Evening star., 1932-05-24
RELIEF DELAY LAID
TO OPTIMISM WAVE.
Pittman, Forum Speaker, De-
cIares Mistaken Forecasts
Obscured Warnings.

DELAY by Congress on depression re-
lief last night was ascribed IN raoio
address by Senator Pittman, Democrat,
of Nevada, to the mistaken opthnlStic
predictions of those IN hlgh authorl'y
in Government, industry and finance:
Sneakinp in the National Radio
Forum. arranged by The Star and
broa adcast over a coast-to-coast network
of the National Broadcasting Co., the
sneaker declared that while some warn
inps of impending disaster were issued,
"they were submerged and obScured In
the great wave of optimistic declara-
tions."
Senator Pittman outlined the meas
ures that have already been adopted 10
cope with the economic crisis, ncludng
the employment stabilization act, spon-
sored by Senator Wagner, Democrat, OF
New York; the Reconstruction finance
Corporation act and the Glass-Steagau
banking act and discussed pending re-
lief measures.
Saws Act Must Be Broadened.
The Reconstruction Finance Corpora
ton act must be broadened, he said. II
it is to serve the purpose of stimulating
industry generally and employment
throughout the country" He added
that both this legislation and the Glass
Steagall act, while accomplishing some
good, have in a sense been failures.
Commodity prices have continued to
fall and unemployment to increase
Congress will violate its duty Sem
ator Pittman said in summing up, if it
adjourns without acting on the emer-
gency legislation before 1t, land doing
everything in its power to bring order
out Of chaos. not only in our own coun-
try but throughout the world"
Few Relief Bills Enacted.
Senator Pittman's address follows:
Il appreciate this opportunity through
the courtesy of The Washington Star
and the National Brcadcasting Co. to
briefly outline present emergency laws
enacted for relief from depression and
the proposals for future legislation. 1t
will not take long to discuss existing
legislation. as only few bills have
been enacted looking to such relief.
Il do not wish to be understood as
speaking in a critical vein. This de-
preston is unique In our history. Our
other periodical depressions have been
more or less local in their nature, limi-
ted to countries or sections. and due to
such definite causes that they could be
easily understood and expeditiOusly
remedied. This astounding and dev-
astating depression Is worldwide IN
its scope and effect. Strange to say,
our country, the richest in gold. natural
resources, intelligence. industry and efti-
cheney, is probably the greatest sufferer.
While this depression has buried us
with the speed Of an avalanche, it has
surprise of death. Few Of the great
minds of the world anticipated it. But
. little over two years ago the world
was enjoying the greatest prosperity
and our country was leading in this
great advance Today our factories are
operating upon from 20 to 80 per cent
jpf their normal capacity. The products
pf our farms and our mines are gener-
ally selling below the cost Of production.
Our export trade has almost reached
khe vanishing point. surpluseS have
billed up and our domestic market has
decreased approximately 40 per cent.
From eight to ten millions of indus
frous able. intelligent and willing men
and women are unemployed, walking
The streets of cur cities and the roads
bf our country. seeking labor from
which to earn sufficient to feed and
ciothe themselves and their families.
1t is conclusively evident that We
are faced with the graveSt emergency in
v.
the World War fearlessly and unselfish-
*. We taxed ourselves without limit
And we did those things that had to be
hone without complaint. We can and
khould do the same things now.
Some Warnings Issued.
rs there any statesman or economist
who dares assert that two and one-hal1
hears ago he visualized this appalling
fondition? If So I do not know OF
Him. On the contrary, the citizens OF
this country and their representatives
IN government were lulled into DOR
NANCY and inaction through the mis-
faken optimistic predictions Ct those IN
high authority in government, industry
and finance. There were some, now
Ever. who partially viSuallzed the I'M
pending disaster.
Some warnings were issued, but they
were submerged and obscured in the
treat wave of optimistic declarations.
The American Federation OF Labor per-
tistently called attention to the steady
increase in Unemployment. These
warnings, however, were neutrallZeo by
controversial statements from the De-
bartment of Labor. Captains OF indus
fry continued, through the months OF
Repression, to predict that the turning
ypoint would soon be reached. 1t was
these things that excuse inaction by
Congress for so long time
There were statesmen, however, who
Nisualized the trend toward depression.
As far back as February Is, 1928, Sen
Rtor Wagner of New York introduced
in the Seventeen Congress Senate reSo-
lution lat to investigate the extent OF
unemployment in the United States and
10 provide methods for collecting sta
RtSficS tharanf EVcn Ihpn llnpnnOV-
hnent had commenced, although the
stock market was still booming
Again. on April 20, 1928. Senator
Wagner introduced Senate bill 4l57 for
The establishment of a national employ
tment system and for cooperation with
The States in the promotion of such Sys-
Fem and to regulate the expenditure OF
moneys to be appropriated for such pur-
poses. Again Senator Wagner, on May
T. 1928, introduced Senate bill 4307 to
provide for the emergency construction
pf certain public works for the relief of
unemployment during the periods Of
business depression. All Of these meas
hres, except the last, that have named
met such overpowering opposition that
1t was impossible to enact them.
However, IN the. Seventy-first Con-
kress Senator Wagner was successful in
passing through Congress Senate bill
5776. entitled An act to provide for
the advance planning and regulated
construction of public works for the
stabiization of industry, and for aiding
in the prevention of unemployment
during periods of business depression.
Nhis act is known as the employment
stabilization act of 1881 1t was ap-
proved and bc9.ne law on February
20, 1881. This was the first relief act
to become a law.
AT the beginning of this session of
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