Evening star., 1932-08-23
CHAPLIN PREDICTS
BREAK IN SLUMP
Secretary, Speaking on Fo-
rum, Sees Weakening of
Adverse Forces.

months will be momentous in the his
tory of the United States"
THE barrage of economic forces
against us appears to be weakening, ="
the new member of President Hoover's
cabinet said last night in speech dur
ing the National Radio Forum, arranged
by The Washington Star and broadcast
over a coast-to-coast network of the
National Broadcasting Co. The ad-
dress was heard locally over Station
WRC.
'I believe a new feeling of hope is
reaching into every section" Secretary
Chaplin said. "Translating this spirit
into action is the duty ahead for all
Of U.s."
Energy Must Be Constant.
ITO turn the tide every energy must
be bent toward a constant impetus for
ward" he added. "ReceSsions are pos
sible, but never has our country been
finally defeated when our ingenuity and
courage were brought into full play.
"A new note is evident, new prod
ucts are constantly placed before US.
Perhaps the experience Of the last
traditional moods. What we did before
We do not necessarily repeat.
In the critical times we have eX-
perienced. many positive policies at
Washington have saved what might
have been desperate situations.
would not term this injecting Govern
ment into business; it is using the Ma
tion's resources in their best sense. AL
ready our people are benefiting from
these extraordinary facilities. Our Gov
ernment can oil the wheels of business,
but the motive power must be supplied
by the people themselves
Moratorium Is Praised.
Secretary Chaplin said that 'if it had
not been for the foreign debit mora
torium proposed by our President as
soon as the consequences of this Euro
pean banking tangle could be foreseen,
a still larger number of stores on Main
street would have had to close"
He said there is a complicated but
real connection between collapse of a
large private bank in Europe and fail
ure of an American store.
The Secretary cited the departure Of
Great Britain and other countries from
the gold standard as having added to
Americas difficulties.
Mr.. Chaplin said, "is a clear-cut and
forceful statement Of his constructive
aim to bring about happier picture.
The gathering of business leaders
in Washington this week means much
to industry, agriculture and labor. It is
part OF a program that is based on &C
demonstration and helpful"
Text Of Address.
The text of Secretary Chapins ad-
dress follows:
Upon coming to Washington to take
up my position in the Department of
Commerce, had certain ideas. I knew
the need of men for work and the need
of business for sales was only gen.
orally aware Of what our Government
was already doing to help in the revival
AS I get into the picture here I am
astonished to find what is under way
and how much has already been done.
Frankly I am more than impressed with
the well thought-out planning in the
present battle against depressing eco
nomic forces. 1t would be a happy mo-
ment if could say that the clouds over
the business sky have all been driven
away and we simply needed to sit back
and let prosperity catch up with us. OF
course, that is not quite the picture that
we see here in Washington, any more
than do you whose life is more inti-
mately connected with the conditions in
stores, factories, Offices or on the farms.
am aware of the suffering our people
have undergone but looking to the fu-
ture we should be able to lift the burden
OF gloom and encouragement. With
this should come a rising tide of employ
ment. 1 think we have all felt dis
ttnct change in spirit within recent
weeks. There is no doubt that new
and aggressive mood is gripping the
country, mood more typical of Amer
lean buoyancy and fighting spirit. This
is quite the opposite of that altogether
un-American feeling of dull despair to
which we seemed in danger of succumb-
ing after the sequence of blows that
have rained upon our Nation since the
Autumn of 1929.
One very good reason for this general
and well justified hopefulnesS is in the
very severity of the ordeal we have been
undergoing. The American people are
still very much on their feet after a
series of shocks that might well have
made them stagger, but that were fin
ally resisted in way that astonished
the world.
Felt European Shock.
II this situation had been a purely
domestic affair, by now We could fee
certain we would have been further or
the road to recovery. But the diSheart-
ening part of the experiences through
which We have come has been that every
time We were on the point of putting
our own house in order it has been bonn
barded from other parts of the world
The chain of events between the col
lapse of a large private bank in Centra
ha fni nf rafai1 G.
on Main Street in our own American
towns is too complicated TO discus!
here. but nevertheless, and to our sOr.
row, the connection was there. And i
it had not been for the moratorium
proposed by our President as soon a.
the consequences Of this European
banking tangle could be foreseen, still
larger number Of stores on Main Stree
would have had to close.
AS If that were not enough to bias
the theories of any who still might thinl
that our problem of recovery was
purely domestic matter, England, ant
shortly afterward many other countries
in spite of every effort were forced Il
suspend their payments in gold. Thl
was an added shock to world confidence
and created apprehension that Americ;
could not maintain the dollar at par
There followed a tremendous with
drawal of gold from the United State
by European holders of dollar balances
An immediate effect here was cur
rency boarding on a large scale, furthe
liquidation of commodities and securi
ties and an increase of men out of jobs
From that time until as recently as
month ago there was fear, sometime
outspoken but more often whispered
that the United States might go off tn
gold standard, that our American dolla
was gcmg to lose character in the eye
of the world. But these fears have no.
proven unfounded and our currency ha
crossed the battlefield with flying color
In the early stages of this economi
war We have waged, American bushes
of necessity has been on the detenSlV
It has had to intrench itself against
terrific bombardment. Most OF III
measures taken. whether by private
Government initiative were primarily {