Evening star., 1932-08-12

no foreign soldier VIII land on Amer
ican soil. That strength is relative
to other nations. I favor every arms
reduction which preserves that rela-
tionship.
5. I favor rigidly restricted immi-
grafton. I have by executive direc-
ton, in order to relieve US OF added
unemployment, already reduced the
inward movement to less than the
outward movement. shall adhere
to that policy.
6. have repeatedly recommended
to the Congress a revision OF the
railway transportation laws, in or
der that we may create greater sta
bility and greater assurance of vital
service in all our transportation.
shall persist in it,
7. I have repeatedly recommended
the Federal regulation of interstate
power. shall persist in that.
have opposed the Federal Govern
ment undertaking the operation Of
the power business. shall continue
that opposition.
8. I have for years supported the
conservation OF national resources.
/ have made frequent recommended
tionS to the Congress in respect
thereto, including legislation to cor
rect the waste and destruction of
these resources through the present
interpretations Of the antitrust
laws. I shall continue to urge such
action.
9. This depression has exposed
many weaknesses in our economic
system. There have been exploita-
ton and abuse of financial power.
We will fearleSsly and unremittingly
reform such abuses. I have recon-
mended to the Congress the reform
of our banking laws. Unfortunately
this legislation has not yet been en-
acted. The American people must
have protection from insecure bank
ing through a stronger system. They
must be relieved from conditions
which permit the credit machinery
of the country to be made available
without adequate check for whole
sale speculation in securities with
ruinous consequences to millions of
our citizens and to national economy.
I recommended to the Congress
emergency relief for depositors In
closed banks. For seven years I have
repeatedly warned against private
loans abroad for non-productive pur-
poses. I shall persist in those mat
tiers.
10. have insisted upon a bal
anced budget as the foundation of
all public and private financial sta
bihty and Of all public confidence.
I shall insist on the maintenance Of
that policy. Recent increases in
revenues, while temporary, should be
again examined, and if they tend to
sap the vitality of industry, and
thus to retard employment, they
must be revised.
Cost of Government
Must Be Reduced.
II. The first necessity of the Ma
ton, the wealth and income Of
whose citizens has been reduced, is
to reduce expenditures on govern
ment, National, State and local. It
Is the relief of taxes from the backs
OF men which nberate their powers.
1t is through lower expenditures that
we get lower taxes. This must be
done. Considerable reduction in
Federal expenditures has been at
tained. If we except those extraor-
dinary expenditures imposed upon
us by the depression, it will be
found that the Federal Government
is operating for $200,000,0 900 less an
nually today than four years ago.
The Congress rejected recommended
tionS from the administration which
would have saved an additional
$150,000,000 this fiscal year. The
opposition leadership insisted, as the
price of vital reconstruction legiSla-
tion and over my protest, upon add
ing $500, 100000 Of costs to the tax
payer through public works inadvis-
able at this time. shall repeat
my proposals for economy. The op-
position leadership in the House of
Representatives in the past four
months secured passage by the
House of $4,000, 100000 in such raids.
They have been stopped. I shall
continue to oppose raids upon the
Federal Treasury
IL. have repeatedly for seven
years urged the Congress either
themselves to abolish obsolete bu-
reauS and commissions and to re-
organize the whole Government
structure in the interest Of econo-
my, or to give some one the author
ity to do so. I have succeeded par
TALLY IN securing authority, but re-
gret that no substantial act under it
is to be effective until approved by
the next Congress.
13. With the collapse in world
prices and deprecated currencies the
farmer was never so dependent upon
his tariff protection for recovery as
he Is at the present time. We shall
hold to that. We have enacted many
measures of emergency relief to ag-
riculture. They are having effect.
shall keep them functioning until
the strain is passed. The original
purpose of the Farm Board was to
strengthen the efforts of the farmer
to establish his own farmer-oWned,
armer-controlled marketing agen-
cleS. 1t has greatly succeeded in
this purpose. even in these times Of
adversely. The departure of the
Farm Board from its original pur-
pose by making loans to farmers CO.
operatives to preserve prices from
panic served the emergency, but
such action in normal times is abso-
lutely destructive to the farmers in
terests.
We still have vast problems to
solve in agriculture. No power on
earth can restore prices except by
restoration Of general recovery and
markets. Every measure We have
taken looking to general recovery is
Of benefit to the farmer. There Is
no releief to the farmer by extend
ing governmental bureaucracy to
control his production and thus cur
tail his liberties, nor by subsidies
that bring only more bureaucracy
and ultimate collapse. shall oppose
them. -
The most practicable relief to the
farmer today aside from the general
economic recovery is a definite pro-
gram of readjustment and co-ordina-
ton of National, State and local taxa
ton which will relieve real property,
especially the farms, from unfair
burdens of taxation which the cur
rent readjuStment In values has
brought about To that purpose l
propose to devote myself.
IA. have always favored the de-
velopment of rivers and harbors and
highways. These improvements
have been greatly expedited. We
shall continue that work to compile
ton. After 20 years of discussion
between the United States and the
great nation to the north, I have
stoned q treaty for the construction