The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1931-06-16
Is It HOOver's KEYNOTE?

Formerly G.. Logan Payne Co.
CHICAGO NEW YORK BOSTON
Is 1t HOOver's Keynote?
Monday evening President Hoover addressed the In
diana Republican Editors association. His speech had
the ring Of a campaign keynote. It's pitch was optimistic.
He spoke with rather dangerous finality when in the in
PRODUCTION Of his address he said:
1--WE have come out of each previous depression into a
period of prosperity greater than ever before. We shall
do so this time"
President Hoovers guess is probably a little better than
most mems as his position makes available economic
data denied the rest Of us. But the president has been a
poor prophet on economic recovery and on several &C.
casions has told the nation that prosperity was just
around the corner.
He lifts the onus Of the economic slump from his
administration by declaring that 1.-THE long continuance
Of this depression came not from within but from out
side the United States"
President Hoover declares that had wild speculation,
stock promotion, loose business methods and drought
been the only factors of business depression, economic
convalescence would have been complete months ago.
'Malign inheritances in Europe of the Great War; is
the door at which President Hoover and leaders Of the
Republican party place depression and without these
inheritances President Hoover declares: I'VE would have
no such depression"
Thus Hoover takes hard times out of 1882 national is
sues and DEGREES, for Republican ends at least, that the
depression is an international complication.
But the Republicans undoubtedly will not be able to
ascribe the situation wholly to international conditions Or
explain it away as an aftermath of the World war.
There is still to be explained the operation of the
Hawley- Smoot tariff. Confronting the Republican party
too, are the ineffective and expensive operations of the
federal farm board, recently curtailed.
49,
After promising his address with a statement upon
world conditions and charging to them depression, the
blight of which stretches from all quarters of the globe
to every business place and every cottage door in our
land the president qualities his contentious somewhat
by saying that the United States, economically speaking,
is more self-contained than any other great nation and
that with the passing Of temporary dislocatiors and
shocks We can and will make a large measure OF recov-
cry irrespective of the rest Of the world He points
to the recovery in 1921 to substantiate his prediction.
Reduction of foreign trade, he attributes to world dis
ruption rather than to the tariff. He declares It's shrink
age amounts to only 2 or 3 per cent of our total produc-
tivity.
After citing that the depression has come from with
out and not from within the United States, there is the
rather inconsistent reference to an internal shrinkage Of
production amounting to ten or twelve billions, but he
explains this as the reflex result of foreign effects upon
prices of commodities and securities and, repeated
shocks from political disturbance and revolution in for
eign countries"
Then he strikes at his political opponents in this:
"These fears and apprehensions are unnecessarily in
creased by that minority Of people who would make po-
litcal capital out of the depression through magnlfying
our unemployment and losses"
This is rather an unhappy statement. There has been
an understatement in the press and from the platform
both on general economic conditions and unemployment
The chief offenders have been the federal bureaus whose
figures upon unemployment and general business condi-
tons have been challenged in many quarters as being
politically optimistic.
Both Republicans and Democrats have always seized
upon hard times to garner votes and to make political
capital. President Hoover has been treated much more
kindly than was President Cleveland. In fairness to him,
it must be said the Republican party cannot be blamed
for all the depression. The depression will be used as a
political issue to attract support and, justly or not, the
Republican party will be abused and maybe defeated If
the bread line does not shorten before November Of
next year. The Republican party is largely to blame for
this assumption because for years its leadership has pic
tured their party and the full dinner pail as being synony-
NOUS. It is refreshing to hear economic conditions dis
cussed upon another basis.
President Hoover presents the other and more valu-.
able side of the economic picture when he declares that
p5 per cent "of our families have either an income or
a breadwinner employed" His emphasis upon the various
steps taken toward economic recovery are timely and
should prove helpful. He says: "our people are working
harder and are resolutely engaged, individually and COL
1ectively in overhauling and improving their methods and
services"
He brings too the hopeful message that "the underlying
forces Of recovery are asserting themselves"
There Is a decided bid for votes In this: I'VE have
steadily urged the maintenance of wages and salaries,
preserving the American standards Of living, not alone for
its contribution to the consumption of goods but with the
far greater purpose OF maintaining social goodwin
through avoiding industrial conflict"
Contributions toward alternating the depression are
touched upon in detail. There is no doubt but that
prompt action by the federal reserve system, treasury
fdepartment and other agencies Of government did avert
q panic and "its hurricane Of bankruptcy" In this res
pect President Hoover doubtless has done as good a job
as was possible under conditions which no administration
has ever before faced. It is the first time, in history as
he says. that the federal government has taken an lex
and positive part in mitigating the effects Of de-
me@ion and e~xpediting recovery"
There is q timely warning In this: Some tinid peo-
,rle. black with dispair, have lost faith IN our American