Evening star., 1932-10-23

AAN L - - L.
, revenues to balance the budget, thus
to hold the impregnability Of the credit
of the Federal Government.
Third-The strengthening OF the
capital of the Federal Land Banks by
sl25, ,0O0, 900 in order to relieve the
pressure upon farmers to repay their
mortgages.
Fourth. Creation Of the Reconstruc-
tion Finance Corporation with $4,000,
900 900 Of reserves in order that, having
maintained national credit, we should
thrust the full resources OF public
credit behind the private credit system
of the country in order to re-establish
and maintain it in an unassailable
position. That with the backing OF
Federal credit 1t should protect the
depositors in savings banks. insurance
policyholders, the lenders and borrowers
In building and loan associations: That
| 1t should, through existing agencies ex-
pand the funds available for loans to
merchants, manufacturers, farmers
agricultural marketing associations That
it should protect the railways from re-
ceivership, in order that In turn the
railroad securities in the insurance
companies and savings banks might be
protected and the employees Of the rail-
ways and a score Of other services.
Federal Reserve Expansion.
Fifth. Extension of authority of the
Federal Reserve Board to meet the
danger to our gold standard and to ex-
pand credit in counteraction to the
strangulation due to boarding and
foreign Withdrawals.
Sixth. Creation Of the home loan
discount banks, with resources of sew
eral hundred millions, to give home
owners q chance to hold their homes
from foreclosure and to furnish credit
to create new homes and to expand
employment.
Seventh. An authority by which we
could secure early liquidation of de-
posts in closed banks that we might
relieve the distress on millions of de-
positors.
Eighth. Revision of our banking laws
Ninth. Continuation of the public
works program of some 100000 00c
per annum to aid employment.
Later in the session of Congress
expanded these emergency recommenda-
tions to include:
Tenth. Authorities to the Recon
struction Finance Corporation to loan
up to $500 900, 900 to the States, whose
resources had been exhausted for relief
Of distress.
Eleventh. Loans by the Reconstruc-
tion Corporation up to $500, 600 00G
for the undertaking of great works
which would add to employment and
from their own earnings repay the out
lay.
New Form Credit System.
Twelfth. The erection of new
system of agricultural credit banks with
indirect resources of S300,000, 900.
Thirteenth. The extension of credit!
through the Reconstruction Corporation
for movement of agricultural commodi'
ties.
And may I add to these measure:
others which we have in motion to aic
in this emergency.
Fourteenth. To maintain the protect
tive tariff as the first safeguard OF
every manufacturer and every workman
and every farmer in the United States
Never has this been SO vital as in this
emergency, when 20 countries are SUI
fering from deprecated currencies ane
| their standards of living and wages are
so low. The danger of flooding oul
markets with foreign goods was never
! greater than at this moment. A week
! ago, in Cleveland, showed that wage!
! in foreign countries would buy only
/ from one-eighth to one-third as mucf
| bread and butter as could be bought BY
| the wage in America today. In the face o.
! these standards of living the Democratic
| party proposes to lower tariffs. In this
| emergency, as never before, we reQuirI
| the preservation Of our non-partisar
| Tarih Commission, by which this nooe
| can be prevented and through which
| if tariffs should become too high, they
can be lowered without all the disrup.
ton and log rolling of congressiona
action. Our opponents propose to de.
| stroy this function.
| Fifteenth. The prevention of immi
grafton during this emergency except
| for relatives of those already residen
in the United States. This Is vital Il
hold for our people the jobs which the!
have. ....
Sixteenth. The mobilization ant
support of all private relief agencies q
we have done over the past three year
in order that we may have the fulles
care and support given to those who ar
Ill and in distress and that We ma,
maintain q sense of responsibility o
every man to his neighbor.
Leaders Are MODii1Beo.
Seventeenth The mobilization o
our business men, our labor and agri
cultural leaders to carry on their pres
ent cooperative activities and Initial
new activities for increasing employ
ment and aid to agriculture.
Eighteenth. The vigorous consnm
nation of results from the World Eco
nomic Conference with, view to reliev
ing the pressures from the outside an
preventing occurrences Of this distres
| in the future The continuation of ou
negotiations for reduction of armamen
in order to reduce our own expense an
to relieve the world of fear and politica
instability. .-
This is the constructive program
proposed by the Republican admins
tration and largely adopted for relic
of this emergency. The reform o
banking and relief to depositors Q
closed banks we're not secured. w
| ~ l,