Evening star., 1932-08-21
Continued From First Page.)

der of the lives of half of the popula
tion of the United States.
II believe in the sacredness of pri-
vate property, which means I do not
believe it should be subjected to the
ruthless manipulation of professional
gamblers in the stock markets in the
corporate system.
Against Prying Bureaucracy.
"I believe that the Government, with
out becoming prying bureaucracy, can
act as a check or counter-balance to
this oligarchy so as to secure initiative,
life, chance to work and the safety
of savings to men and women, rather
than safety of exploitation to the eX
ploiter, safety of manipulation to the
financial manipulation. safety of un-
licensed power to those who would
speculate to the bitter end with the
welfare and property of other people"
OF the Presidents acceptance speech
he said:
There Is an eloquent description of
the storm through which we are pass
ing glimpses through the clouds, of
troubled officers pacing the deck Won
dering what to do; belated recognition
that the storm rose out of hot current
of speculation; stout adherence to the
alibi that the secondary phases came
from abroad; the outline of the ship
clouded in vague phrases about the
intrepid soul of our people
Changing the figure of speech, he
speaks with feeling of soil poisoned by
speculation in which grew ugly weeds
of waste, exploitation and abuse of
financial power, but not of the benef-
cent sun of administrative approval
under the rays of which these weeds
sprouted and f1ourished.
The only approach to the protection
Of the investing public beyond tenn
porary and immediate loans is a vague
reference to stronger banking system"
Criticism Held Justified.
The Governor said he regretted "the
necessity" of making severe criticism"
OF the administration and added: But
to build we must first clear the ground"
Both platforms and the speeches of
acceptances of both candidates" he de-
| c!ared, "at least have agreed upon one
thlng-that the major issue in this
| campaign is the economic situation"
His general indictment of the admin
! istration was that it misunderstood
the forces which were involved in the
economic life of the country: that it
encouraged a vast speculative boom,
and that when the reckoning came the
administration was not frank-not hon.
est-with the people, and by blunder-
ing statements and actions postponed
necessary readjustments."
This" he said, prolonged and deep
ened the depression"
In giving his outline of economic his
tory of recent years Roosevelt said:
Buy more, owe more, spend more
that was the program
Deluge of Selling.
"This caused the deluge of high
pressure selling, lavish extravaganza,
head-on plunges into debt and yet more
debt, and all this coupled with the
Presidents idea of Government sponsor
ship of the whole headlong plunge, was
the dangerous doctrine called the new
economies
In this mad whirl was launched Mr..
Hoover's campaign.
Perhaps foreseeing it, shrewd man
from New England, while in the cool de-
tachment of the Dakota hills, had typed
on narrow slip of paper, I do not
choose to rum"
In long criticism Of the Presidents
actions and utterances while stock mar
ket prices were falling, Roosevelt said:
''Mr. Grundy and the Republican
leaders asked for copper-riveted
American market, sealed by the highest
tariff in the history of the world.
Sees Grundyism Ruling.
"The President heSitated, because he
must have seen the awful nature of the
choice. But his courage failed. Grun-
dyism had its way; and American in
dustry accelerated to pace never be-
fore known, suddenly found the brakes
locked on a slippery road. The law of
gravity did the rest"
"The administration lined up with the
stock market, and warnings went un-
needed" he added.
In describing the stock market crash
he said:
The market balloon rose 80 per cent
1t did not stop. 1t went on, up and up,
up and up, for many fantastic months
always up and up, until at last it was
80 per cent higher than the year be-
fore.
Then Came the Crash.
"These we're the figures CT dream
The balloon had reached the economic
stratosphere. above the air, where
mere man cannot survive. Then came
the crash.
"On March 7, 1880, came the classic
remark of the whole depression. Said
the President to the press: All the evl-
dence indicates that the worst effects
of the crash upon unemployment will
have passed during the mkt 60 days"
In attacking the Republican party in
general, the Democratic standard bearer
said:
G. o. P. Elephant Held Spotted.
HAS the Republican elephant, spotted
with the mire through which he has
wandered blindly during these last
four years, suddenly by miracle over
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