Evening star., 1932-11-06


sorely needs.
is. We secured increased authorities
to the Reconstruction Corporation to
loan up to $30o,000,o0 to the States
whose resources had been exhausted. TO
enable them to extend full relief to dis
tress and to prevent any hunger and
cold In the United States.
l6 We increased the resources to the
Reconstruction Corporation by further
81 500, 900 900 for the undertaking OF
great public works which otherwise
would have to await finance due to the
stringency Of credit. These works are
OF a character which, by their own
earnings, will enable disposal Of the re-
payment OF these loans without charge
upon the taxpayer.
Farm Credit Banks.
IT. We have erected new system of
agricultural credit banks with indirect
resources OF S300000,000 to reinforce
the work of the intermediate credit
banks in the financing Of production
and live stock loans to farmers.
49, We have extended the authority to
the Reconstruction Corporation to make
loans for financing the normal move
ment of agricultural commodities to
markets both at home and abroad
10. We have Systematically mobilized
banking and industry and business. with
the cooperation of labor and agricul-
tural leaders, TO attack the depression
on every front. They have sought out
and given assurance Of credits to busi-
ness and industry where employment
would be increased, and have cooper
ated in relief of agricultural mortgage
pressures.
40. We have developed, together with
tnF,0
nomic conference with view to relieving
pressure upon us from foreign countries,
TO increase their stability, to deal with
silver, and to prevent recurrence OF
these calamities for the future.
21 We have given American leader
ship in development of drastic reduc-
tionS OF armament in order to reduce
cur own expenditures by 200000000
year and TO increase the financial sta
bility of foreign nations and to re-
lieve the world of fear and political
friction.
These are part Of the great and eff
fective weapons with which We have
fought the battle that has saved the
American people from disaster and
chaos. They are still in action and ad-
vancing along the whole front to the
restoration of recovery.
l would call your attention to certain
economic and social background of all
these inStrumentalitieS, that they are
so constructed as to act through exist
ing agencies, to avoid competition Of
the Government with private enter
prise and responsibilities. Their essence
has been that of cooperation, so
created that with the passage of this
emergency they can be withdrawn, leav-
ing our economic structure in its full
| the full use of the Federal power in
people.
Evidences Of Recovery.
recently enumerated at Detroit some
of the evidences of recuperation of the
country under these measures in so
short a period as four months since
the destruction of public confidence by
the Democratic House Of Representa-
tiVeS ceased.
Not to weary you with statistics, but
to show the validity Of that progress
over a million men have now returned
to work in these four months. This is
the estimate of our Government depart
1 ments The estimates of our employers
place the number at a million and
half. Certainly we are now gaining
| half million month.
I Production Of boots and shoes amount
ed to 34,000,000 pairs in october, the
highest output for any month IN the
year, and higher than the same month
! of the previous year.
I Hoarded currency CONTINUES to return,
! imports of gold withdrawn by fright
ened European holders have continued
to increase: deposits Of banks continue
to show steady expansion. In four
inq,ifi,o Billion dol doi, This is money ne being
put to work and an evidence of renewed
4 confidence.
! A further indication of the upward
movement of industry lies in the IN
creased demand for electric power,
which has increased by over per cent
| in the last four months. Every busl-
ness index shows some progress some
where in the Nation.
/ 1 do not want to say 1t In criticism,
! for there is no one more devoted to our
! form of government than myself, but
| there is one unfortunate incident In our
! system, and that is that change OF
parties in power at the national eie4-
! ton NAV come at a difficult moment.
A change at this election must mean
four whole months in which there
can be no definition OF national policy
| during which time not only the com
mander of the forces IN battle 1or
economic recovery must be changed, out
the subordinate commanders as well.
Following the period OF delay and un-
certainty, the opposition party will, as
it has announced, call special session
of Congress in order to validate their
promises and their new deal, ana
whether these new policies be for better
or worse at least year must elapSe
before they can emerge into actlon:
The battle must stagnate at time OF
its height and recovery must be delayed.
The Democratic Program.
And now. in contrast with this con-
struction program of the Republican
party. / wish to develop for you the
Democratic program to meet TINS de-
preston as far as we have been able 10
! find any definition to it. ! would again
call YOUR attention to the fact that WIN
the Democratic victory in congressional
elections of 1880 their leaders promised
| TO produce a program which would
redeem this country from the depres,
sion. No such program was produced
until We were we'll into the Winter OF
! 1882, Their program rs developed un-
! der the leadership of Mr.. Garner py
! the Democratic House of Representa-
/. They passed the Collier BILL pro,
viding for destruction of the IariH
Commission by reducing it again to a
mere statistical body controlled py the
Congress Had they succeeded. the re-
lief which you do sorely require from
competition from countries OF .depre-
ciated currencies would now be impos-
&. They attempted to instruct me by
legislation to call an international con-
ference through which the aid OF for
eign nations was requested to lower
American tariffs, by which the lnae-
nendence of the United States in con-
troll Of its domestic policies was to be
placed in the hands of an international
body.
5. They passed an act instructing me
to negotiate reciprocal tariffs. the re-
suit of which would only be to deprive
t