Evening star., 1932-08-21

vidual men and women; and not indi-
yidual men and women for the benefit
of the system. I believe that the inoi-
vidual should have full liberty of action
to make the most of himself; but I do
not believe that in the name of that
sacred word a few powerful interests
should be permitted to make industrial
cannon fodder of the lives of half of
the population Of the United States.
I believe in the sacredness of private
property, which means that I do not
believe that it should be subjected to
the ruthless manipulation OF pr0fes-
sional gamblers in the stock markets
and in the corporate system. / share
the Presidents complaint against regi-
mentation; but unlike him, I dislike it
not only when it is carried on by an
informal group amounting to an eco
nomic Government of the United
States, but when it is done by the
Government of the United States it
self I believe that the Government,
without becoming prying bureaucracy,
can act as check or counterbalance
to this oligarchy so as to secure lnltla-
tive, life, a chance to work, and the
safety of savings to men and women
rather than safety of exploitation to
the exploiter, 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.
Back to First Principles.
The word "individualism" is bitter
word in the mouth Of Republican
leaders who have fostered regimenta-
ton without stint or limit. Opposition
to financial exploitation is a CHASTITY
sham in men who have created, en-
couraged and brought into being the
very power of exploitation. We must
get back to first principles; we must
make American individualism what it
was intended to be-equality Of oppor-
.tunity for all, the right of exploitation
for none.
Before this campaign is ended shall
state fully to the country my policies
with regard to the conduct Of govern
ment. Some of these policies I have
already set forth.
Today 1 lay before you another. and
I do so in direct and plain English.
Let me ask you a practical question:
II either by manipulation or as a re-
suit of economic law a definite even
though partial improvement in indus
trial production and commodity values
were to begin in the near future would
the people of this country be satisfied
to have continuance of the same gov
ernmental policies toward speculation
that were definitely practiced before
the crash? Would the people of this
country welcome a return of practices
in banking, in the sale of foreign Sc
curities, in the f1otation of mergers or
in concealed and unsound practices of
corporate financing to which the Ma
ton was treated in the years prior to
1929?
For every sane man and woman in
this country I answer in the mega
tive. I now ask one further question
which current history also answers in
the negative. Does the Republican
platform or do the Republican nomi-
nees and leaders promise concrete and
immediate remedies to prevent a re-
turn of the methods which were SO
largely instrumental In bringing us
where We are today?
Proposes Other Remedies.
In contrast to a complete silence on
their part, and in contrast to- the theo-
ries of the year 1928, which I have
shown that the Republican leaders still
hold, I propose an orderly, explicit and
practical group of fundamental rene
dies. These will protect not the few,
but the great mass of average Ameri-
can men and women who, I am not
ashamed to repeat, have been forgotten
by those in power.
These measures, like my own whole
theory of the conduct of government,
are based on telling the truth.
Government cannot DreVent some in
dlVldualS from making errors of judg-
ment. But government can prevent to
a very great degree the fooling of sensi-
BILE people through misstatements and
through the withholding of informa-
ton on the part of private organi-
cations great and small which seek to
sell investments to the people.
First. Toward this end and to in
splre truth telling, propose that every
effort be made to prevent the issue of
manufactured and unnecessary securi-
Ties OF all kinds which are brought out
merely for the purpose of enriching
those who handle their sale to the pub
lib; and further propose that, with
erS shall tell the uses to which the
money is to be put. This truth telling
requires that definite and accurate
statements be made TO the buyers in
respect to the bonuses and commits
slons the sellers are to receive; and,
furthermore. true information as to
the investment of principal as to the
true earnings, true liabilities and true
assets OF the corporation itself.
Control Of Holding Companies.
Second We are well aware of the
difficulty and often the impossibility
under which State governments have
labored in the regulation of holding
companies which sell securities in in
terstate commerce. - is logical and
necessary that the full extent of Fed
eral power be applied to such regula-
ton.
Third. For the very practical reason
that the many exchanges in the busi-
ness OF buying and selling securities
and commodities by the practical ex-
pedient of moving elsewhere avoid reg
ulation by any given State. propose
the use Of Federal authority in their
regulation.
Fourth. The events of the past three