Evening star., 1932-10-29

The Democratic candidate has an
nexed, as II it were a new discovery
the recommendations which made In
1922, and have continuously advocated
ever since, for the reorganization OF
the whole Federal administrative struc-
ture for the purpose Of economy by the
consolidation Of bureaus and the elm
ination Of useless boards and COM
missions. The candidate, in a. recent
speech, misrepresents the present situa-
ton, for the Congress, having been no
longer able to oppose this reform, did
pass a measure during the last session
granting an authority to the Executive
to bring this about They, however,
denied my request for immediate action
except on minor matters. and made
that authority dependent upon the ap-
proval of Congress, which cannot be
given before next March under the
terms of the law If the Democratic
candidate will read the law and in
form himself fully upon the subject he
must withdraw that statement.
gave an address at Des Moines de-
voted largely to IL specific measures
now in action and to be put into action
for agriculture.
At Cleveland I likewise gave an ex-
tended exposition of the measures and
policies which we have in action and
proposed for labor and employment. I
am In hopes these statements will be
carefully considered.
Greenback Bill Scored.
One Of the most important issues OF
this campaign arises from the TACT that
the Democratic candidate has not yet
disavowed the bill passed by the Demo-
cratic House of Representatives under
the leadership of the Democratic can
didate for Vice President to issue S2,-
300, 100000 Of greenback currency; that
is unconvertible paper money. That Is
money purporting to come from the
horn of plenty but with the deaths head
engraved upon 1t.
Tampe~ing with the currency has
been a perennial policy Of the Demo-
cratic party. The Republican party
has had to repel that before now. In
the absence of any declaration by the
Democratic candidate on this subject
for seven weeks of this campaign, no
delayed promise now can eftectually
disavow that policy. The, taint Of it is
firmly embedded in the Democratic
party. The dangers of it are embedded
in this election. If you want to know
what this new deal" and this sort Of
money does to the people, ask any OF
your neighbors who have relatives in
Europe, especially as to German marks.
I have stated that do not favor the
prepayment Of the soldiers bonus of
1900, 100000 It was passed by the
last Democratic House of Representa-
tives With the aid of the public, it
was stopped. It will be attempted again.
The Democratic candidate has not yet
stated to the American people fairly
and squarely what his attitude Is upon
this subject.
The reasons why object to it can be
illustrated by the father who in a
generous moment promised his young
son bonus of $100 when he was a
years old. The boy asked his father for
the 500 13 years in advance. His
father said: Times are bad I am
hard pressed. have to bring up and
educate all of the children. and
haven't the money. I am placing IS
per annum in the savings bank, and as
it is compounded it will amount to sl00
when you are 81 years old"
The moral of that story is you cannot
eat your loaf of compound interest be-
fore the dough has had time to rise.
And the further political moral of this
story is that 1t was said by the fathers
political opponents that this son would
never vote tor his father for public
Office.
There is no one high in public office
who knows better than I do from per-
sonal observation the service given by
the youth of our country in the Great
War. I have insisted upon their care
when in distress. But with all my re-
gard and feeling cannot endanger the
whole stability of this country in this
special demand of part of the veterans
or any other special group. OF one
thing I will assure the veterans. and
that is when they are paid they viii
be paid in real money.
During the past few weeks the Demo-
cratic candidate has had a great deal
to say in endeavoring to establish the
idea in the minds Of the American
people that I am responsible for bad
loans by American bankers and in
vestors in foreign countries. He says:
This Is an unsavory chapter IN
American finance. These bonds in
large part are the fruit of distressing
policies pursued by the present admin
istration in Washington None other
if you please, than the ability of lend
ing to backward and crippled countries.
Regulatory Law Lacking.
The Governor does not inform the
American people that there is no Fed
eral law of regulation of the sale Of
securities and that there is doubtful
constitutional authority for such law;
that most of these bonds are issued
from New York State. which has such
euthofity and that the Governor has
done nothing to reform that evil, If it
be one I recollect a Republican Gov
ernor of New York who, believing wrong
was being done to citizens of his own
and other States on their life insurance,
found a man in Charles Evans Hughes
who cleaned 1t up once and for all.
The Governor has not stated to the
American people my oft-repeated warn
ings that American loans made in
foreign countries should be on SOUND
security and confined to reproductive
purposes. have defined these as being
loans for creative enterprises which OF
their own earnings would repay interest
and capital. In one of his addresses
the Governor pretends not to be able
to understand what reproductive loan