Imperial Valley press., 1932-08-20
Roosevelt Opens
Campaign With
Speech In Ohio
Continued From Page Il

INT Selllng OF securities.
3 Full extent of federal power
to be applied to such regulation.
8. Use of federal power in their
regulation.
4. More rigid supervision of ma
tional banks.
5. Discouraging and prevention of
speculation through unrestrained
use of bank deposits.
s. Separation of investment and
commercial banking.
7. Restriction of federal reserve
banks in accordance with the origi-
nal plans and earlier practices of
the federal reserve system.
Finally" Roosevelt declared, "I
propose two new policies for which
legislation is not required. They
are policies of fair and open deal
ing on the part of officials of the
administration with the American
investing public"
Raps Hoover Speech
Striking at the acceptance speech
of his opponent, Roosevelt declared:
"I propose to SHOW that this lead
ership president Hooyer's) mis-
misunderstood the forces that were
involved in the economic life of
the country, that it encouraged
vast speculative boom and that
when the reckoning came the ad-
ministration was not frank-not
honest-with the people, and by
blundering statements and action
postponed necessary readjustments.
This prolonged and deepened the
depression.
The real point at issue is this.
Have the leaders of the Republican
party, under a captaincy distin-
guished, during the past four years,
by errors of leadership, suddenly
become the heaVen-sent healer OF
the country who will now make
we'll all that has been Ill?
I'm other words, has the Repub-
lican elephant, spotted with the
mire through which he has wander
ed blindly during these last four
years, suddenly by miracle over
night, become a sacred white ele-
phant of spotless purity, to be wor-
shipped and followed by the peo-
pie. or has he merely been scrubbed
and white washed by cunning show
men in the hope that they can de-
ceive creGulous electorate for four
years more?
I'VE find a great part of our
working population with no chance
of earning living except by grace
of concentrated industrial machin-
cry; and We find that millions and
millions of Americans are out of
work, throwing upon the already
burdened government the necessity
of relief.
I'VE find tariff that has cut
off any chance of foreign market
for our products which has had the
effect of cutting the earnings of
the farmer TO the extent OF threat
ening him with foreclosure and
want.
I'VE find the Republican leaders
proposing no solution except more
debts. more conferences under the
same bewilGered leadership; more
goyrnment money in business and
no government attempt to wrestle
with basic problems. And we have
stirring appeal to the intrepid
soul of the American people"
For Individual
"The individual should have full
| liberty of action to make the most
of himself; but I do not believe that
in the name of that sacred word
few powerful interests should be
permitted to make industrial
cannon fodder of the lives of half
of the population of the United
! States.
IT believe in the sacredness OF
private property, which means that
do not believe that it should be
subjected to the ruthless manipu-
lations of professional gamblers in
the stock markets and in the cor
poration system.
It believe that the government,
without becoming a prying bureau
cracy. can act as a check or
counter balance to this oligarchy
so as to secure initiative, life,
chance to work, and the safety Of
savings to men and women, rather
than safety of exploitation to the
exploiter, safety of manipulation
to the financial manipulation, safety
of unlicensed power to those who
would speculate to the bitter end
with the welfare and property OF
other people.
I'VE must get back to first prin-
ciples; we must take American in
dividualism as what it was intended
to be-equality of opportunity for
all, the right of exploitation for
none.
Before this campaign is ended,
I shall state fully to the country
my policies with regard to the con-
duct of government. Some of these
policies l have already set forth"
Roosevelt devoted much of his
speech to an analysis of the ma
tional administration announce
ments and activities in the days
preceding the depression. He said
much of the nations difficulties
came from what the President
termed "a new basis in government
relation with business; in fact a
new relationship of government