Milford chronicle., 1932-10-21
plete misunderstanding of what has
happened in the world.
Democrats Unworthy OF Trust

happened in the world.
Democrats Unworthy OF Trust
Fourth. Because any party which
exhibits such a lack of economic
: understanding upon which to base
national policies should not be
trusted with the fate of 25,000,00O
American families. They should not
be trusted to command the battle
against the most gigantic economic
emergency with which our people
have ever been confronted, and to
bring that battle to victorious issue
in the establishment of the func-
tiOning of our economic machine"
The President said, Our OppOn-
ents demand to know" why Gov
ernment leaders did not foresee the
approach OF the "disintegrating
forces"
"No one can foresee the coming
of fear or panic" he asserted. 81
did not notice any Democratic Jere-
miahs."
COntending the thesis of the Oppo-
sition as to the origin of our trou-
bles is a wonderful explanation for
political purposes, Mr.. Hoover re-
peated several times that the leaders
of the Democratic party appear to
be entirely in ignorance Of or zap
parently have not yet learned Of
what he said were the efforts of GER
tain postwar happenings in foreign
countries.
Cites "Harsh Treaties"
He named the killing or incapaci
tating of 4O,OOO,000 boys and men,
the harsh treaties which ended the
war;" the increase of standing arm
les of the world from 100000 to
100000 men, agitation in India and
the revolutions in China and Russia.
"They have ignored" Sc said, the
effect of Russia's dumping into the
world the commodities taken from
its necessitious people in desper-
ate effort to secure money with
which to carry on-shall | call it
a new.deal. - -After-naning the over
production of commodities in vari-
Gus other countries, revolutions in
still others, the abandonment of the
old standard in some of them and
wave of fear that swept over our
people, =" he added.
yet, in the face of all these tre-
mendous facts, our Democratic
friends leave the impression with the
American people that the prime
cause of this disaster was the boom
in fiotations and stock prices and a
small increase in American tariffs.
Such an impression is unques-
tionably sought by the Democratic
when he says:
THAT bubble burst first in the
land of its origin, the United States
The major collapse abroad followed.
1t was not simultaneous with Ous.'
Cites Duties of States
81 do not underrate the distress
ing losses to millions of our people
or the weakening of our strength
from the mania of speculation and
flotation of securities, but | may
remark that the State
have the primary re-
sponsibility to protect their citizens
in these matters and that the vast
majority of such transactions orig
mated or took place in the State of
New York"
The President next quoted from a
bulletin of the National Bureau of
Economic Research, a statement to
he effect that the depression in
he world began in eleven countries
having a population of 600,000,000
before it appeared in our country"
Saying he was quoting from the
Democratic candidate Mr.. Hoover
'ead a statement that the Hawley-
Smoot tariff, 'is one of the most
important factors in the present
worldwide depression" and that it
lad done much ito destroy foreign
rade."
Tariff Passed After Slump Began
"At the beginning" he said, 81 may
epeat that this tariff bill was not
,assed until nine months after the
economic depression began in the
United States and also not until
Wenty other countries had already
one into the depression"
After a mathematical analysis
past tariffs, he added:
So they would have us believe this
World Catastrophe and destruction
f foreign trade happened because
he United States increased tariffs
I one-fourth of One-third of one (
ighth of the worlds imports. Thus
re pulled down the world, so they '
I'll us, by increase on less than l
er cent of the goods being i'm '
orted by the world.
my fellow citizens, l could con-
nue. for hours in an analysis of |
listaken statements and misinfoT-
lation from the opposition. But l i
ssure you that this country is not i
} blame for the catastrophes that ]
ave come on the world. The Amer S
AN people did not originate the t
ge-old controversies of Europe. We t
i'd not inaugurate the Great War
r the panics in Europe"
Concluding this section of his adj v
ress and speaking of current mis- 7
atements of our opponents" the L
resident asserted: IN
"If it were not a matter of such S
ter gravity for the future of the r
nited States l should treat them Il
lt in a sense of seriousness but in y
sense of humOr" 8
Outlines TWe5Ve Relief Measures /,