Evening star., 1932-10-29

! Is, and yet, as I vii show you in q
moment, he does know something about
| it. I will say at once that when we
have surplus capital, properly secured
loans for reproductive purposes abroad
| are an advantage to the American
people They furnish work to Ameri-
can labor In the manufacture of plants
and equipment, the furnish continu-
ing demand for American labor in
supplies and requirements. The effect
of such creative enterprise Is to increase
the standard of living among the
people in those localities and enable
them to buy more American products
and furnish additional work for Ameri-
can labor.
I have no apologies to make for that
statement It is sound, 1t makes for
the upbuilding of the world, it makes
| for employment Of American workmen
and profit to American investors. If II
be followed there will be no losses In
these statements the Governor entirely
omits the conditions and warnings
with which / have always pointedly
surrounded the statements of this sub
ject. Although no Federal official has
the authority to control the security
offered on these loans, none have de-
faulted where my proposed safeguards
have been followed.
1t is obvious from the GOVERNOR IS
many speeches that he now considers
that all foreign loans are wrong. He
seems to consider the selling of foreign
bonds in our country to be wicked and
the cause of our calamities. One in
teresting part of all this TRADE is that
I have never been engaged in the SELL
ing of foreign bonds or foreign loans
The Governor has the advantage of me
in experience in that particular. AS
late as 1928 the Governor was engaged
in that business for profit and actively
occupied in promoting such loans. At
that time he was chairman of the
Organization Committee of the Federal
International Banking Co., cor
poration organized for the selling of
foreign securities and bonds to the
American people. have in my hand a
prospectus of that corporation in which
the foreword, writted by Mr. Roosevelt
before he resigned this position to take
the governorship, reads as follows:
The organizers of the Federal Inter-
national Banking Co. feel that
foreign investments are in the nature
of alliances. The Federal International
Banking Co. will provide a new
source Of supply from which American
demand for foreign investments may
be satisfied. 1t is intended to promote
expansion of American foreign-trade in
vestments of the Federal International
and intended to be self-liquidating. It
will put to sound protective uses part
of the surplus wealth of our Nation
which might otherwise be employed in
the purchase Of existing stocks and
thereby increase present tendencies
toward imitation"
Distribution Abroad.
The prospectus states that Its opera
tions will be widely distributed in
foreign countries and various indus
tries" 1t further states that we must
aid debtor nations to purchase our
products. rehabilitate themselves, ex-
pand and develop, and earn money with
which to liquidate their debts, that
foreign loans should be facilitated to
aid the export sale of American
products
Throughout the prospectus constant
reference is made to the fact that it Is
organized under the law, and the i'm
preston is given that in consequence
it has some sort of official blessing
from the Federal Government.
I have no reason to believe that the
Governors enterprise on this occasion
was not perfectly proper and soundly
founded. do not wish to convey that
impression. But the Governor, as a
private promoter for profit during the
boom of 1923 believed and practiceu
what the Governor, as presidential can
didate. now denounces as immoral and
cause of our calamities
Two weeks ago at Cleveland I felt 1t
necessary to denounce the calumnies
being circulated in this campaign by
the Democratic National Committee in
official instructions to their campaign
speakers. That committee privately
acknowledges that these have not a
shred of foundation. They refuse to
take the manly course and withdraw
these statements. They have sought
to maintain their continuing poison by
silence
I now have before me other calumnies
Of the Democratic National Committee,
circulated in the same fashion by in
structions to their campaign speakers.
These instructions bristle with such
titles as these:
How President Hoover has failed
the children"
His real interest in the Nations
children may be gained by his recorded
effort to emasculate and disrupt the
Children's Bureau"
THE bunk of the Home Loan Bank
act"
Governor Roosevelt implies his in
dorsement of these calumnies by re-
peating their implications in his
speeches when he speaks of what he
calls attempts that have been made
to cut appropriations for child well
fare"
And again:
THE United States Public Health
Service states that over 100000 of our
public school children have not enough
to eat; many are fainting at their
desks; they are the prey of disease and
their future health is menaced"
In another speech he uttered a slur
on the Home Loan Bank system created
by this administration.
Statement Refuted.
These things have Importance only
as indicating the desperate attempts to
mislead the American voter. I am not