Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-12-06
TEXT OF PRESIDENTS MESSAGE

Reconstruction Corporation have greatly
lessened. The acute phases Of the
crisis have obviously passed and the
time has now come when this national
danger and this failure to respond to
national necessities must be ended and
the measures TO end them can be safe
ly undertaken. Methods of reform have
been exhaustively examined. There is
no reason now why solution should not
be found at the present session Of the
Congress. Initiation of currency or
governmental conduct of banking can
have no part in these reforms. The
Government must abide within the field
Of constructive organization, regulation
and the enforcement of safe practices
only.
Parallel with reform in the banking
laws must be changes in the Federal
Farm Loan Banking system and in the
Joint Stock Land Banks. Some of these
changes should be directed to perma-
nent improvement and some to emer-
gency aid to our people where they wish
to fight to save their farms and homes.
l wish again to emphasize this view
that these widespread banking re-
forms are a national necessity and are
the first requisites for further recovery
in agriculture and business. They
should have immediate consideration as
steps greatly needed to further recov-
cry.
Cooperation With Nations.
Our major difficulties during the past
two years find their origins in the shocks
from economic collapse abroad which in
turn are the aftermath of the Great
War. If We are to secure rapid and
assured re -overy and protection for the
future we must cooperate with foreign
nations in many measures.
We have actively engaged in a World
Disarmament Conference where, with
success, we should reduce our own tax
burdens and the tax burdens of Other
major nations. We should increase DO
litical stability of the world. We should
lessen the danger of war by increasire
defensive powers and decreasing often
siVe powers Of nations. We would thus
open new vistas of economic expansion
for the world.
We are participating in the formula
ton OF a World Economic Conference
successful results from which would
contribute much to advance in agricul-
tural prices, employment and business
currency depreciation and correlated
forces have contributed greatly to de-
crease In price levels. Moreover, from
these origins rise most of the destructive
trade barriers now sitting the commerce
OF the world. We could by successful
action increase security and expand
trade through stability in internationa,
exchange and monetary values. BY such
actlon world confidence could be re-
stored, 1t would bring courage anc
stability, which will reflect into every
home in our land.
Inc european governments, obligated
to Us in war debts, have requested that
there should be suspension of payments
Que the United States December IL
next, to be accompanied by exchange ot
views upon this debt question. Gu,
Government has informed them that we
do not approve of suspension of the De.
cember Is payments. have stated thai
would recommend to the Congress:
methods to overcome temporary ex.
change difficulties in connection with
ehis payment from nations where it MAY
be necessary.
In the meantime I wish to reiterate
that here are three great fields of inter-
national action which must be consid-
cred not in part but as a whole. They
| DGODlc
Within them are not only grave danger,
II we fail in right action but there alsC
lie immense opportunities for good il
we shall succeed. Within success there
lie major remedies for economic distreS,
ana major progress IN stability and Sc.
curlty OF every fireside in our country
The welfare Of our people is depend.
ent upon successful issue of the great
causes OF world peace, world disarma.
ment and organized world recovery. MOI
Is II TOO much to say that today as never
before the welfare of mankind and thu
preservation Of civilization depend upor
our solution Of these questions. Such
solutions cannot be attained except b,
honest friendship, by adherence &
agreements entered upon until mutual,
revised and by cooperation amonps
nations in determination to find solu
tons which will be mutually beneficial
Other Legislation.
have placed various legislative need
before the Congress in previous mes
sages and these views require no ampli
fication on this occasion. I have urget
the need for reform in our transporta
ton and power regulation, in the anti
trust laws as applied to our national re
source industries, western range con
Servation, extension. of Federal aid t,
child-health services, membership in tn,
World Court, the ratification of tn,
Great Lakes-St. Lawrence Seawa,
Treaty revision of the bankruptcy acts
revision OF Federal court procedure ans
many other pressing problems.
These and other special subjects
shall where necessary deal with by spe,
cial communications to the Congress.
The activities of our Government ar,
SO great, when combined with thu
emergency activities which have ariser
out of the world crisis, that even tn,
briefest review of them would rendel
the annual message unduly long.
shall therefore avail myself of the fac
that every detail of the Government i
covered in the reports to the Congress
by each of the departments and agen
cies OF the Government.