Evening star., 1932-08-12
ASKS FOR CHANGE
/ IN PRESENT LAWS
President Pledges His Best
Efforts Toward Return
of Prosperity.
THE text of President Hoover's
acceptance address last night
follows:
Il Mr.. Chairman and My Fell
low Citizens:

may hear or read my words cannot
misunderstood.
The past three years have been a
time of unparalleled economic calam-
ity. They have been years of greater
suffering and hardship than any
which have come to the American
people since the aftermath Of the
Civil War. AS We look back over
these troubled years we realize that
we have passed through two stages OF
dlslocatiOn and stress.
Before the storm broke we were
steadily gaining in prosperity. Our
wounds from the war were rapidly
healing. Advances in science and
invention had opened vast VlstaS OF
new progress Being prosperous, we
became optimistic-all of us. From
optimism some of us went to over
expansion in anticipation of the fu-
ture and from overeXpansion to
reckless speculation. In the soil
poisoned by speculation grew those
ugly weeds of waste, exploitation and
abuse of financial power. In this
overproduction and speculative ma
MIA we marched with the rest OF the
world. Then three years ago came
retribution by the inevitable world
wide slump in consumption OF goods,
in prices and employment. At that
juncture it was the normal penalty
for a reckless boom such as We have
witnessed a score of times in our
history. Through such depreSsions
We have always passed safely after
relatively short period OF losses, of
hardship ana adjustment. We adopt
ed policies in the Government which
were fitting to the situation. Grad
ually the country began to right it
self Eighteen months ago there was
a solid basis for hope that recovery
was in sight.
Then there came to us new Ca
1amity, a blow from abroad of such
dangerous character as to strike at
the very safety Of the Republic. The
countries of Europe proved unable to
withstand the stress Of the depreS-
sion. The memories Of the world had
ignored the fact that the inSidiouS
diseases left by the Great War had
not been cured. The skill and intelli-
gence of millions in Europe had been
biotted out by battle, disease, and
starvation. Stupendous burdens of
national debts had been built up.
Poisoned springs Of political insta-
bility lay in the treaties which closed
the war. Fears and hates held ar
mamentS to double those before the
war. Governments were fallaciouSly
seeking to build back by enlarged
borrowing, by Subsidizing industry
and employment with taxes that
slowly Sapped the savings upon
which industry must be rejuvenated
and commerce soidly built. Under
these strains the financial systems
of many foreign countries crashed
one by one.
Withdrawals of Money
Forced Banks TO Close.
News blows from decreasing world
consumption Of goods and from fall
ing financial systems rained upon
us. We are a part of world, the
disturbance of whose remotest pop
ulations affects our financial sys-
TEN, our employment, our markets,
and prices of our farm products.
Thus beginning 18 months ago the
worldwide storm rapidly grew to
hurricane force and the greatest
economic emergency in all history.
Unexpected, unforeseen, and violent
shocks with every month brought
new dangers and new emergencies.
Fear and apprehension gripped the
heart Of our people in every village
and city.
If we look back over the disasters
of these three years, we find that
three-quarters Of the population Of
the globe has suffered from the
flames of revolution. Many nations
e,1hinof 70 NJ anoynn
and vacillation Of government.
Others have resorted to dictatorship
or tyranny in desperate attempts to
preserve some sort of social order.
may pause for one short illustra-
ton Of the character of one single
destructive force arising from these
causes which we have been COM
PEELED to meet. That was its effect
upon our financial structure. For
eign countries, in the face Of their
own failures not believing that we
had the courage or ability to meet
this crisis, withdrew from the United
States over S2,400, 100000, including
a billion in gold. Our own alarmed
citizens withdrew over $1,000, ,000,-
600 of currency from our banks into
boarding. These actions, combined
with the fears they generated, caused
a Shrinkage of credit available for
conduct of industry and commerce
by several times even these vast
sums It's visible expression was
bank and business failures. demoral-
ization of security and real property
values, commodity prices, and en-
ployment. This was but one OF the
invading forces of destruction.
Two courses were open. We might
have done nothing. That would
have been utter ruin. Instead, we
met the situation with proposals to
private business and the Congress
Of the most gigantic program Of eco
nomic defense and counterattack
ever evolved in the history of the
Republic. We put it into action.
Our measures have repelled these
attacks of fear and panic. We have
maintained the financial integrity Of
our Government. We have CO.
operated to restore and stabilize the
situation abroad AS a nation We
have paid every dollar demanded Of
us We have used the credit of the
Government to aid and protect our
institutions. public and private We
Eavs provided methods and aSsur-
1nces that there shall be none to
SuIer from munger ana cola. we
have instituted measures to assist
farmers and home owners. We
have created vast agencies for en-
ployment. Above all, we have main
tained the sanctity Of the principles
upon which this Republic has grown
great.
In large sense the test Of success
of our program is simple. Our peo-
pie. while suffering great hardships
have been and will be cared for. In
the long view our institutions have
been sustained intact and are now
functioning with increasing conf
dence of the future AS a nation we
are udefeated and unafraid. Gov
ernment by the people has not beer
defiled
With the humility Of one who BY
necessity has stood in the midst Of
this storm can say with pride that
the distinction for these accomplish
ments belongs not TO the Govern
ment or to any Individual 1t is dut
to the intrepid soul of our people
It is to their character, their forti
tude, their initiative, and their cour
age that we owe these results. w
of this generation did not build tn
great Ship of State. But the poll
k.1,,n faI 1oUa YOrn