The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1931-12-11
HOOVER'S MESSAGE POINTS WAY
F0RTIFY GOVT AND BUSINESS

will sur taxpayers of its TEN.
porary character. Even with in.
creased taxation, the government
will reach the utmost safe limit
of its borrowing capacity by the
expenditures for which we are al
ready obligated and the recommen-
dations here proposed. To go furth-
err than these limits in either ex-
penditures, taxes or borrowing will
destroy confidence, denude com
MERGE and industry of its resourc-
es, jeopardize the financial system
and actually extend unemployment
and demoralize agriculture rather
that relieve it."
Mr. Hoover also presented the
broad outline of an emergency re
construction corporation" like the
former War Finance corporation.
1t would finance exports, agricul-
ture, industry, railways and finan-
cial institutions and would be liq-
Undated after two years. He pro-
posed the federal government sub
scribe reasonable capital" to it.
The amount of capital contemplat-
ed was not revealed, though unof-
fetal reports have been that it
would be about $1,000, 900, 900. 1t
would not overlap the recently
formed $500, 600, 600 National Credit
corporation organized to aid banks.
1--WE must put some steel beams
in the foundation of our credit
structure" the president said.
This recommendation, Mr.. Hoo
yer said, was made Gin order that
the public may be absolutely as
sured that the government may be
in position to meet any public ne
cessity."
Mr.. Hoover added that it might
not be necessary to use this instru-
mentality very extensively.
Liberate Resources
"The very existence of such a
bulwark will strengthen conf
dence," he said. Its purpose is
that by strengthening the weak
spots to thus liberate the full
strength of the nations resourc-
es."
without making predictions, NJ.
Hoover indicated confidence in the
future.
"The time is ripe for forward
action to expedite our recovery"
he said. "If we a put our finan-
cial resources to work and can
ameliorate the financial situation
in the railways, l am confident we
can make a large measure of re
covery independent of the rest of
the world. A strong America is the
highest contribution to world sta
bility."
Mr.. Hoover declared he was OPP
posed to general tariff revision.
"Such action would disturb in
dustry, business and agriculture"
he said. at would prolong the de-
preston"
Opposes "DoIe"
He also registered unqualified
opposition to any direct or in
direct government dole. There
were no specific unemployment re-
lief recommendations though Mr..
Hoover said that through the gov
eminent construction program, the
federal payroll and veterans aid
the federal taxpayer is contribut-
ing directly to the livelihood of
10, 900, 900 citizens. The presidents
unemployment committee, he said,
"gives assurance against suffering
the coming winter.
Prohibition was not mentioned
the message.
Because of its bearing on the
depression, the oncoming presi-
1ential election and the evenly
divided congress with it's demo-
ratic-controlled house, this mes
;age was awaited with exceptional
interest at the capitol.
"a summary of the points and
principles of the Presidents mes
age will be given next issue.)