Imperial Valley press., 1932-01-04
CONGRESS
ASKED TO
ACT NOW
President Sends Special
Message On Rehabilita-
tiOn Program.
TO AID RECOVERY
Urges Immediate Forma-
ton Of Reconstruction
Finance Corporation.

WASHINGTON, Jan. 4. UP--
President Hoover in a special mes
sage to congress today urged i'm
mediate action on his financial re-
habilitation program. He asserted
"the United States has the re-
sources and residence to make
large measure of recovery inde-
pendent Of the rest of the world"
The President outlined eight
points in his program which he
said demanded immediate action.
These included the strengthening
of the federal land bank system and
the creation of the Reconstruction
Finance corporation ito furnish
| during the period of the depres-
sion credits otherwise unobtain-
able"
I should be derelict in my duty"
! the President in his special mes
sage said, "if did not at this time
emphasize the paramount import
ance to the nation of constructive
action upon these questions at the
! earliest possible moment"
The Presidents message said:
AT the convening of the con-
! gress on December 7, laid pro-
/ posals before it designed to check
! the further degeneration in prices
| and values to fortify us against
( continued shocks from world insta-
bility and to unshackle the the force
of recovery. The need is manifestly
even more evident than at the date
of any message a month ago. I
should be derelict in my duty If !
| did not at this time emphasize the
paramount Importance to the ma
! ton of constructive action upon
[ these questions at the earliest pos
sible moment.
These recommendations have
been largely devoted in consultation
with leading men of both parties
of agriculture, of labor of bank
ing and of industry. The furnish
the basis for full collaboration to
! effect these purposes. They have
no partisan character. We can and
must replace the unjustifiable fear
| in the country by confidence.
THE principal subjects requiring
! immediate action are:
Strengthen Banks
l. The strengthening Of the fed
eral land bank system to aid the
/ farmer and to maintain at the
highest level the credit of these
, institutions which furnish agricul-
ture with much needed capital.
This measure has passed the house
Of representatives and is now be-
! fore the senate.
2. The creation OF a reconstruc-
ton finance corporation to fur
niSh during the period of depreS-
sion credits otherwise unobtain-
able under existing circumstances
in order to give confidence to ag-
riculture, industry and labor
against further parayzing influ-
enceS BY such prompt assurance
we can reopen many credit cham
nels and re-establish the normal
working of our commercial or
ganization and thus contribute
greatly to re-establish the resump-
ton of employment and stability in
prices and values.
3. The creation of q system OF
home loan discount banks in order
to revive employment by new con-
struction and to mitigate the diff
ficulties of many OF our citizens in
securing renewals of mortgages on
their homes and farms. 1t has the
further purpose of permanent en-
couagement Of home ownership.
To accomplish these purposes we
must so liberate the resources OF
the country banks, the savings
banks and the building and loan
associations as to restore these In