The Waterbury Democrat., 1932-08-22
other agency of the federal govern

other agency of the federal govern ment."
 The other promise was that neither by word nor deed would high public officials in the next administration influence the price of stocks and bondns.
 | Striking at the acceptance speech of his opponent, Roosevelt de- clared:
 q propose to show that this leadership (President Hoover's) misunderstood the forces that were involved in the economic life of the country, that it encouraged a vast speculative boom and that when the reckoning came the adminis- tration was not frank--not hon. est-with the people, and by blum dering statements and action post poned necessary readjustments. This prolonged and deepened the depression.
 "Remember this, my friends" I" Roosevelt cautioned, ''in the face of present assertions that govern- ment cannot affect business condi- tions. If he claims to lead, he must take responsibility of what the army does and where it goes.
 "The real point at issue is this" \ Roosevelt asserted. Have the l leaders of the republican party, un- der a captaincy distinguished, dur ing the past four. years, by errors of leadership, unwillingness to face the facts, whose whole theory of curing the country's ills has been to call his leading sufferers to- gether in conference to tell him how they may be healed: has this party, I ask under this leader, sud- denly become the heaven-sent healer of the country who will now make well all that has been i'll? "In other words, has the repub- lican elephant, spotted with the mire through which he has wan dered blindly during these last four years, suddenly by miracle overnight, become a sacred white elephant of spotless purity, to be worshipped and followed by the people, or has he merely scrubbed and white-washed by cunning showmen in the hope that they can receive a credulous electorate for four years more.
 "The republican platform pro- vides the familiar explanation that the length and depth of the de- pression came from abroad. But there is no recognition of the part played by unsound investing poli- cites permitted under a lax and | indifferent leadership"
 Roosevelt treated the acceptance speech as nothing more than collection of nicely phrased sen- tences.
 There is an eloquent descrip- tion," he said, "of the storm through which we are passing; glimpses through the clouds of troubled officers pacing the deck wondering what to do; related recognition that the storm rose out of q hot current of speculation; stout adherence to the alibi that the secondary phases came from abroad; the outline of the ship clouded in vague phrases about the intrepid soul of our people," "Appraising the situation in the 1 bitter dawn of a cold morning af- ter. what do we find" he asked.
 We find two thirds of American industry concentrated in a few hun dred corporations, and actually managed by not more than 5000 men.
 We find more than half of the savings of the country invested in corporation stocks and bonds, and made the sport of the American stock markets.
 We find fewer than three dozen private banking houses, and stock selling adjuncts in the commercial banks, directing the flow of Amer ican capital within the country anc to those backward or crippled na- foh so heavily.
 We find a greater part of our working population with no chance of earning a living except by grace of this concentrated industrial machinery; and we find that mil lions and millions of Americans are out of work, throwing upon the already burdened government the necessity of relief.
 We find a tariff that has cut off any chance of a foreign market for our products which has had the effort of cutting the earnings of the farmer to the extent ot threatening him with foreclosure and want"
 We find the republican leaders proposing no solution except more debts, more conferences under the same bewildered leadership; more government money in business and no government attempt to wrestle with basic problems. And we have a stirring appeal to the intrepid soul of the American people" Now 1 believe in the interprid soul of the American people,; and believe also in it's horsesense. the governor remarked. "I am going now to outline my own econ. omic creed and n substantial par of the constructive program that 1 hope to initiate.
 "I. too. believe In indivlduallsni. believe, that our industrial and economic system is made for indi- vldunl men and women: and not iu- dividual men and women for the benefit of the system.
 "I believe that the individual