davidaulloa/AmericanStories huggingface dataset:
Evening star., 1932-10-12

Gated. He has no wish to assist bank
because 1t Is bank, a railroad, an in
surance company, building and loan
association, an agricultural co-opera-
tive association. or any other corpora
ton for their own sakes. He has been
seeking to preserve and restore the in
dependent economic condition Of the
great mass Of the people. Their suf-
fering was brought about to large
degree through the failure Of the credit
Of these large and small concerns. II
that credit can be renewed, II confidence
can be restored the people can 60 back
to work and their suffering will cease.
1t was mainly for this purpose OF re-
were unable to support themselves that
President Hoover persuaded the bank
ers to create q revolving fund Of $780,
100000 and secured from the Congress
the establishment Of the Reconstruc-
ton Finance Corporation with re-
sources Of more than $500, 600, 900,
which has already benefited indirectly
more than 30,0000o0 people. The
whole policy has been based on the
theory Of re-establishing an oppor-
tunity for employment by strengthen
ing the resources Of the employer.
A banker can now lend money to q
manufacturer to carry on his produc-
ton. II the depositor wants his money
the banker does not need to call good
loans and foreclose sound mortgages.
The same principle applies to the other
concerns. The power Of the resources
Of the United States Government has
been marshaled to support the credit
of the key concerns OF our economic
structure. always for the purpose of
serving the ordinary run Of people.
All this seems perfectly plain and
obvious and 50 elementary that no one
competent to hold national Office could
fail to comprehend.
A Son Of the People.
Working for the general run Of peo-
pie Is exactly what we should expect
from President Hoover, because he
knows them by being one of them,
and having served with them and for
them all his life He was not born
to the enjoyment Of generations of
inherited wealth so that he could be
educated by private tutors and sent
through expensive schools and uni
versities. He never was carried into
political Office by the way Of family
influence. He has always had to de-
pend on his own name and reputation.
Herbert Hoover was the son of q
country blacksmith in Iowa. He was
left an orphan at the age of 10, lived on
q farm doing chores until he was II,
earned his own living as an ofice boy
until he was II and worked his way
through college until he was 81. He was
then an engineer for 20 years. living
every day among working people and
everywhere beloved by them. During
the war he organized and administered
the greatest system Of relief that was
ever brought into existence. He forced
Of ten millions Of people in Belgium and
he saved 120,00o,000 people in Centra!
Europe from starvation During the
Mississippi food he directed the rescue
work which saved hundreds of thous-
Evening star., 1932-10-12

can seriously contend that 1t has not
been q success. The scale OF wages has
constantly increased, the standard OF
living has constantly risen. We have
had temporary reactions when prices
have fallen and readjustments have
been necessary. We are paasing through
such q period at the present time, but
we have always emerged to find our
selves able to acquire new strength.
But the principle Is the same in good
times and in bad times. The Republic
an party believes in encouraging busi-
ness In order that the benefits from
such business may minister to the well
fare Of the ordinary run Of people.
All of our wage earners by giving the
most casual thought cannot fail to
recognize the soundness Of these prin-
ciples. It Is inevitable when q concern
can make a profit by operating that it
will be in the market for labor and
q loss it will discharge labor. This is
what happens inevitably during an era
Of falling prices, such as we have had
from the Summer of 1929 to the late
Spring Of 1892.
Now 1t Is dificult to conceive Of any
important business which does not in
volve the question Of credit. When
credit begins to be impaired business
becomes paralyEed, wages decline and
employment decreases; the bank refuses
to make loans because it fears they will
not be repaid; the depositors withdraw
their money because they feel 1t is not
safe; producers refuse to sell on time
because they are afraid they cannot
collect. If this process continued far
enough universal bankruptcy would pre-
vail. The people Of property suffer
great losses, but they are usually able
to take care Of themselves while many
wage earners. small home owners and
farmers are unable to pay their interest
and taxes or provide themselves and
their families with food, clothing and
shelter. These are the people that
every one recognizes need the help OF
the strong arm Of the Government.
Dole System Assailed.
The first thought for relief would
probably be dole and q loan, but a
little consideration would show that in
creasing their debts and destroying
their independence would scarcely be
considered a real service to people in
distress. Such remedy merely treats
the symptoms without removing the
causes Of the disease. The answer
comes back according to the words Of
Holy Writ that they who drink Of that
well will thirst again. II the National
Government Is to help the people to
any permanent relief 1t must be through
some system of giving them permanent
employment 50 that they can meet their
obligations, reduce their debts and pay
their own living expenses
Given the problem then Of restoring
to normal well being q great mass of
people who find themselves unemployed
the fundamental remedy is not some
form Of pauperism, but return to self
respecting. self-supporting and inde-
pendent existence Since the main
causes Of our difficulties lay in a failure
Of credit the first object should be to
restore credit. That is the policy which
President Hoover has constantly advo-
Evening star., 1932-10-12

