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

forming a continuous campaign
waged against the forces of destruc
ton on a constantly shifting front.
Government Takes Lead
Thus We have held that the fedora
government should. in the p-esenc,
OF great national danger. use it
powers to give leadership to the mi
tiative, the courage. and the fortitudt
OF the people themselves: but it mus
insist upon individual. community
and state responsibility. That i
should furnish leadership to assure
! the coordination and unity of all ex.
listing agencies, governmental anc
private. for economic and humani.
tartan action. That where it become.
necessary TO meet emergencies be.
You'd the power OF these agencies by
the creation of new government in
strumcntalities, they should be Of
such character as not to supplant OF
weaken. but rather to supplement ano
strengthen. the initiative and enter.
prise of the people. That they must
directly or indirectly. serve all the
people. Above all. that they should be
set up in such form that. once the
emergency is passed. they can and
must be demobilized and withdrawn
leaving our governmental. economic
and social structure strong and
whole.
We have not feared boldly to adopt
unprecedented measures to meet the
unprecedented violence of the storm
But, because we have kept ever be-
fore us these eternal principles of our
nation, the American government in
its ideals is the same as it was when
the people gave the presidency into
my trust. We shall keep it so. We
have resolutely rejected the tempta-
ton, under pressure of immediate
events. to resort to those panaceas
and short cuts which, even if temper
arily successful, would ultimately I'M
dermine and weaken what has slowly
been built and nodded by experience
and effort throughout these hundred
and fifty years.
Organized Against Panic
It was in accordance with these
principles that in the first stage of
the depression I called the leaders of
business and of labor and agriculture
to meet with ME and induced them,
by their own initiative. to organize
against panic with all its devastating
destruction; to uphold wages until
the cost of living was adjusted; to
spread existing employment through
shortened hours; and to advance con-
struction work, public and private,
against future need.
In pursuance of that same policy, I
each winter thereafter assumed the
leadership in mobilizing all the VOL
untary and official organizations
throughout the country to prevent
suffering from hunger and cold and
to protect the million families strick-
en- by drought. When it became adj
visable to strengthen the states who
could not longer carry the full burden
of relief to distress, I held that the
federal government should do so
through loans to the states and thus
maintain the fundamental response
bility of the states. We stopped the
attempt to turn this effort to the po-
litics of selfish sectional demands. We
kept it based upon human need.
It is in accordance with these prin-
ciples that. in aid to unemployment,
We are expanding some six hundred
millions in federal construction OF
such public works as can be justified
as bringing early and definite re-
turns. We have opposed the distor-
ton of these needy works into pork
Darrell, productive WORKS which
impoverish the nation.
1t is in accord with these principles
and purposes that we have made pro-
vision for one billion five hundred
million of loans to self-supporting
works so that We may increase en-
ployment in productive labor. We
rejected projects of wasteful non
productive works allocated for the
purpose of attracting votes instead
of affording relief. Thereby, instead
of wasteful drain upon the taxpayer,
we secure the return of their cost 10
government agencies and at the same
time we increase the wealth Of the ma
ton.
Aided Land Banks
1t was in accordance with these
principles that we have strengthened
the capital of the federal land banks
that on the one hand confidence in
their securities should not be impair
ed. and on the other that farmers in
debted to them should not be unduly
deprived of their homes. The farm
board, by emergency loans to the
farmers cooperatives, served to stem
panics in agricultural prices and saved
hundreds of thousands of farmers and
their creditors from bankruptcy. We
have created agencies to prevent
bankruptcy and failure Of their CO.
operative organizations. and we are
erecting new instrumentalities to give
credit facilities for livestock growers
and the orderly marketing OF farm
products.
1t was in accordance with these
principles that in the fact OF the loom
ing European crises We sought to
change the trend of European econ
omic degeneration by my proposal OF
the German moratorium and the
standstill agreements as to German
private debts. We stemmed the tide
of collapse in Germany and the con-
sequent ruin of its people. with Its
repercussion on all other nations OF
the world. In furtherance Of world
stability we have made proposals to
reduce the cost of world ornaments
by billion dollars year.
1t was in accordance with these
principles that I first secured the
creation by private initiative of the
national credit association, whose ef-
forts prevented the failure of hun
dreds of banks and loss to countless
thousands of depositors who had
loaned all their savings to them.
AS the storm grew in intensity. We
created the reconstruction finance
corporation with capital OF two bill