonstrators, carrying banners, march,
ed from the public square to the audi
forum during the speech, but they were
quickly dispersed by police.
Left Cleveland at Once.
Immediately after the speech, the
resident boarded his special to make
me return trip to Washington.
ANY recession in American business
j but a temporary halt in the pros
sssrity of a great people" the President
sASd his audience. He expressed con-
Fence In an early recovery, said the
5ankers should play a leading part by
supervising a wise flow of credit, and
an ample supply OF credit at low IN
terest rates already was available
through cooperation of the banks and
the Federal Reserve system.
"Our present experience in relief" he
said, should form the basis of even
more amplified plans in the future. But
in the long view the equally important
thing Is prevention. We would need
have less concern about what to do in
bad times If We discovered and erected
in good times further safeguards against
the excuses which lead to these
depressions."
Although he did not believe the Amer
lean form of Government could solve
economic problems by direct action" -
the President indicated he might favor
q reduction in the capital gains tax and
revision of certain sections Of the trans
portation act rs safeguards against,
future business ills. - De
Transportation Act.
He said an inquiry might develop
that our system Of taxes upon capital
gains directly encourages imitation by
strangling the free movement Of land
and securities"
AS for the transportation act, he
asserted: During a period Of depression
the soundest and most available method
of relief to unemployment Is expansion
of public works and construction, in
these private industries is about four
or five times that in public works.
During the present depression these
industries have done their full part, but
especially the railways have been handi-
capped by some provisions of the trans
portation act of 1920. With wider public
vision the railways could be strength
ened into greater balance wheel of
stability. We have need to consider all
Of our economic. legislation. whether
banking, utilities, or agriculture, or
anything else, from the point of view
Of its effect upon business stability"