posed the formation Of the Reconstruc'
ton Finance Corporation, strengthen.
ing Of the Federal Land Bank system
the amendment Of the Federal Reserve
laws to provide more adequate credi,
and safeguard the gold standard, the
creation of the home loan discount
banks and all the other legislation
passed by the last Congress for the
general relief Of the economic situation
Many times he had the assistance AND
support of individual Democrats, which
he has publicly acknowledged. with
this record where does the country
think it can most hopefully turn fol
leadership?
Support Of Sound Money.
One of the greatest services which
the Republican party has rendered has
been the support of sound money. Dur
ing the war President Lincoln was
obliged to issue greenbacks. The un.
certainty as to the value Of our cur.
rency which this created was one Of
the causes Of the panic Of the early
70s. Finally the Republican party
passed q law over Democratic oppo-
sition declaring that some years In
advance the greenbacks would be paic
in gold, but the value Of our currency
and the power Of the Government te
redeem this pledge remained in doubt
and caused years Of business stag
nation. When at last the Secretary oi
the Treasury. John Sherman, collected
q large supply Of gold in the Treasury
and redeemed all the greenbacks that
were presented the uncertainty ended
and a business revival began. The
~f t1A 20 lteh ho@
The next assault on our currency
system was not made with paper but
with silver. That situation brought on
the panic Of the early nineties. When
1t was settled, by the election Of Presi-
dent Mckinley. that the national credit
would be maintained, another era OF
pronounced prosperity followed.
We have recently gone through an
other period when the credit Of the
Nation has been at stake Our power
to continue the gold standard was
doubted and foreign creditors withdrew
their deposits in gold. At the same
time under Democratic leadership it was
proposed to issue $4,000, 100000 in
greenbacks to pay the veterans bonus
and other measures were proposed
which would have brought bankruptcy
to the National Treasury, destroyed the
market for Government bonds and
forced the abandonment Of the gold
standard Under the leadership OF
President Hoover this calamity was
averted. The passage Of these measures
was finally avoided and the loss of our
gold was Offset by emergency legislation
In June the financial integrity of our
Government appeared to be permanently
established Congress finally adjourned
and our gold began to come back. The
decline In trade ceased and confidence
began to return until at the present
time the country knows that its worst
troubles are probably past and economic
recovery Is beginning.
Bonus Challenge.
The defeat Of the Democratic green
back craze and the free silver issue were
both followed by periods Of prosperity
Evening star., 1932-10-12
advantage to our own products in our
ou,,, roarkct

advantage to our own products in our
own market.
We are told now that we ought to
have competitive tariff. Those words
are not new. but their meaning Is not
very definite. Judging from the prices
Of almost all commodities now selling
in our markets for less than the cost
OF production, our producers are not
suffering from any lack of competi-
ton. Is 1t proposed to put our agri-
culture in competition with that of
Canada. Australia and the Argentine?
Is it proposed to put our industry in
competition with that of Europe? Is it
proposed to put our wage earners in
competition with those of India, China
and Japan?
But we are told again that by re-
ducing our tariff we can increase our
own foreign commerce. Every foreign
nation wants our tariff reduced. No
foreign nation wants to increase our
commerce. I know that foreign ma
tions do not buy in our markets unless
they are compelled to do SO even when
price and quality are advantageous ]
know also that our tariff and trade
regulations in general are much more
favorable to the rest of the world
than their tariffs and regulations are
to us. About two-thirds of our enor-
nous imports and all our exports are
free Of duty.
When I was in Washington I had
man who was very familiar with
European commerce through a long
official study Of it while he was abroad
not member Of my party but a be-
lever in a low tariff, make an inves-
tigation Of our rates. He went through
the schedules carefully and I believe
conscientiously on at least two diff
ferent occasions. and only could report
that while there were many which did
not give enough protection to balance
the difference between the cost Of pro-
duction abroad and at home outside of
possibly some schedules that affected
sarily vague and indefinite he could
find nothing that he could say was too
high. I did not feel that our agricul-
ture was in a condition further to be
jeopardized by foreign competition. II
that was the case then, what Is it
probably that candid investigation
would show now when on account OF
| deprecated currency in almost every
country abroad the ordinary advantage
which we gain from the tariff Is prac-
tically eliminated?
Quotes President Cleveland.
An Independent nation ought to keep
within its own control the authority
to determine its own revenues and
regulate its own commerce Reciprocal
trade agreements on any extended scale
would involve our surrender of our in
dependence on these two vital points
These practical objections were stated
by President Cleveland in his first an
nual message to the Congress nearly
so years ago. He was a wise states
man and so sound on most economic
questions that his party deserted him
and refused him recognition for nearly
quarter of a century. After declar-
ing that he had withdrawn certain
treaties from the Senate because they
surrendered large revenues and raised
Evening star., 1932-10-12

