Evening star., 1932-10-16
Highligghts of Hoover Speech

l per cent Of the goods being imported
by the world
There is a vital determination be-
fore the American people as to whether
there shall be placed in power over the
destinies of 120,000,000 of people a
party which so lacks a penetration
into the forces active in the world and
the dangers and responsibilities that
arise from them"
There should be no fear or appre-
hension at any deserving American
fireside that starvation or cold will
creep within their doors to menace
families and loved ones over the forth
coming Winter"
DAY before yesterday my opponent
announced a plan to set up in times
of prosperity what might be called a
neSt-egg to be used for public works in
time of depression He advances
this apparently as q brand-new idea.
Now 1t will doubtless surprise him to
learn that the eggs have not only been
laid, but have hatched."
"Do you want to compete with labor
erS whose wages in his own money are
only sufficient to buy from one-eighth
to one-third of the amount Of bread
and butter which you can buy at the
present rates of WageS?"
ployment. In plain terms, our inven-
tions of labor saving machinery have
out run our discoveries of new COM
modities and new services upon which
to absorb the men thus discharged from
the older industries. In order to bring
the Government into line with these
facts, upon my recommendation to Con-
greSS the shorter hours were applied ef-
fectually to Government service in order
that we should spread Government en-
ployment over the largest possible num-
berS and yet decrease Government eX
penses.
g. There is an agency of protection
which we have created which has been
near to my heart over many years. That
has been the establishment of better
opportunity for our people to purchase
their own homes and to have chance
TO keep them when they have undertaken
this great step in life. In November of
last year I propounded a plan for
national system of home loan banks
These banks were for the purpose, with
the temporary assistance of the Gov
eminent, of mobiliZing the resources o.
building loans savings banks and other
institutions devoted to home ownership
to enable them to borrow collectively
on more favorable terms from the in
vestor. and to assure to the borrower
long term payments at more reasonable
rates. The literally thousands OF heart
breaking instances of inability Of work
ing people to attain renewal Of expiring
mortgages on favorable terms, with the
consequent loss of their homes have
been one of the tragedies of this de-
preston. Had the Democratic House of
Representatives acted upon this meas
ure at the time Of its recommendation,
We would have saved hundreds Of thou
sands of these tragedies.
Benefits Already Shown.
I finally secured the passage of that
bill through the Congress. Those banks
will be operating by the end of this
month. The system is not as perfect
as I should wish, yet 1t has already had
one immensely beneficial effect, and
there will be others. The anticipation Of
its aid has largely stopped foreclosing
on homes, and with its operation it
should enable every man who wants to
make fight TO hold onto his home an
opportunity to do so.
And there is another purpose in set
ting up this new institution. Despite
the tendency of the people in some COM
munitieS to huddle in depression and,
therefore, to create many vacant dwell
ings, yet there are other communities
where people today wish to build homes
but cannot do so because they cannot
borrow a portion of the cost. These in
stitutions by furnishing this capital will
give renewed employment to many
thousands of people.
Z. I have for many years advocated
high wages as the economic basis for
the country That is the road to eco
nomical production and high consump-
ton of products OF the farm and fac
tory.
Those who say that things could not
be worse speak without knowledge of
what has happened in other countries
which have gone through this cata-
chysm. In order to show you what the
rates of wages are in the United States
compared with other countries 1 have
this week secured through the Depart
ment of Commerce a calculation on a
basis which I have used before for pur-
poses of illustration. The actual wages
in terms of the currencies of other
countries are difficult to compare. We
must find common denominator.
Bread and Butter Is Basis.
If We say that per cent of butter
and 95 per cent Of -four form the basis
of that useful mixture called bread
and butter" then the weekly earnings
in each country would buy at retail in
those countries the following totals Of
this useful compound:
Weekly wages if applied to the pur-
chase of composite pounds of bread
and butter" as of October, 1882.