Evening star., 1932-08-21
Text of Roosevelt Speech
Depression Laid to Economic Policies Of Hoover
Administration Curb on Issuance
of Securities and Loans abroad.
BY the Associated Press.

BY the Associated Press.
COLUMBUS, Ohio, August 20.-The
text of Gov. Franklin D. Roosevelt's
presidential campaign address as pre-
pared for delivery before Ohio Demo-
Gratis here today:
When I opened my campaign in Chi
cago seven weeks ago I spoke briefly
and plainly of the issues of this cam
paign. Following that address outlined
to the people of the country the plat
form of my party. In the order of logic
I should devote this address to the Re
publican platform and the speech of
acceptance of my opponent. I find it
necessary. therefore. not only to discuss
these statements but to consider them
in the light of Republican policies and
promises of the past few years. To do
| SO without severe criticism is impossible.
I regret this necessity Destructive
criticism is never justified for its own
sake. But to build we must first clear
| the ground We must find out why the
present Republican leadership built so
unWisely. We must determine the
causes that made the old structure COL
! lapse We must take borings to deter
mine the necessary character of the
| foundation. To justify our right to
build we must show not only sound
plan, but why in contrast, this plan
offers the hope Of better things.
Economic Problem First.
Both platforms and the speeches of
acceptance of both candidates at least
| have agreed upon one thing; that the
major issue in this campaign is the
economic situation. The people are
now asked to judge whether the present
administration has been wise in its
economic policies, as revealed in the
Presidents statements and actions. Only
in this sense is this criticism directed
at an individual.
I propose to show that this leader
ship misunderstood the forces which
were involved in the economic life Of
the country, that it encouraged vast
speculative boom and that when the
reckoning came the administration was
not fr.nk-not honest-With the peo-
pie, and by blundering statements and
actions postponed necessary readjust-
ments. This prolonged and deepened
the depression.
Much of our trouble came from what
the President described as "a new basis
in government relation with business;
in fact. new relationship of govern
ment with its citizens" His serious
purpose is, in his Cwn words, ito set
up a systematic organization Of the
whole business community" The fact
! that he believes this policy definitely
affects business he has asserted many
times. For example, in taking credit
for the expansion of export trade, he
said. 1T is not chance t. things like
this don't happen" Here is the case
summed up in the Presidents own
~, he coJ6
Without the wise policies which the
Republican party has made effective
through the past seven and a half
years, the great prosperity we now en-
Joy would not have been possible" Re-
member this, my friends, in the face
of present assertions that government
cannot affect business conditions. If he
claims to lead, he must take the re-
sponsibility of what the army does
and where 1t goes.
Refers to Harding Policy.
This mobilization of business as the
President practices 1t by promotion and
advertising methods will always be de-
fective. His power to influence public
opinion is great, but this driving will,
as it has been we'll put. always be back
seat driving and dangerous.
Apart from the futility and danger
of such interference. the Presidents
thought is a wide departure from the
Republican tradition as voiced by Presl-
dent Hardings slogan of less govern
ment in business. Republicans every
where should see this. 1t is completely
alien to the traditions of his party.
The coincidence of the two policies Is
as dangerous mixture as fire and
powder. This is the tragic folly OF the
past four years.
|. Even before the election Of Mr..
Hoover a terrible race began between
the rising tide of bubble fortunes in the
stock market and the rising tide of
unemployment. Mr.. Hoover's own
records in the Department of Commerce
showed that there were two million
fewer men at work in the four principal
fields of employment in 1925 than there
had been six years previously, although
the population and production had
vastly increased and many new in
dustries had appeared. Despite huge
profits in handful OF large corpora
tions. more than half the corporations
of the country were reporting no net
income. Nevertheless we were, said Mr..
Hoover, on the verge of the greatest
commercial expansion in history" High
wages would create new consuming
power, accelerated mass and machine
production would lower costs. Buy
more! Owe more! Spend morel This
was the program. This caused the
deluge of high pressure selling, lavish
extravaganza, head-on plunges into debt
and vet more debt, and all this coupled
with the Presidents idea Of Govern
ment sponsorship Of the whole headlong
plunge, was the dangerous doctrine
called "the new economics"
Called Mad Whirl.
It was the hey-day of promoters,
sloganeers, mushroom milllonalres, op-
portunists, adventures of all kinds. In
this mad whirl was launched Mr..
Hoover's campaign. Perhaps foreseeing
it. a shreWd man from New England,
while in the cool detachment Of the
Dakota Hills, had typed on a narrow
slip Of paper, Il do not choose to run"
It was already obvious even to the
administration that the forced pr1 fuc-
ton of our industry was far too 'feat
for our domestic markets. The Presi-
dent had to meet this fact, and he did
meet it by an audacious and fateful
suggestion. We were to sell what he
called 1.-The constantly increasing sur
plus" abroad. But how could this be
done in the collapsed state OF world
finance? He answered, ut Is an essen
tial part Of the further expansion OF
our foreign trade that we should
interest ourselves in the development Of
backward or crippled countries by
means of loans"
Obedient to this suggestion, the
United States, which had already loaned
fourteen billions abroad, was lending
overseas at a rate of two billion dollars
per year. Thus was produced in fact
the crop of foreign bonds which
American investors know to their cost.
The OLD economics had gone out of
business: to the suggestion that mass
and machine production ultimately
must destroy employment. the President
simply observed. This is the re-echo