The Waterbury Democrat., 1932-08-22
Democratic Nominee for the Presidency Tore Into the Hoover Accept ance Speech and POint- ed Out That the Present Chief Executive Was a "Blunderer"
q. 0. P. LEADERS
 TRY TO HIT BACK

Columbus, O., Aug ZZ.-(UH)- Governor Franklin D. Roosevelt, opening his speaking campaign for the presidency of, the United States, said Saturday:
 "The administration has risked the lives and property and welfare of the people through a policy oi Governmental speculation.
 High public officials in the next administration will neither by word nor deed seek to influence the price of stocks and bonds.
 Tt will no longer be possible for International bankers or others tC sell to the investing public foreign securities on the implied under standing that they have been ap- proved by the state department.
 "President Hoover's leadership Nncouraged vast speculative boom. and when the reckoning came it was not frank-not honest = with the people. Action post poned. prolonged and deepened the depression.
 "Has that party, under that lead ership (Hooyer's) suddenly become flle heaven sent healer of the coun. try who will now make well al that has been ill?
 .Our industrial and economic system is made for individual mer and women; and not individua men and women for the benefit ol the system, AL.
 q do not believe that in the name of that sacred word (inol' vidualism) few powerful interests should be permitted to make III dustrial cannon fodder of the live! of half the population Of the Ohltee States.
 we must get back to first prin' ciples: we must take American Tn diyidualism as what it was intend a to be--equality of opportunit1 for all. the right of exploitation TOT none. .d most is confidence in the integrity fine soundness, the liberalism, the vision, and the old fashioned horse senue of our national leadership"
 Epitome of Speech
 Columbus, Ohio, Aug 22.-(UP) --Franklin D. Roosevelt Saturda! charged that Herbert Hoover and inc republican party, while pos sessed of accurate knowledge "pls,yed the game of the wal street gamblers," then when the crash came, deliberately misied the people of the United States.
 He promised, as the democratic candidate for the presidency, tha! the next administration VIII neither by word nor deed seek to influence the price of stocks ana hondsp but would exercise the orse-sense" that needed no legis- lation to restore the confidence o1 the people in the honsty of thil government.
 The address was the New YorF governors first since the accept ance speech of President Hoover The address formally opened the democratic presidential candidates speaking campaign. It is designec to give the nation, in part at least the economic remedies to be pre- sented by the democratic party.
 Roosevelt spoke before the Ohit state democratic convention at the Columbus Baseball club stadium He minced no words in laying the blame for what he termed the col lapse of the nations economic structure squarely on the front door steps of the White House.
 "Restored confidence in the ac' tions and the statements Of execu' tive authority is indispensab ble, he declared. '"This administration has risked the lives and property and welfare of the people through q policy of disastrous governmental speculation. - ,r, officials in the next administration will neither by word nor deed seek to influence the prices of stocks and bonds. The government has access for vast information con- cerning the economic life of the country. The present administra- ton has all too often issued state- ments which have had no relation to the scientific information which it possessed. This has shaken pub- lie confidence"
 Roosevelt charged the Hoover administration with not telling the truth to the people when 1t knew the economic crash was nearing He charged also that:
 i. The administration encour- aged speculation and over-produc- ton through it's false economic policies.
 2. It attempted to minimize the crash and mislead the people as to its gravity, ~ .,,
 3. It enormously charged the cause to other nations of the world
 4. It refused to recognize and correct the evils at home which had brought it forth, delayed re- lief an dforgot reform.
 The democratic nominee then of- fered his remedies. "They will pro- tcct not the few but the great mass of average men and women who, I am not ashamed to repeat have been forgotten by theses Tn power," Roosevelt said.
 He outlined them as follows:
 l. Truth telling that requires definite and accurate statements in the selling of securities.
 ?, Full extent of federal power to be applied to such regulation.
 3. Use of federal authority in regulation.
 4. More rigid supervision of na- tional banks.
 ,. Discouraging and prevention of speculation through unre- strained use of bank deposits.
 G. Separation of investment and commercial banking.
 2. Restriction of Federal Re. serve banks in accordance with the original and earlier practices oi the federal reserve system.
 Finally" Roosevelt declared. "l propose two new policies for which iegisiatlon is not required. They ars policies of fair and open dealing or the part Of officials of the admin. istratIon with the American invest Ing public.
 ''fn the first place." he ex, claimed. 'I promise you that it wil bD longer be possible for interna' Ronai bankers or others 10 sell tc ke investing public of America h'cign securities on the implied understanding that these securitiei have been passed on or approved by the state department or any