embarrassing questions under the
favored-nation clause Of treaties, he
said: LAS q further objection it Is
evident that tariff regulation by treaty
diminishes that independent control
over its own revenues which is en-
sential for the safety and welfare Of
any government. Emergency calling
for an increase Of taxation may at any
time arise and no engagement with q
foreign power should exist to hamper
the action of the Government" There
has never been any adequate answer
to the principle which that President
declared. Reciprocity on wide scale
is not practical. More than that, any
attempt to apply it is certain to pro-
duce intense domestic jealousy and dis
sention. In order to get one duty low
cred abroad we should have to lower
another duty at home. The domestic
producers who suffered from q lower
ing Of our duties would have good
deal Of cause to feel that they had
been sacrificed to secure an advantage
to some other foreign and domestic
producers.
It is very easy to criticize after the
event. Constructive leadership is not
so easy. have no taste for criticising.
much prefer to present the construc-
tive and statesmanlike program of my
party. But when 1t Is constantly
leadership I hope I may be pardoned
to be offered In its place. As early
as November, 1928, the Democratic
leader publicly urged the presentation
Of constructive program by his party.
In the campaign of 1880 another au-
thoritative promise Of constructive
program was issued. The Democratic
leader again warned his party in No.
vember, 1881, to present q constructive
program, yet when that party elected
a Speaker Of the House and assumed
control of that body no program had
yet been presented.
Tax Bill Destroyed.
The President in his message pointed
out the necessity of increasing revenues
and cutting down expenses. The act
ing chairman of the Democratic Ways
and Means Committee reported a new
tax bill which he said was non-parti-
san and had the unanimous support Of
the Is Democrats and 10 Republicans
of the committee What then hap
pened is we'll known history. The
Democratic members of the House de-
serted their leaders destroyed the bill,
and of the 220 only 40 supported 1t on
the final vote.
In their efforts for economy, which
the President had already recon-
mended, a special committee was ap-
pointed which finally reported q bill
reducing expenditures by about two
hundred million dollars annually. When
the Democratic House finally passed
it they had again deserted their lead
n11 ho
ings but about forty million dollars
No constructive program for the re-
vival of industry and commercial and
financial relief was presented by the
Democratic party in the last session Of
Congress.
But that is only part of the record.
Meantime President Hoover had pro-
Evening star., 1932-10-12

