Evening star., 1932-07-31

J and resumption of trade which open
the way for payment.
Up to this point, you and I have
been considering both the immediate
relief for the present emergency ana
also the immediate initiating OF plans
| to bring us back to more normal
economic condition. At the same time
it is equally our duty to guard against
repetition of the evils and errors which
| have cost us so much. 1t is not enough
| to say that when prosperity is restored
we shall then consider how to avoid
repeating all the old errors. Today
we recognize these errors. Today they
should be outlawed for all time to come.
1t must be made more difficult Tor a
| depression to happen in the future; 1t
must be made impossible for its in
defensible features to show themselves
again. Concerning the necessary revi-
sion of some of our institutions for this
purpose, shall have more to say later.
At present read you the partys stand:
| 1t advocates:
Strict and impartial enforcement Of
antitrust laws to prevent monopoly and
unfair trade practices, and revision
| thereof for the better protection OF
labor and the small producer and dis
tributor; conservation, development and
use of the Nations water power in the
public interest.
Protection of Investors.
Protection of the investing public
! by requiring to be filed with the Gov
ernment and carried in advertisements
of all offerings of foreign and domestic
stocks and bondSa true information as
to bonuses, commissions, principal IN
vested and interests of sellers. Regula-
/ - In f1111 n1yfn Of EndaTa1
power of:
Holding companies which sell securi-
ties in interstate commerce;
Rates of utility companies operating
across State lines;
Exchanges trading in securities and
commodities.
quicker methods Of realizing on
assets for the relief of depositors of
suspended banks, and a more rigid
supervision of national banks for the
protection Of depoSitors and the preven-
ton of the use Of their moneys In
speculation to the detriment of local
credits.
"The severance Of affiliated securities
companies and the divorce of under
writing schemes from commercial banks
and further restriction Of Federal
Reserve banks in permitting the use OF
Federal Reserve facilities for speculating
purposes
| 1T condemns:
Action and utterances Of high public
officials designed TO influence stock
exchange prices.
Foreign Loans Cited.
"The usurpation of power by the
State Department in assuming to pass
! upon foreign securities offered by in
| ternational bankers. as a result OF
which billions of dollars In questionable
bonds have been sold to the public
upon the implied approval Of the Fed
eral Government"
Now we come to the famous repeal
plank. 1t is simple and it has mean
ing:
Eve favor the repeal Of the eight
eenth amendment.
ITO effect such repeal we demand
that the Congress Immediately propose
constitutional amendment to truly
representative conventions in the States
called to act solely on that proposal.
I'VE urge the enactment Of such
measures by the several States as will
actually promote temperance, effective
| " prevent the return Of the saloon and
bring the liquor traffic into the open
under complete supervision and con-
| troll by the States.
I'VE demand that the Federal Gov
ernment effectively exercise its power
to enable the States to protect them
selves against importation of intoXicat-
! ing liquors in violation of their laws.
Pending appeal, we favor immediate
modification of the Volstead act to
| legalize the manufacture and sale Of
beer and other beverages of such alco-
| holic content as is permissible under
the Constitution and to provide there
from proper and needed revenue"
Will Urge Action.
Nothing needs to be added to that
except that if the present Congress
takes no action, I shall urge the new
Congress to carry out these provisions.
There are a number of other plankS
Of Importance, but less in need Of elab-
grafton. which, because my time is so
short, I shall only read to you.
They are as follows
1--WE advocate a Navy and an Army
| adequate for national defense. based
! on survey Of all facts affecting the
existing establishments, that the people
| in time of peace may not be burdened
| by an expenditure fast approaching ST.
| 900, 100000 annually.
THE fullest measure Of Justice and
generosity for all war veterans who have
suffered disability or distress caused by
| or resulting from actual service in time
| of war and for their dependents.
Unemployment and old age inSur-
ance, under State laws.
independence for the Philippines;
ultimate Statehood for Porto Rico; the
employment of American citizens in the
operation Of the Panama Canal.
1 "Simpliication of legal procedure and
| reorganization of the judicial system to
make the attainment of justice speedy,
certain and at less cost.