The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1932-10-21
MAKES
SHARP REPLY
CONTINUED from page one)

ly to employment and wage ques-
tions. Fe outlined in detail IL
policies and measures which he
described as the record Of his adj.
ministration on this score.
But before reaching this section
Of his speech, he turned directly
to a discussion Of causes of the
world economic strain.
"Our opponents he began,
"have been going up and down the
land reDeating the statement that
the sole or major origins of this
disruption ard this worldwide hur-
icane carve from the United States
through tire wild floation of Sc
Curl les and the stock market spec
ulaticn in New York three years
ago together with the passage of
the Smoot- Hawley tariff bill, which
took place nine months after the
storm broke.
q propose to discuss this asser-
tion.
First: Because it can be prov
ed absolutely untrue.
Second: Because the United
States did not bring this calamity
upon the world. The United States
is not the oppressor of the world.
Third; Because it can be dem
o~nstrated to be founded upon a
complete misunderstanding of
what has happened in the world.
Fourth: Because any party
which exhibits such a lack of &c
onomic misunderstanding upon
which to base national policies
should not be trusted with the fate
of 25, 900, 900 American families.
They should not be trusted to com
mand the battle against the most
gigantic economic emergency with
which our people have ever been
confronted, and to bring that bat
tie to victorious issue in the re-es-
Establishment of the functioning of
our economic machine"
The president said: "Our oppo-
nents demand to know why govern
ment leaders did not foresee the
approach of the 'disintegrating
forces
mo man a foresee the coming !
Of fear IT panic" he asserted. 81
did not notice any democratic Jere-
miahs."
Contending the thesis of the op-
position as to the origin Of our
troubles is a wonderful explana-
ton for political purposes, Mr..
Hoover repeated several times that
the leaders of the democratic party
appear to be entirely in ignorance
Of" or apparently have not yet
learned of" what he said were the
effects of certain post war happen
-ngs in foreign countries. He
named the killing or incapacitating
If 100000 boys and men, the
harsh treaties which ended the
var the increase of standing arm
es of the world from 1000, 900 to
200, 900 men. Agitation in India
md the revolutions in China and
''They have ignored" he said,
the effect Of Russia's dumping
AIKEN from it's ne~cessatious people
n a desperate effort to secure
money with which to carry on
hall I call ia new deal" After
the over-productiOn of com
nodities in various other countries, /
eyolutions in still others, the a.
Iandonment of the gold standard
q some of them, and a wave Of
bear that swept over our people,"
added.
"Yet in the face of all these
tremendous facts, our democratic
leave the impression with
ne American people that the prime
ause of this disaster was the
DOM in flotations and the stock
and a small increase in
.merican tariffs.
"Such an impression is unques-
onably sought by the democratic
andidate when he says: "That
ubble burst first in the land of
s origin, the United States. The
collapse abroad followed. 1t
as not simultaneous with ours.
81 do not underate the distress 1
g losses to millions of Jul people |;
: the weakening of our strength 1
ON the mania of speculation and
citation of securities, but I may l.
scidentally remark that the state
)vernments have the primary re-
possibility to protect their citi-
ms in these matters and that the
lst majority of such transactions
'iginated or took place in the i
ate of New York"
The president next quoted from
bulletin of the National Bureau
Economic Research, a statement
the effect that the depression
the world began in II countries
wing a ponulation of 900. 000. 900