under Republican administrations. The
assurance that the pending Democratic
raids on the Treasury would be defeated
by a Republican victory In November
would no doubt have the same effect
in reviving all kinds Of business. An
early and timely word from the Demo-
cratic candidate for President that he
would reject the proposal to increase
the national debt by $4,000 ,000,000 to
pay bonus would have been q great
encouragement to business, reduced un-
Employment. and guaranteed the integ-
rity Of the national credit. While he
remained silent economic recovery was
measurably impeded.
One subject constantly recurs in our
national political campaigns which 1t is
dif1cult to discuss without apology. But
1t Is put forward with so much boldness
that 1t cannot be entirely ignored. The
charge Is made that the Republican
party and its candidates do not show
any solicitude for the general welfare
Of the common run Of people, but are
interested only in promoting the inter-
ests Of few favored individuals and
corporations Of large possessions. This
charge Is made against the party Of
Abraham Lincoln, Theodore Roosevelt
and Herbert Hoover. Lincoln and
Roosevelt are both dead. No one has
any personal authority to speak in their
they exemplided in their nfe-works.
based on sound and solid economic
principles, remains as q sacred trust to
the Republican party which 1t has
never failed to strive to administer.
II there was any subject that was
anathema to both these men, 1t was
the demagogue and the purveyor OF
half-truths and unsound theories.
In the course Of our economic prog
ress we have become Q great organized
industrial democracy. It has been the
theory of the Republican party that the
welfare OF the people could best be
promoted by Strengthening and en-
larging that system. We have sought
to create a condition under which the
ordinary man would have the best pos
sible opportunity to find . market for
whatever, he had to sell, whether Of
production or labor. We have tens Of
millions Of wage earners in this coun-
try. The Republican party has never
believed that they could be furnished
with suitable permanent employment
unless some one could derive a reason
able profit from employing them.
Well Being Of the People Sought.
We have advocated strengthening the
position Of the employer in order that
he might pay better wages to his en-
ployes, enlarge the consumptive ca
pacity Of the people and increase the
market for the farm and factory. We
have sought to increase the returns Of
agriculture in order that it might bet
ter supply our people with food and
enlarge the market for our industrial
output.
All this is a question Of method. Of
Always the end has been to improve
the we'll being Of the ordinary run Of
people If any candid examination is
made Of the progress We have accom-
plished under this system in the last
two generations do not think any one
Evening star., 1932-10-12

~EvERYwHERE 60, I have to listen
IL to the same thing. TRY ChesterGelds.
Honestly, they are milder, and you simply
must try them!' -.
me. try Chester6elds! Why, haven't
smoked anything else. That's how impor-
The Waterbury Democrat., 1932-10-18
GOLF THRILLERS
by ART KRENZ
HAGEN GAVE JONES HIS
WORST BEATING

A 1911 defeat at the hands OF
Walter Hagen. in 7z-hole match
at Sarasota and Pasadena, Fla,
was the worst licking Bobby Jones
veer took.
Bobby admitted Hagen had his
goat, and why not? Walter was
missing tee shots and clubbing his
irons. but still scoring brides by
marvellous putting.
recall the sixth hole on the
Whitfield course at Sarasota. Jones
had won the fifth and cut Hagen's
lead to three up. On the sixth he
whacked q fine drive down the cen.
ter. Walker, who had missed all
but one tee shot. again showed one
into the rough, where no was part
ly stymied by a tree. Then he
topped his second. and the ball
skipped and hoped. But the over.
spin caused the ball 10 roll through
q yawning trap and run TO within
~ feet OF the pin.
Bobby's short pitch landed n
few feet outside Of Walters. His
putt trimmed the cup. and Hagen
faced u stymie. There was orr
chance In d hundred that Hageh'h
ball would slide past Bobby's, Hut.
with remarkable accuracy, ha put.
ted his ball past Jones' 10 the left
The Waterbury Democrat., 1932-10-18
Jersey Boy Heavy Title Bidder
'LOUCHRAN LICKED
AGAIN BY STAN !
POREDA AT PHILLY

Philadelphia, Oct 1s.-(UP)--
Young Stanley Poreda of Jersey
City strengthened his claim for q
chance at the heavyweight cham.
pionship by pounding out an easy
10-round decision over Tommy
Loughran, former light heavy
weight title-holder.
The hard hitting Polish boy. who
defeated Primo Camera and Ernie
Schaaf, took at least eight rounds
giving the "old master" an even
break in two of them.
Jack Dempsey, who refereed the
bout, found 1t unnecessary to vote
on the result because the judges
agreed unanimously in favor OF
Poreda. The award was received
favorably. by the 5000 spectators
despite the fact that Philadelphia
is Loughran's hometown.
Loughran was badly used UP
when the final bell changed. He
was bleeding from a split lip, cut
on his right cheek and cut on
his nose. His left ear was badly
swollen and he had turned an
ankle. Poreda was virtually un-
marked. Poreda weighed 201
pounds; Loughran 1876 IL.
The Waterbury Democrat., 1932-10-18

