Evening star., 1931-12-12
PRESIDENT PLEADS
.. FOR COOPERATION.
Outlines IL Principles in Ask
ing United Action for Real
ization of Plans.
CONTINUED From First Psge3


cality in the country had reported it
could take care Of its own INDECENT and
unemployed. The appeal for local re-
lief funds, he said, has met with a re-
sponse unparalleled since the war.
The expenditure of more than $50
600 900 a month by the Government on
construction projects viii go on, as its
bit toward employment Part-time work,
said the President is giving aid to mil
lions otherwise without resources.
Upon the Reconstruction Corpora
tion Mr.. Hoover said he relied to give
new confidence to agriculture, industry
and labor against paralyzing influences
and shocks, and also to reopen credit
channels which will assure normal
working of the commercial fabric.
This program" he concluded, will
affect favorsbly every man, woman and
child-not a special class or any group.
To re-establish normal function
ing is the need Of the hour"
Text of Statement.
The text Of the Presidents statement
follows:
In my recommendations to Congress !
and in the organizations created dur
ing the past few months there is a |
definite program for turning the tide of
defiation and starting the country upon
the road to recovery. This program has
been formulated after consultation with |
leaders of every branch of American |
public life, of labor Of agriculture, of |
commerce and of Industry. A consid- |
cradle part Of it oapends on voluntary |
organization In thu country This is |
quires legislation " is a non-psrtlSan |
program. I am interested in its prin- !
ciples rather than It's details. / appeal /
for unity Of action for its consummation. |
The major steps that we must take |
ere domestic. The action needed is in |
the home field, and it is urgent While |
re-establishment of stability abroad is
helpful to us and to the world-and l
am confident that it is in progress-yet
we must depend upon ourselves. If We
devote ourselves to these urgent doInes-
tic questions, we can make very large
measure of recovery, irrespective Of for
eign influences.
Reviews Major Parts.
THAT the country may get this pro-
gram thoroughly in mind, I review its
major parts:
u. Provision fer distress among the
unemployed by voluntary organization
and united action of local authorities in
cooperation with the Presidents un-
employment relief organization, whose
appeal for organization and funds has
met with a response unparalleled since
the war. Almost every locality in the
country has reported that it will take
care Of its own In order to assure
that there will be no failure to meet
problems as they arise, the organization
will continue through the Winter
p, Our employers are organized and
will continue CiUa r1ar fV,aa |
instead Of diScharging portion of their
employees. This plan is affording help
TO several million people who otherwise
would have no resources. The Govern
ment will continue TO aid unemploy-
ment over the Winter through the large
program of Federal construction now
in progress. This program represents
an expenditure at the rate Of over
$50 600 900 a month.
50. The strengthening Of the Fed
eral land bank system IN the interest |
OF the farmer.
a Assistance to home owners, both |
agricultural and urban, who are in |
difficulties in securing renewals of /
mortgages by Strengthening the country
banks, savings banks, and building and |
loan associations through the creation
Of system of home loan discount
banks. By restoring these institutions
to normal funcuoning, we will see a
revival in employment in new construc-
ton.
Other Financial Aids.
IS. Development of plan to assure
early distribution TO depositors in closed
banks. and thus relieve distress among
millions Of smaller depositors and
smaller businesses,
8. The enlargement under full safe
guards of the discount facilities OF the
Federal Reserve Banks in the interest |
OF more adequate credit system. /
Z. The creation for the period Of |
the emergency Of a reconstruction
finance corporation to furnish necessary
credit otherwise unobtainable under |
existing circumstances, and so give con-
hdence to agriculture, to industry and 4.
TO labor against further paralyZing in
huences and shocks. but more especially
by the reopening of credit channels |
which will assure the maintenance and |
normal working Of the commercial
fabric
g. Assistance to all railroads BY pro-
lection from unregulated competition,
and TO the weaker ones by the forms-
ton Of a credit pool as authorized by
the Interstate Commerce Commission,
and by other measures. thus affording
security 10 the bonds held by our in
surance companies, cur savings banks
and other benevolent trusts. thereby
protecting the interest Of every family
and promoting the recuperation of the
railways
Revision OF Bank Laws.
"e The revision Of our banking laws
50 as better to safeguard the depositors,
10. The safeguarding and support
OF banks through the National Credit
Association, which has already given
great confidence to bankers and ex-
tended their ability to make loans TO
commerce and industry
IL. The maintenance OF the public
hnancs on a sound basis
"ta) BY drastic economy.
'io) ReSolute opposition to the en-
!argement Of Federal expenditure un-
til recovery
"tC) A temporary increase in taxa
con, so distributed that the burden !
may be borne in proportion to ability |
ID pay amongst all groups and in such |
iashlon as not to retard recovery,
IL. The maintenance Of the Amer |
!can system of individual initiative and
Individual and community RESPONSE !
bility.
The broad purpose of this program !
is 70 restore the old Job instead of
create made job, TO help the worker
st the desk as we'll as the bench. to
restore their buying power for the farm
ers' products-in fact. turn the proc
esses Of liquitstion and denation and
start the country forward all along
the line
This program will affect favorably
every man, woman and child-not a
special class or any group. One of its
purposes is to start the, flow Of credit
now impeded by fear and uncertainty.
to the detriment of every manufacturer.