Evening star., 1932-10-26

l
trade throughout the world fell into a
condition of stagnation.
Our exports between the passage Of
the act In June 1880, to the present
time fell off more than 60 per cent.
| Two hundred and fifty-eight of our
factories were established in foreign
countries. Our factories are still NOV
ing daily-moving abroad. Demand for
labor dropped. Our surplus produc-
tions. excluded from their normal foreign
markets, were thrown back on the do
mestic markets. to the destruction of
commodity prices. The purchasing
power Of more than half Of our people
was destroyed and demand for products
in the domestic market fell. resulting in
bankruptcy. foreclosures and unemploy-
ment. Every city. every farm, knows
the fact. Every city and every farm is
waiting for November to arrive.
Limit to Reduction.
| NV distinguished opponent Is declar-
ing in his speeches that have proposed
to injure or destroy the farmers mar
kets by reducing the tariff on products
of the farm. That is silly. OF course,
I have made no such proposal, nor can
any speech or statement have made
be so construed. I said in my Sioux
City speech in discussing the Hawley-
Smoot tariff act of 1890:
"Of course, the excessive, outrage
ously excessive. rates in that bill must
come down, but we should not lower
them beyond the point indicated"
The point indicated was that no
tariff duty should be lowered to point
where our natural industries would be
injured. Again, In my Sioux City
speech I made the Democratic position
plain when said that negotiated trea-
ties would be accomplished "by con-
senting to reduce to some extent some
| Of our duties in order to secure q low
ering of foreign walls that a larger
measure Of our surplus may be sold
abroad"
OF course. It is absurd to talk Of low
ering tariff duties on farm products.
I declared that all prosperity in the
broader sense springs from the soil. I
promised to endeavor to restore the pur-
chasing power Of the farmers dollar by
making the tariff effective for agricul-
ture and raising the price Of his prod
ucts. I know Of no effective excess
sively high tariff duties on farm prod
ucts I do not intend that such duties
shall be lowered. To co so would be
| inconsistent with my entire farm pro-
| gram, and every farmer knows 1t and
will not be deceived.
The horseman Of delay followed close
on the heels of the fiorseman Of de-
| struction. To take action-strong, Wig
orous action-to repair and rebuild de-
struction is to admit that there has been
destruction.
The Republican leaders would never
be willing to admit that. And so they
delayed When they should have taken
vigorous action to relieve the Federal
budget of its crushing burden in De-
Their delay to take action to reduce
expenditures continued from year to
year-l929. 1890, 1881.
Action Same on Job Aid.
With regard to unemployment relief,
| their action was the same. Far-Slghted
people told them long ago that here
was human emergency that demanded
action. But they were at all times
| hoping, guessing that things would be
better and that they would not be
brought to stern reckoning for the
consequences of their acts. And SO
they delayed in providing relief. On
this tombstone will be written the words
TOO late"
MY friends, this is one of the most
inexcusable actions of the present ad-
ministration. And I want to say with
all Of the emphasis that I can COM
mand that the interests of this country
were well served by those courageous
| Democratic members of the House and
| the Senate who carried on the battle in
! those days to bring about the adoption
of measures of relief-measures to miti
gate human suffering and want.
! Moreover, the administration took no
steps to restore our foreign markets.
While other governments were negotiat-
ing special preferential tariff treaties
our administration did nothing. Their
leaders are still ridiculing my proposal
for action. They still meintain the
| policy of delay
The horseman Of deceit rides by
night. He rode when the administra-
ton told the public that the crash Of
| 1929 was not serious. He rode when he
| said prosperity was just around the
corner He rode when people were told
to buy and invest and continue busi-
ness as usual He Is riding now, when
spokesmen Of the administration mis-
represent what I say and what my as
sociates say. Let me illustrate.
The President contends that the dam
ger to our credit structure was due pri-
marily to the failure Of the Government
to balance its budget. Right now let's
see who is responsible for that failure.
After March 4, 1929, the Republican
party was in complete control Of all
branches Of the Government.
The crash came in October, 1929.
The President had at his disposal all
| the instrumentalities of government.
From that day to December 81 he did
| absolutely nothing to remedy the situa-
tion. Not only did he do nothing, but
he took the position that Congress could
do nothing The deficit in the Treasury
continued to increase, but never did he
urge that the budget be balanced until
December, 1881, nearly two long years
later, when the leaders Of the Demo-
cratic House announced their deter
mination to balance the budget. Then
the President urged that it be done.
He was right, but, as usual, he was
right at the wrong time. He was two
years too late.
Revenue Bill Delay.
The passage of the revenue bill was
DELAYED because the President and the
Secretary of the Treasury constantly
changed their estimates as to the
amount Of revenue necessary to balance
the budget. It will be recalled that on
December 3, 1920, President Hoover es-
timated that on June 80. 1882, the
Treasury would have a deficit of only
sl50,000,000 The people of America
now know that on that date the deficit
amounted to three and three-quarter
billion dollars. I care not whether this
misleading statement on the part OF the
Treasury officials was due to deliberate
Misrepresentation. or to ineficiency; in
either event it must convince thoughtful
people of America that the conduct OF
our fiscal affairs should be placed In
the hands Of men upon whose financial
statements some reliance can be placed.
Is it not time for the Treasury in is
suing statements as to the condition OF
our finances to substitute efficiency for
ineficiency: candor for deception.
I know that it cannot be successfully
contradicted that after the budget esti-
mate was submitted to the last Con-
gress by the President. the Democrats