DISTRICT Of WATERBURY. IS.
PROBATE COURT. October 18th,
A. d. 1882.
ESTATE Of JEANNE r. ROOT,
late of the Town Of Waterbury
in said District, deceased.
The Administrative, having ex-
hibted her account with said es-
state to this Court for allowance,
1t Is
ORDERED, That the cath day Of
October, A. d. 1892, at 2 o'clock, In
the afternoon, standard time, at the
Probate Office in Waterbury, be and
the same is, assigned for a hearing
on the allowance of said account,
and the Court directs the Admins
tratrix, to give notice thereof, by
publishing this order in some news
paper having a circulation in said
District, and by leaving with, or by
mailing in registered letters ad-
dressed to each of the persons in
terested, and residing without the
Probate District of Waterbury, a
copy of this order, all at least
days before said day of hearing.
Attest,
MARGUERITE M. FAHY,
10-1S-1t Asst. Clerk
The Waterbury Democrat., 1932-10-18
Bargains Of Lifetime Are Advertised In The vs.
Democrat Classified Columns Daily--Read Them!
PUBLIC AUCTION

BY authority of the United States
District Court 1 win sell at public
auction on Wednesday, october 10,
1882, at 900 p. NJ, all the mer-
chandise. stock on hand, fixtures,
tools, furniture, and automobiles
of Malcolm Motors, Inc, on the
premises at 481 Meadow Street,
waterbury, Conn.
For further particulars inquire OF
JAMES w. CARROLL,E ESQ.,,
Lilley Building, Waterbury, Con-
necticut.
The Waterbury Democrat., 1932-10-18
CLOCK AND HEN LIcAL TO
ARREST

San Benito. Texas. (UP)-An
alarm clock and q hen led to the
arrest and filming Of five men here
on charges of intoxieation. First
the men ailegedly stole the
alarm clock from filling station
and then traded tho clock for II
hen which they cooked and ate.
when apprehended the men said
they were intoxicated and paid
fines.
The Waterbury Democrat., 1932-10-18
HILLIES TO DRILL

The Hopeville A. C. football
team will hold a signal drill to-
night at their club rooms on KEEL
sey street. The villers would like
to hear from the South End Bear
cats for a game in the near future.
For games dial 5-1057.
The Waterbury Democrat., 1932-10-18
A Ten-Grand
Decision
By DAN PARKER

IT WAS THE AFTERNOON of Sunday 25th.
Polo Grounds and the Giants closing
taking
when their final the
make the last gesture of futile rack
Oa as they drove base hits through the gathering dusk
were men on first third with only looked
in front the the
darink and that the called
the
SO victory for the Phls.
"what Of h?" this question cannot
mustb in of
and pills would have wound up In tie for fourth place In
s"d sreh o ne bonus e %as s
ceiyed had he finished tw0-three -four.
The Giants to "crooshul" like
its
him National batting championship
THEIR self devil take the hndmos"
BOOTH stumpng
in
Conn for two years and doesn't yet the
the Athletic club Francisco with three little Rch
te-auest Thursday
night when KID Chocolate busted his have quit the
game
here numbers weights
players receipt a squawk Charles
- (-NA~Es- NUMBERS As')
| SALAp,ES OF ALL J
: - 3 :
80 THE PLAYERS
The Waterbury Democrat., 1932-10-18
Announcements
Lost ana Found

LOST-Thursday morning between
Bantam and New Preston, large
truck tire and rim. Call Raymond
Baking Co., Waterbury 5-037S.
The Waterbury Democrat., 1932-10-18
FOR RENT

Willow ST. 1874 rooms, gro
floor. all improvements, lsl VIII
improvements Inquire 1913 WILL
low st.
The Waterbury Democrat., 1932-10-18

The new highway between ulns'
gov and Edinburgh. Scotland. IN "a
be opened 10 ell trafiic shortly
The Waterbury Democrat., 1932-10-18

LOST-Black and white Fox Ter
rier. Black face, black tail. Five
months old. Reward. Phone 4-2496.
The Waterbury Democrat., 1932-10-18
so Printing. Jobbing. stationery
Pressing and Tailoring
Rooms, Board, Hotels
Room To Let

ROOM at Y M C A. Modern fraternal
clubhouse. Big Friendly ~" Gen.
ter Of city.
The Waterbury Democrat., 1932-10-18
Special Notices
9 "A

DOCTOR CARNEY - Optometrist.
Eye troubles-need glasses? Low
est prices Eyes tested. 1T Bank
st. Tel. 4-7478.