The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-08-12

~>~O~H
to the congress in respect thereto, in.
lcluding legislation to correct the
waste and destruction of these re.
Isources through the present interprc.
tations of the antitrust laws
shall continue to urge such action.
9. This depression has exposed
many weaknesses In our economic
system. There have been exploitation
and abuses OF financial power. We
will fearlessly and unremittingly re-
form such abuses. I have recon-
mended to the congress the reform OF
our banking laws. Unfortunately this
Legislation has not yet been enacted
The American people must have pro-
lection from insecure banking
through a stronger system. They
must be relieved from conditions
(which permit the credit machinery OF
the country to be made available
without adequate check, for wholesale
Speculation in securities, with ruin.
Gus consequences to millions OF our
citizens and to national economy. I
recommended to the congress emery
ency relief for depositors in closed
banks. For seven years have re-
peatedly warned against private loans
abroad for reproductive purposes.
I shall persist in those matters.
10. I have insisted upon balanced
budget as the foundation of all pub
lie and private financial stability and
Of all public confidence. I shall in
sist on the maintenance of that pol
! icy. Recent increases in revenues.
while temporary. should be again ex-
amined, and if they tend to sap the
vitality of industry. and thus retard
employment. they must be revised.
Would Cut Expenses
II. The first necessity of the ma
ton. the wealth and income of whose
citizens has been reduced, Is to reduce
expenditures of government. national
state. and local. 1t is the relief Of
taxes from the backs of men which
liberates their powers. It is through
lower expenditures that we get lower
taxes. This must be done. Consider
able reduction in federal expenditures
has been attained. If we except those
extraordinary expenditures imposed
upon us by the depression. it will be
found that the federal government is
operating for $2O0,000,000 less annually
than four years ago. The congress-
rejected recommendations from the
administration which would have
saved an additional $150.000,000 this
fiscal year. The opposition leader
ship insisted, as the price OF vital
Reconstruction legislation and over
my protest, upon adding $500, 000, 00c
of costs to the taxpayer through pub
lie works inadvisable at this time. I
shall repeat my proposals for econ
omy The opposition leadership IN
the house of representatives in the
past four months secured passage bv
the house of $1,000 100000 in such
raids. They have been stopped.
shall continue to oppose raids upon
the federal treasury.
Il. I have repeatedly for seven
years urged the congress either them
selves to abolish absolute bureaus and
commissions and to reorgan1ze the
while government structure in the in
terest of economy, or to give some one
the authority to do So. I have sue
ceeded partially in securing author
ity, but I regret that no substantial
act under it is to be effective until
approved by the next congress.
Tariff Helps Farmers
Is. With the collapse in world
prices and deprecated currencies the
farmer was never so dependent upon
his tariff protection for recovery as
he is at the present time. We shall
hold to that. We have enacted many
measures of emergency relief to agri-
culture. They are having effect. l
shall keep them functioning until the
strain is passed. The original pur-
pose of the farm board was to
strengthen the efforts of the farmer
to establish his own farmer-owned.
farmer controlled marketing agen-
cies. 1t has greatly succeeded in this
purpose, even in these times OF ad-
versity. The departure of the farm
board from its original purpose by
making loans to farmers cooperativeS
to preserve prices from panic served
the emergency, but such action in
normal times is absolutely destruc-
tive to the farmers interests.
We still have vast problems to
solve in agriculture. No power on
earth can restore prices except by
restoration of general recovery and
markets. Every measure we have
taken looking to general recovery is
of benefit to the farmer. There Is
no relief to the farmer by extending
government bureaucracy to control
his production and thus curtail his
liberties, nor by subsidies that bring
only more bureaucracy and ultimate
collapse. I shall oppose them.
The most practicable relief to the
farmer today, aside from the general
economic recovery, is a definite pro-
gram of readjustment and coordina-
ton of national. state, and local tax
alton which will relieve real prop
erty, especially the farms, from un-
fair burdens of taxation which the
current readjustment in values has
brought about. To that purpose I
propose to devote myself.
IA. I have always favored the de-
velopment of rivers and harbors and
highways. These improvements have
been greatly expedited. We shall
continue that wo.k to completion.
After 20 years of dio:ussion between
the United States and the great ma
ton to the north, have signed
treaty for the construction Of the
Great Lakes-St. Lawrence seaway.
That treaty does not injure the Chi
cago to the gulf waterway, the work
upon which, together with the whole
Mississippi system, have expedited.
and in which I am equally interested.
We shall undertake this great sea-
way, the greatest public Improvement
upon DIR continent. with its cQuSe.