Evening star., 1932-09-18

Salt Lake City follows:
am having. as I have repeated
many times these past few days, q
glorious time. Never have met people
n ore cordial, more interested. more en-
t,,usiastic in their hospitality. TO my
mind it is no mere personal tribute to
me. It is an expression OF the hope
that people have that a new deal will
mean better and happier days for all
OF US.
This, 1t seems to me, Is what have
learned as I have passed over the
westward trail of the pioneer: My visit
here in Salt Lake City is. assure you,
Sre of the brightest spots Of happy
trip. As I have viewed the scene IN
this valley, it Is easy to see how dis
tinguished ciHZen of your State. arriv-
ing in this alace IS years ago, ex-
claimed, This is the place"
Pessimists tell me that for some OF
the great problems Of American life,
such as the prices the farmer gets for
his products, nothing can be done be-
cause these things are locked in the
Jaws of an Interchangeable economic law.
But when I see, as have seen here,
what human beings have done in the
work of reclamation and in other at
tempts to change, through the efforts
of man and for the benefit Of man,
the face of nature itself. the complaint
of these pessimiStS seems bit absurd.
It is clear to me that If we can
change the conditions OF nature that
made a place a desert. We ought TO
have faith in the possibility Of chang
ing the economic conditions sufficiently
to bring the producer and the con-
sumner more closely together to the
benefits of each.
Great Tasks Recognized.
The tasks we face in the reordering
of economic life are great; they call Tor
courage, for determination and what
you have abundantly out here-the
hardihood of the pioneer. We still
have before us, as had those who set
tied this great West, battles with hun
ger, battles with human selfishness and,
what is more important, the battle with
our own spirits, seeking, in the face of
encouragement, the means OF restora-
ton and relief.
AS the life of the pioneer came to
be more widely extended with the
coming of the railroads, the develop
ment of commerce, things that were
local came to be national, and things
that were national came to be interna-
tional. Interdependence Is the watch
word of this age.
For example, when due to unwise
tariff schedules of our National Gov
ernment in Washington, some far-aWay
nation IS driven to retaliation, the farm
er in Iowa. Kansas, Colorado or Utah
suffers.
need not tell you of the Importance
of these far-fung relationships. The
independence of the Philippines, for
example, 5000 miles away. which our
party in its platform heartily advocates,
is not without significance to you in
your daily life and your future happi-
ness
And one of the greatest of these
questions of international relationship
is that of money, of gold and silver.
am glad to note that the administra-
ton in Washington has at last come to
recognize the existence of silver.
To move in the direction of considera-
ton of this question is thoroughly in
accord with the Democratic platform
I'VE favor a sound currency to be pre-
served at all hazards and an interna-
tional monetary conference called on
the invitation of our Government to
consider the rehabilitation of silver and
related questions"
Elements of Question Changed.
The elements of this question have
changed profoundly in the past gen.
Grafton. The economists of the world
have come to recognize that the prob
lem OF money is largely cne of inter-
national concern I propose to speak of
this in more detail very shortly, out
lining the difference between the plat
forms and policies of the two major
parties.
L have spoken tonight of the build
ing of the West. In this development
the railroad, Of course was the dom
inant factor. For 80 years railroads
have been the means of tying us all
together in national unity.
I need not tell you that in this de-
velopment we have seen great heroism
great faith and, unfortunately, also great
injustice When the railroad first
stretched out across the plains and into
those mountains and valleys, it was re-
garded as a miracle, challenging the
imagination of the people. Later there
came an age when the railroads. con-
trolled by men who unfortunately did
not recognize the large public interest
at stake. were regarded by those same
people as an octopus. crushing out their
life and sapping their substance.
But that day has passed. The rail-
road is becoming servant of the peo-
pie, largely owned by the people them
selves 1t Is this new relationship of
the railroad that should guide our con-
Sideration of its problems. The railroad
~ .,~ -
threat, has now become a part of our
national economic life.
We are now concerned about their
preservation.
The problem Of the railroads is the
problem of each and every one of us.
No single economic activity enters into
the life of every individual as much as
do these great carriers. 1t is well to
pause moment and examine the extent
of that interest.
As I have done before in other mat
tiers, I want to think the issue through
in terms of individual men and women
A railroad" indirectly affects every one
within its vast territory. Directly it
affects three great groups.
Roads Owned by People.
First, its owners. These are not, as
too many suppose. great railway mag
mates sitting in luxurious offices and
clubs. They are the people through
out the country who have a savings
bank account, or an insurance policy
or, in some measure, an ordinary check
ing account. Figures, though they may
be dull, nevertheless do talk
There are more than eleven billions
of railroad bonds outstanding about
half as many, in fact, as there are
United States Government obligations
Nearly five billions are owned by savings
banks and insurance companies-which
means that they are owned by the mil
lions of policyholders and savings bank
depositors.
When you put money in the bank OF
pay that insurance premium, you are
buying an interest in the railroads
Some two billions more are held by
churches, hospitals. charitable organiza-
tions. colleges and similar institutions
as endowments. The remaining bond!
are scattered far and wide among 6
host of people whose life savings have