Evening star., 1932-10-08
instruments to save homes

mendation to Congress for the creation
of the Reconstruction Corporation ana
the time 1t was actually enacted into
law and established, the net bank fall
ures, measured in terms OF deposits,
were about s499, 100000. In the two
and half months following the estab-
lishment of the corporation the bank
failures decreased to $29, ,400. 900, or by
"a per cent. In the last two and hall
months banks which have reopened
have, in terms of deposits, actually ex-
ceeded deposits in closed banks by SIS
100000. This represents the protection
of literally millions of families from the
despair of loss Of their savings, protec-
ton to millions Of others from being
crowded to the wall of bankruptcy
through demands for payment Of their
debts which they could not meet with
out the sacrifice Of everything they
possessed.
Saves Benevolent Funds.
"This pledging of national credit has
saved thousands OF our benevolent
trusts and the endowmencs Of our great
educational institutions, upon which the
future development Of our national
life greatly depends.
"As a further instance Of the great
instrumentalities we have brought to
bear in this great battle would cite to
you, not only the Reconstruction
Corporation. but also the newly estab-
lished system of Home Loan Banks,
which function through the great
mutual thrift institutions of America,
the building and loan associations,
savings banks and insurance companies.
all of which hold mortgages on over
five million different homes. This
mechanism by pooling the lending re-
sources of the Nation will obtain for
them the supply of credit which will
bring to an end the tragedies Of fore
closures and reopen opportunity for
men and women to acquire homes,
while destroying nothing of the in
dividuality and character of these in
stitutions. We have also strengthened
the mortgage institutions upon which
farmers are dependent. We shall
strengthen them further.
1T Is the organized women who can
interpret the working Of these agencies
in their human result to the individual
and to the family.
Throughout these measures we have
insisted upon maintaing the funda-
mental principle Of American life. that
we should not use the Government to
destroy or replace the functioning. the
enterprise or responsibility Of indi-
viduals or institutions. We are aiding
them across an emergency. We will
withdraw these agencies, except the
home lean banks. when the battle is
won. We will leave the initiative and
enterprise and the courage Of our peo-
pie unimpaired. The home loan banks
not only serve an emergency. but they
are also continuous, permanent institu-
tions which will provide the machinery
through which 1t will be more easy In
the early years of their married life for
men and women through their ccm-
bined effort to acquire homes in which
to rear their children and to retain
that home for comfort and security in
their old age.
Urges Study Of Program.
Il desire that you should study and
compare the whole program that We
have set during the past three years
for meeting and overcoming the depres-
sion with the proposals Of our oppo-
nent. The program of their party has
had its only true expression in the
measures which they introduced OF
passed through the House of Represent
atives, which was fully controlled by the
Democratic organization during the
past session. I would ask you to ponder
carefully upon the Collier bill, passed on
January 9; upon the Gasque BILL passed
| on March 4; upon the Goldsborough
bill, passed on May 2; upon the treat
ment they accorded to the recommen-
dation of the administration for econ
omy in the bill passed on May 8; upon
the Garner-Rainey bill, introduced on
hn Dat
on June IS; upon the Rainey bill, passed
on July 7.
These measures would have put a
burden of $4,000, 100000 upon the
country. They would have created
enormous issues of fiat money. They
would have destroyed the effectiveness
of the Tariff Commission. They would
have led us to place the fate of Ameri-
can workers and American farmers in
the hands of foreigners through placing
our tariff subject to foreign determine
ton. They would have put the Gov
eminent into wholesale personal bank
ing. They would have broken down
every safeguard that we have estab-
lished to prevent pork barrel legisla-
tion. Had we not been able to stop
these measures they would have de-
stroyed recovery; they would have
thrown us from the foundations of $50
years of careful upbuilding.
Passing from the immediate battle
against depression, the second great
series Of constructive measures before
us which I have mentioned are those
which will be necessary to correct
abuses and weaknesses in some of our
economic machinery which has been so
vividly exposed during this depression.
You are we'll aware that for 40 years,
and in some cases 100 years, the Fed
eral and State Governments have reg
ulated the insurance companies, saw
ings bank and other financial institu-
tions. They have also regulated the
railways, the electrical, gas and other
public utilities. All these agencies have
been fully accepted in American life as
having public and human interest be-
yond the sole question of their right to
competitive profits. As result of weak
nesses which have developed we must
have constructive revision Of these reg
ulations in a form that will not destroy
but will give greater service and greater
security to the whole people.
Would Preserve Initiative.
"The spirit in which we must de-
velop these remedies and reforms Is
the preservation of initiative of our
people, that we should punish and pre-
vent wrongdoing, not that we should
destroy them by our Government toist-
ing great bureaucracies upon the coun-
try, which only deaden and do not heal.
We must not lose faith in the ability
of democracy to be master of its own
house without burning it down be-
cause some men have proved unfaith-
full to their trusts.
These are all things of direct i'm
portance to women, for they involve
the long view Of holding open equality
of opportunity for the future of our
boys and girls. I have presented such
measures to Democratic House with
out response from them except speeches
in this campaign.
Another of our great problems Is
the safeguards which we should erect
against recurrence of such calamities.
This is primary necessity to the
future of the Nation. We cannot as q