The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-08-12
PRESIDENT GIVES
PARTY KEYNOTE IN
CURRENT CAMP Align
Outlines Stand on Pressing Is
sues, Prohibition Attitude
Is Surprise
HOLDS FAST TO TRADITION
Asserts Stress of Times Must
Not Be Allowed to Shake
Nations Base
HOLDS FAST TO TRADITION

Washington, Aug. 12.-tP,-The text
OF President Hoover's speech accept
ing denomination follows:
Mr.. Chairman and my fellow citi-
zens:
In accepting the great honor you
have brought me, desire to speak SO
simply and so plainly that every man
and woman in the United States who
may hear or read my words can not
misunderstood.
The past three years have been a
time of unparalleled economic Gala
nifty. They have been years Of great
er suffering and hardship than any
which have come to the American
people since the aftermath Of the
Civil war. AS we look back over these
troubled years we realize that We have
passed through two stages OF disloca-
ton and stress.
Before the storm broke we were
steadily gaining in prosperity. Cur
wounds from the war were rapidly
healing. Advances in science and in
vention had opened vast vistas Of new
progress. Being prosperous, We be-
came optimistic--all OF us. From op-
timism some of us went to overeXpan-
sion in anticipation of the future and
from overeXpansion to reckless specu-
lation. In the soil poisoned by specu-
l2tlon grew those ugly weeds of waste.
exploitation, and abuse of financial
power. In this overproduction and
speculative mania We marched with
the rest of the world Then three
years ago came retribution by the in
evitable worldwide slump in con-
sumption of goods. in prices. and en-
ployment. at that juncture it was
the normal penalty for a reckless
boom such as we have witnessed
score of times in our history. Through
such depressionS we have always pass
ed safely after relatively short per-
iod of losses. of hardship. and adjust
ment. We adopted policies in the
government which were fitting to the
situation. Gradually the country be-
gan to right itself. Eighteen months
ago there was solid basis for hope
that recovery was in sight.
A Blow From Abroad
Then there came to us new ca
lamity, blow from abroad of such
dangerous character as to strike at
the very safety of the republic. The
countries Of Europe proved unable to
withstand the stress of the depreS
sion. The memories of the world
had ignored the fact that the insidi-
GUS disease left by the great wal
had not been cured. The skill and
intelligence of millions in Europe had
been blotted out by battle, disease,
and starvation. Stupendous burden,
Of national debts had been built up
Poisoned springs of political instabil-
ity lay in the treaties which closed
the war. Fears and hates held arm
aments to double those before the
war. Governments were fallaciously
seeking to build back by enlarged
borrowing, by substituting industry
and employment with taxes that
slowly slapped the savings upon
which industry must be rejuvenated
and commerce solidly built. Under
these strains the financial systems OF
many foreign countries crashed one
by one.
New blows from decreasing world
consumption OF goods and from fail
ing financial systems rained upon us
We are part of world. the disturb
ance Of whosc remotest populations
affects our financial system. our
employment, our markets. and prices
of our farm products. Thus Begin
ming 10 months ago, the worldwide
storm rapidly grew to hurricane force
and the greatest economic emerg-
ency in all history Unexpected, I'M
foreseen, and violent shock with
every month brought new dangers
and new emergencies. Fear and ap-
prehcnsion gripped the heart Of our
people in every village and city,
If we look back over the disasters
of these three years, We find that
three quarters OF the population of
the globe has suffered from the
flames Of revolution. Many nations
have been subject to constant change
and vacillation of government. 9th
ers have resorted to dictatorship or
tyranny in desperate attempts to
preserve some sort of social order
Offers Illustration
I may pause for one short illustra-
ton of the character of one single
destructive force arising from these
causes which we have been compelled
to meet. That was it's effect upon
our financial structure. Foreign
countries, in the face of their own
failures. not believing that We hac
the COURAGE or ability to meet this
crisis, withdrew from the United
States over 50. 5000 900. including a
billion in gold Our own alarmed
citizens withdrew over 81 600, 900 900
OF currency from our banks into
boarding. These actions, combined
with the fears that generated. caused
q shrinkage Of credit available for
conduct Of industry and commerce b.
several times even these vast sums
Its visible expression was bank and
business failures, decentralization OF
security and real property values.
commodity prices. and employment.
This was but one Of the invading
forces Of destruction.
Two courses were open. We might
1nve done nothing. That would have
been utter ruin. Instead, We met the
situation with proposals 70 private
bnslnens and the congress Of the most
aa9nntic nroQram Of economic defense