Evening star., 1932-10-29

Presidents estimate Of the amour
needed to balance the budget and pro
vided the money. Thereupon the ad
ministration informed the country tina
the budget was balanced. But now
after not quite four months Of this flsca
year, the Government is in the ret
again to the extent of nearly $500 600,
900, with a prospective deficit at tn
end of this fiscal year OF $1,000, 900 ,0GI
at least.
There you have the record of mis-
management and failure so far as tn,
fiscal affairs of the Federal Government
are concerned In three years tn,
United States Treasury in the red ar
aggregate of almost $4,000 900. 900
Nothing can be done about that, excep
tax an already overtaxed people still
more to make 1t up.
Can it be that the farmers are afraic
to change the Hoover administration fol
another one? The President won then
in 1923 when he promised to make
agriculture profitable and to stabilize
farm prices so as to protect the farmer
from the depression and 6emoraliza.
ton of seasonal gluts and periodical
SurpluseS."
The result of this stabilizing process!
was to spend S500,000000 of the tax.
payers money in vain effort to over.
come the law of supply and demand
pay salaries of over So 10000 a veal
to the men who were engaged in spend
ing this vast sum; put the Government
in the wheat and cotton and afterware
in the coffee business in competition
with legitimate private enterprise: en-.
rich our national assets with Chinese
notes received for wheat disposed of il
the Orient; and through an indefensi-
Die tariff raise prices on practically
everything the farmer has to buy while
the prices for what he has to sell have
steadily fallen lower and lower.
Needs Relief More Now.
The farmer is more in need of reliel
today than he was when Mr.. Hoover
started to relieve him.
What blessings has American industr,
received from the Republican admins.
tration which would make it fear 9
Democratic administration? Have earn.
lngs kept up? Are dividends being
paid? Are salaries maintained? Are
plants and factories at work?
The maintenance of our foreign trade
is fundamental to American prosperity
In speech at Newark Mr.. Hoover sale
that this is "a vital contribution to the
welfare OF the American workman anC
the American merchant and the Amer
lean farmer" That IS what Mr.. Hoove,
said about our foreign trade in 1928
And then in 1880 he killed it.
l Will not enter upon a discussion o1
the tariff, but two major considerations
may be emphasized. We produce more
than We consume and if We do not dis
pose OF the surplus, then we must re-
duce our capacity to produce to our
capacity to consume, and this would
mean less factories and fewer farms
and more unemployment. The only
place to sell our surplus is abroad, and
Tor that reason our home markets must
be supplemented by foreign markets.
Only Hope for Industry.
The Smoot- -Hawley tariff bill. signed
by President Hoover after the most re-
peated and convincing warnings of the
disaster which would follow, has closed
our domestic markets to foreign ma
tions; invited retaliatory tariffs which
have closed foreign markets to us: in
CURED the i'll will of countries whose
friendship We should have and whose
trade We need, and has caused Ameri-
can manufacturers to spend S7.O00,00O
00C Of American money in foreign
plants. where foreign labor is employed
While home labor is out of Job.
Surely American industry. not the
favored or privileged groups, but
healthy. square, straightshooting anc
self-reliant American industry, cannot
believe that its future will be arrested
or imperiled by change in administra-
tons. Surely it must see that that way
lies its only hope.
Mr.. Hoover urged that We should lenc
American capital for the development
of backward or crippled countries .
He said this would be blessing to both
borrower and lender 1t did not prove
a blessing to the American lenderS-it
was tragedy for them.
At the time We were lending Ameri-
can dollars abroad We were selling
American goods abroad, too. and the
foreign countries were paying us for the
goods they bought from us with the
money they borrowed from U.S. Such q
course can only end in disaster. 1t die
end that way, and now American inves-
tors are the holders of millions ano
millions of dollars in foreign securities
which are already in default. and they
are the holders of millions and millions
Of dollars more in foreign securities
whose payment may only be assured
through the establishment of ou,
foreign trade which the Republican
tariff policy has destroyed.
Work Will End Fear.
Is it necessary to the safety of the
country that We continue an admins
tration which induced American inves-
to hal i,1
countries, where the money was usec
to pay American producers for the
goods they sold, thus building up a per-
fectly fictitious and deceptive export
trade?
Let me make this suggestion also tc
the industrial and business people Of
the country to whom this gospel of feal
is being SO largely preached There i.
no need to fear for any land where
people generally-I mean the average
men and the average women-are con-
tented and at work
The average American men anc
women cannot put up with four more
years of this same Republican admins.
tration. They cannot and they will not
They have been too hard hit.
These people and others like them are
entitled to new opportunity and a fresh
start. They are entitled to a new deal
Their hope does not lie in the Republic.
an administration. under which hare
times have come to them. They do no
fear a Democratic administration tax.
ing its place. They have every reason
to fear if Democratic administration
does not take its place. And it is to tn,
interest of American industry, big a:
we'll as little as it is to the country a!
a whole, that these vast millions o.
average American citizens should b.
inspired with the gospel of hope ane
not despair.
Acted Too Late.
The crash in october, 1929, wa.
warning to the world that economic
collapse was under way. What did tn,
Republican administration do about it