Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-09
Buckling Down to the Job.

Buckling Down to the Job.
That America. with the rest of the
world, faces conditions grayely menacing
the industrial, financial and economic
systems OF today is a fact which the
Nation must by now recognize. Despite
unimpaired and more than adequate ma
tional resources; despite general
recognition that the defiation of the
past two years has been carried to eX-
cess; despite a financial pre-eminence
never before achieved by any nation-a
crisis of vastly greater significance than
cyclical depression must be faced. That
crisis involves every leading nation in
the world International credits are
dislocated. International trade is stag
nant These worldwide conditions have
reflected themselves in internal weak
nesSes in America as in other countries.
The dumping of American securities
upon a falling market by foreign hold
ers and the depreciation in value OF
American-held foreign bonds have
placed q severe strain upon the finan-
cial structure of our country. The bank
ing institutions have perforce in turn
unloaded securities held in their vaults
as collateral against the weakest loans
to their customers, and this process has
necessarily tended to depreciate the
value of other collateral held by them,
constituting a dangerous progression.
With credit curtailed and demand for
goods low, our national industries have
naturally shortened their commitments.
With a majority of our industrial units
slowed up, the purchasing power and in
clination Of the average American citi-
zen has fallen. With that condition
established the picture as it exists to-
day is drawn.
1t is q picture which should not be
concealed from any American citizen.
The Nation as a whole should know
that a world crisis, involving the United
States as fundamentally as any other
country in the world, must be met.
And 1t should know, too, that the men
ace to every institution upon which we
have founded our country is today more
grave than in any foreign war we have
ever fought in the past. For only by
knowing these facts and facing their full
significance can that unanimity of pur-
pose and action essential to the task
which lies ahead Of us be achieved.
The response of the citizenship of
our Nation to awareneSs that national
crisis in every grave sense Of the phrase
is upon us can be one of two things,
just as in the case of smaller and more
indivfdualized crisis. One can turn yell
low. Or one can rise to grapple with
the danger.
Courage, in the face of the problem
before the Nation today, is imperative
to its solution. There must be cour-
ageous leadership in government, in in
dustry, in banking, in the press, and
courageous following from the mass of
our people. Cowardice should be spat
upon. Treachery, in the form of the
imperiling of national security and pros
perity for political, financial or other
advantage, should be dealt with as
treachery is dealt with in times of a
similar national emergency-war. Unity
and solidarity behind the plans of those
charged with the supreme responsible
ties of leadership must be afforded. The
Nation must recognize that henceforth
to the time when security and pros
perity are restored to America and the
world 1t must set aside partisan and
political contentious; cut free from sec
tional or party or class conceits; aban-
don Anticipated persuasions in interna-
tional relationships and adjust our indi-
vidualistic national aspirations and
theories to fit with those similarly ad-
justed of other nations involved in the
present crisis.
The leadership of America is in sound
hands. Certain Of the steps essential
to the hour have been already initiated
Others, fully as essential, will be taken
after due consideration. Some Of these
will Individually involve certain sacri-
fees on the part of America in order
that larger national advantages may be
gained. Whether in order to render
America and the world secure and pros
porous again further postponement of
intergovernmental debts is essential;
whether mutual and substantial dis
armament seems wise; whether a lower
ing of our tariff barriers is expedient-
these and all other similar international
problems must be left to the competent
and accredited leaders in charge.
Steps have already been taken to ease
American financial disorders and ex-
cellent results have been achieved.
These can and must be supplemented by
a revival of international trade and
sterilization Of international credit.
With this achieved and the tension in
banking circles relaxed by a liquefaction
of credits and an expansion of redis-
count facilities, American industry can
be counted upon to speed up. Employ
nent will be neutrality-suspicious.
grow fatter-smiles come back to our
1aces-and the job will be done.
But that job is still in the doing to-
Day. Let us buckle down to 1t.
Uncertainty Is shown In some japanese
circles as to whether a battle with
c1I,;oasa ehould ho classified as war or