The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-02-04
MAKE DOLLAR
WORK. IS PLEA
OF PRESIDENT
War Declared on Stacker
Funds; RapS boarding
in Depression.
INVESTMENT is URGED
Hidden, Idle Wealth Ties
Up Credit, Bar to Jobs,
Asserts Hoover.
BY RAYMOND CLAPPER
United Press staff Correspondent

BY RAYMOND CLAPPER
United Press staff Correspondent
WASHINGTON, Feb. War has
been declared on the Stacker dol
lar"
President Hoover has called upon
American citizens as patriotic
duty to bring 1000, 900, 600 out of
boarding and put it to work in
war against depression"
+ Treasury and federal reserve off,
Gals asserted prosperity will return
il the nation answers the Hoover
plea.
He urged all hoarders to put
their dollars to work-either "by
conservative investment or by de-
posts in sound institutions"
These dollars are hidden under
mattresses, in stockings, cookie jars
and safe deposit boxes. They are
earning no interest for their own
ers. They are tying up billions Of
dollars in credit. They are keeping
men out of work. They have caused
hundreds of otherwise sound banks
to fail because of runs by fright.
ened hoarders.
Asks Unity, Courage
President Hoover now summons
American citizens to muster war
time unity and courage, and enlist
In nationwide war to put these
Stacker dollars" to work.
This appeal was made in White
House statement Wednesday night.
Mr.. Hoover also called on leaders
of business, agriculture, labor,
churches, schools, service clubs, pa
triotic societies and trade associa-
tions to meet with him Saturday to
set up national organization to
lead the campaign.
There was ring in President
Hoovers appeal like that With
which, as food administrator, he
stirred the country to save food to
win the war.
Appeals to Patriotism
He appealed both to patriotism
and to self-interest. 1t is the aver
age citizens chance, in the Presi-
dents judgment, to do his share in
supplementing the gigantic efforts
of the $2,000 100000 reconstruction
finance corporation to stir the busi-
ness blood of the nation again.
Every one boarding currency in
jureS not only his own prospects and
those of his family, but is acting
contrary to the common good" Mr..
Hoover said. 1T is to his own in
terest that he should return it to
circulation, as we'll as a patriotic
service to the country as a whole"
The reconstruction finance cor
poration directors Endorsed this
appeal.
Their First Statement
The statement, the first issued by
the directors of the corporation,
said
Every patriotic citizens should
enlist in this effort, dedicated as it
is to the public good and his coun4
trys cause. The Reconstruction
Finance Corporation, in co-opera-
tion is organizing to carry out the
important mission assigned to it by
congress"
President Hoover in his statement
said the Reconstruction Finance
Corporation already has shown re-
suits in dissipating fear and restora-
ton of public confidence, as indi-
Gated by a check on the increased
boarding.
After describing how the ST.
So0,O00,000 boarded money dimin-
ished credit facilities by many
billions" because every boarded dol
lar destroys five to ten dollars in
credit. How this cripples revival
or expansion of agriculture, indus
try and employment, Mr.. Hoover
said.
Every dollar returned from
boarding to circulation means put
ting men to work. 1t means help
to agriculture. and to business.
Therefore, 1 urge all those persons
to put their dollars to work-either
by conservative investment, or by
deposit in sound institutions, in
order that ii may thus return into
the channels of economic life"