Evening star., 1932-02-07
100000 ENLIST
T0STOP BOARDING
Civic Leaders of Nation
Pledge Support to Hoover at
White House Rally.
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Continued From First PageO
vested. will furnish the basis for $40 of
credit.
"As some of the representatives ex-
pressed it. that currency is high
powered dollar Hoarded currency means
that high powered dollars are idle and
that in turn means idle business, idle
men and deprecated prices.
1T was agreed that a large portion
of the boarding was due to misunder-
standing of the national effect Of such
acts, that 1t arose out Of unnecessary
fears and apprehension and that
nothing could contribute more to the
resumption of employment, to the
stability Of agriculture and other COM
modify prices than to restore this
money to work This would turn the
tide of depression on the way to
prosperity.
1T was unanimously agreed that all
the national associations represented,
and others to be invited, would place
the full strength and force of their
memberships behind a patriotic cam
paign to be conducted under the leader
ship of Col Knox, to put these boarded
dollars to work; that the organization
should be set up, State by State, in
which work all organizations would par
tiCipate with a view TO setting up
ultimately a definite working organism
in each community.
Time for Public to Act.
The whole conference expressed its
resolution that the time had now ar
rived for the people themselves to enter
into the fight against depression and
give full support to the measures taken
by the Government so as to make them
completely effective.
The conference expressed its great
appreciation of the leadership taken by
the Federal Government in the creation
of the Reconstruction Finance Corpora
ton and other measures and that the
time had arrived to rally the people
themselves, not only against boarding,
but for the general expansion Of en-
ployment and to turn the economic
tide.
The leaders gave assurance that the
whole 10000 900 members Of the organ
izations represented at the meeting
would take it as their special mission to
organize and carry forward this cam
paign or appeal to reason and patriot
ism and to action
The meeting yesterday lasted less
than an hour and a half. After the
President. Dawes and Mills had spoken.
half a dozen of the delegates delivered
brief addresses. The shortest Of all
came from John Thomas Taylor. legis-
70 of n
Legion. He said:
Legion Aid Pledged.
More than 1,25O00O legionnaires are
behind you, Mr.. President
Later in the afternoon the Chief Ex
ecutive repaid the Legion's compliment,
issuing formal statement of apprecia-
ton of its plans for an intensive drive
beginning February IS, intended to put
1000, 900 men to work in a month.
Other addresses at the morning
meeting came from William Green,
president of the American Federation
of Labor; Julius Barnes, chairman of
the board of the United States Cham
Der of Commerce: Harry J. Haas, pres
ident OF the American Bankers Asso-
ciation, and Mrs. John F. Sippel, pres
ident of the General Federation of
Women'S Clubs.
Representative La Guardia. Republic
an, of New York cited White House
statement carried in the New York Times
yesterday that "the Government, it was
stressed, is not asking that this money
(hoarded money be deposited in the
banks, but asks that it be conservatively
invested. whether in Government, State
or municipal bonds or other high-class
securities the soundness of which Is
assured"
He then said:
The statement is not only startling.
it is shocking. One must pause to
gasp, considering that it comes from
the White House.
Would List Securities.
Let me repeat, The Government
is not asking that the boarded
money be deposited in the banks. but
asks that it be conservatively invested
in securities, the soundness OF
which Is assured
"A more terrific indictment has never
been pronounced against the banking
institutions of this country. Who IS
tearing down now? The White House
is careful to enumerate Government,
State and municipal bonds and other
high-class securities. I insist, there
fore that it is quite proper for the
American investors who have been
fleeced, who have been deceived by the
very people in whom they had right
to have confidence, to ask the Govern
ment to list these high-class securities.
Securities that we're classified as
high-class by people in the Govern
ment service and by banks in the con-
fidence of the administration are now
classified as junk and many of them
marked off on the profit-and-loss side
Of the books"
Russo Latvian Treaty Signed.
MOSCOW February & IP).-A nom