Evening star., 1932-11-06
PRESIDENT LISTS
G. 0. P. MEASURES
Declares Tariff Has Proved
TO Be of Great Emergency
Service.

Service.
Dy tbs Assoeiated Press.
ST PAUL, MINI, November 5.-The
text Of President Hoover's address
tonight:
In these closing hours Of the cam
paign I am conscious that the Ameri-
can people are summing up In their
minds the candidates statements, the
issues; weighing the expositions of
party policy. making their appraisals Of
party measures and OF men; and thus
preparing themselves individually for
their final personal decision to be ex-
pressed by their ballots at the polls
next Tuesday.
stated a few days ago that the
most important issue before the Ameri-
can people at this moment is to over
come this crisis What our people need
Is the restoration of their normal jobs
and the recovery of agricultural prices
and Of business. They need help in
the meantime to tide them over their
difhculties in order that they may not
suffer privation or lose their farms and
homes.
The Immediate Problem.
There are other measures which con-
Germ the more distant future. We must
not lose sight of them. But the great
balance in which to weigh the two great
political parties today is in their at
ttude toward this immediate problem.
because in this attitude lies their
philosophy Of government their ability
10 penetrate into causes, their capacity
to meet emergency and to translate
measures into action. And in these
balances should also be weighed the
question of honesty in presentation to
the people of the facts so that they
may formulate proper judgment
There is beyond this the common,
everyday fact as to whether the ad-
ministration measures and policies in
action are accomplishing the purposes
for which they were set out and there
fore deserve ratification and retention
by the people. There is also revealed in
this accomplishment what we may hope
TOR in the way of performance for the
future
Many of our hopes for the long view
development of our Nation have been
interrupted by the necessity to devote
our concentrated attention to the pro-
lection of the American people from
the cataclysm which has swept over
The world as the result of the aftermath
OF the Great War.
A Fantastic Fiction.
Our opponents have endeavored to
build fantastic fiction as to the causes
Of these events in the last three years
IN order that they might blame the Re-
publican party with all the distress and
disasters which have happened, not only
in our country but in the world, and
thus resort to the oldest trick of poll
tics by stimulating a protest vote. But
In the pursuit of this misrepresentation
they have demonstrated their total lack
of understanding of the real situation
with which the Government must deal
If we are ever to find our way out of
this depression. This narrowness of
vision, this incapacity to reach to the
heart of things is q complete demon
stration of their unf1tness for the still
gigantic task of leading the Nation
back to normal life and the resumption
of its forward march of progress. They
have deliberately avoided and decried
the accumulation of strains which grew
out of the Great War; they even ig-
more that such war took place. They
ignore the piling up OF our national debt
and the debts amongst combatant ma
tons greater than the whole wealth OF
the United States.
They ignore the loss of the productive
skill and intelligence of millions in Eu
rope, blotted out by battle, disease and
starvation, the poison springs of polit-
tcal instability which lay in the treaties
that closed the war, the fears and hates
that have held armaments to double
those before the war; the new ma
tionalsm of a score of small nations
sprung from the war with all their own
tariff walls and disturbances of old
channels of trade, the ruinous Govern
ment policies which falaciously sought
to build back to prosperity the impov-
erished countries of Europe by enlarged
borrowing, by subsidizing industry and
employment with taxes that sapped the
savings upon which industry must be
rejuvenatsd and commerce solidly built.
Under these strains the financial sys-
TENS Of many foreign countries crashed
one after another.
Ameriean Trade Suffers.
These blows struck at US through
decreased world consumption OF goods.
If we look back over the distress
Of these years we find that three-quar-
tiers of the population of the globe suf-
fered from the flames of revolution,
many nations we're subject to constant
change and vacillation, others resorted
TO relationships and tyranny in des-
perate attempts to maintain some sort
of social order.
We are part of a world. the disturb
ance of whose remotest population al
fects our own financial system, our
markets, our employment and the prices
Of our farm products. And we nave
many problems of our own growing out
of the great war, the imitation of values
10 Stl1npnd01lS l.
crease of our debt; the failure OF for
eipn countries to respond to their debt
obligations to us.
FINALLY. with the desperate crisis
abroad, the whole world scrambled to
convert their property into gold ana
thus withdrew from us suddenly over
s2 400, 100000 of exchange and gold.
These fears spreading to our own cit
izens caused them to withdraw 81 500
900 900 in currency from clrculatlon.
The effect of this was to Withdraw
vast sums of gold from our own use
as we must protect the gold conVeftl-
bility of our currency, win luftnef
repercussions of credit stringency, un-
en1plovment and dropping prices,
Our own economists overlooked one
sreat fundamental faetor-that while
our own people consume 80 per cent
Of their production. yet no one calcu-
lated the effect Of worldwide fear upon
our credit system which thereby sud,
denly undermined our industry ano
commerce.
In the face Of these gigantic, appalling
worldwide forces our opponents set up
the Hawley-Smoot tariff bill, changing
as 1t did the tariffs on less than ene-
xixth of our own imports. one one
hundredths of the worlds imports, and
introduced long after the. collapse
started. as the cause of all this world
catastrophe. What an unspeakan1ls
ravesty upon reason this explanation is!
Suppose that we had never had the
Haviey-Smoot tariff bill. Do you thlnk
for one moment that this crushing col