Evening star., 1932-11-02

Vice President Curtis: "The Demo-
cratic tariff scheme will not protect
a single farm or single factory or
the combination Of factors which I
have recited in the course of this ad-
dress"
Discusses Remedial Steps.
Glass next turned to an analysis of
remedial steps taken by the admins
tration. He said President Hoover was
pathetic and importunate in his plea
for 'non-partisan cooperation in the
effort to rescue business after he could
n olonger escapes the conclusion that
something needed to be done" Mr..
Hoover, he added, seemed utterly ig-
norant of the stupendous disaster which
had overtaken the country"
First of all, Glass continued, the Pres
ident applied psychological poultices."
summoned industrial leaders to the
White House and "eXacted = an ex-
plicit agreement not to curtail en-
ployment or reduce wages" Glass went
on to comment:
THE simplest person on earth should
have known that men would not be en-
ployed if their services were not needed.
and that wages would not remain un-
molested if there was no market for the
| products Of the fields and factories"
The Senator also applied the term
psychological poultice" to the repara-
tions and war debt moratorium and the
| anti-hoarding campaign. Next. he said.
came the National Credit Corporation
with the White House announcing thai
Eastern bankers had agreed to use
! $500, 100000 Ito acquire the frozen as
sets CT threatened banks
II has since hpep fiSp1aeed Glass
said. that at meeting of the bankers
in Secretary Melons apartment at
! tended by Mr.. Hoover, the bankers
were definitely promised that Gov
ernment agency would take over the
acquired assets" of the corporation.
Tax Burden Is Seen.
This meant in plain terms, that this
burden of these generous Eastern bank
ers was to be unloaded on the shoulders
of the taxpayers of the United States"
said Glass
| And in a roundabout way, this has
been done; because the Reconstruction
| Finance Corporation, using exclusively
the public funds, has already taken IN
excess Of S1G0,O00,000 of the assets of
the National Credit Corporation by ex-
tending loans to individual banks
| throughout the country to enable them
to repay the loans made by the National
Credit Corporation under the secret
promise of the President and his Sec
retary Of the Treasury to take over these
loans"
| The Credit Corporation did nothing
for months, he said. and with great
banks failing at its very doorsteps," the
President was compelled to suggest a
revival of the old War Finance Corpora
ton, organized under the Wilson ad-
ministration to assist industries that
were contributing to the conduct of the
war" Glass added:
THE Hoover idolators acclaim with
great genius for devising this instrument
| of relief. He had not one thing on earth
to do with it. The act is almost COM
plete paraphrase of the act drawn by
the Treasury under Mr. WILSON,
Bill Held Dangerous.
| Glass said the bill establishing the
| Reconstruction Finance Corporation, as
sent to Congress by the administration,
was saturated with unsound and dan
gerous provisions" He added there was
not safeguard in the bill as finally
enacted that was not written into it
by a Democrat or Progressive Repub-
lican" after it came from the Treasury.
The same thing was true. he said, of
the GlaSS-Steagall bill, which he sup
ported at the Presidents request, mean
while stating "the facts to the Con-
greSS and the country He said the
effect of the measure had been "insig-
nificant"
Glass turned to the Wagner relief
bill and said it was amazing" to those
who prefer to respect the President of
the United States that he should pa
rade over the country and pretend that
~ Nyn1vJ 1nl f0
praise for this yet undemonstrated re-
| lief act
! Summarizing, Glass said:
I have given you briefly recital of
| the causes Of panic and depression in
the United States and have told you Of
the expedients employed in Washing
ton to arrest the ravages. Nowhere in
this picture can you discern the martial
! figure of Herbert Hoover in death grap-
pie with the panoplied forces of finan-
cial, commercial and industrial dlsas-
| ter. Naturally, the Presidents eyes
were too intently gazing on foreign con-
vulsions to permit him clearly to see the
| wreckage at his feet. With great agita-
| tion, he noted the failure of the Bank
o. Austria and ignored the 6.208 banks
which toppled in this country before
| the Austrian debacle. He saw a tenn
porary renunciation of the gold standard
in England on September 81, 1881, and
imagined that it caused the failure of
over 5000 banks in the United States
before September 81, 1881.
Denies Obstructing Plans.
Secretary Mills tells us that there
was no panic in this country before
momentary abandonment of the gold
standing in Great Britain. He thinks
the greatest era of bank failures and
Of losses to depositors since the founda-
tion of the Government came about in
a quiet way, without business agitation
or loss of confidence until a bank
failed in Austria and until England
went off the gold standard! And Ogden
Mills has brilliant mind!"
Glass went on to deny charges which
he attributed to President Hoover and
his spokesmen that Democrats in Con-
gress had obstructed the administra-
tions plans for balancing the budget
and reducing Government expenditures.
He denied assertions that the Demo-
cratic party was responsible for the
Patman bonus bill, saying 1t would
have been defeated in the House but
for the fact that so Republicans voted
for 1t. An Overwhelming majority of
Democratic Senator'S" he said, defeated
the measure in that branch of Con-
gress.
After quoting Republican statements
that if the Democrats are successful in
the coming election the business in
terests of the country will be menaced.
he said that his party could not do
worse than the present administration
if 1t tried.
Holds Roosevelt Prepared.
Franklin D. Roosevelt, as Governor