The Waterbury Democrat., 1932-01-15
European Debts Are
 Unable To Be Paid
(Continued From Page 1)

the governor stated. The coun- tries owing money will merely de- fault on interest and principal payments and that will be the end of the foreign debt proposition.
 If imitation of credit can be kept within check business will have a tendency to grow better once more, Governor Cross pointed out, but if credit imitation becomes too great the country will fall back to its present level. We have gone as far as we can in deflation with out disaster, he added, so there IS nothing left but careful imitation.
 Walter s. Berry. president of the club, opened the gathering. A ban ouet was enjoyed before the speak ing. MT Berry introduced MT Chase and the latter introduced Mayor Hayes and Governor Cross. Waterbury Is 8 very progressive city. MT Chase stated as he intro- duced Mayor Hayes and the pro- gram which the mayor has carried out in the face of the present de- pression reflects great courage on his part. He has not run the business of the city as a politician with Q smart attitude. A smart attitude does not carry so well. Mayor Hayes handling of the city's affairs has been carried on in real businesslike manner.
 Speaking of the depression. MT Chase declared that we can all blame ourselves for our folly. He told of how everybody Followed the crowd" while times were boom- ing and everybody is doing the same now in the depression. In 1929 the crowd bought stock. No- body had the gumption to sell. That was our own folly. To-day the crowd is not buying. The best way to attain success is to always do what the crowd doesn't do, MT Chase explained. Had persons not followed the buying crowd and sold their stock instead in 1929 thy would be better off to-day, he added.
 We were "chumps" in 1929 and went a long way off the road of good horse sense with our twin six es. At the present time we are obsessed with an unreasonable fear. Let us not be as silly in our fear today as we were in our foolish optimism in 1929. He warned that in urging persons to buy he was not preaching foolish extravaganza. But if everybody should buy as he needs and buys as much as ne can then business is bound to pick up, the explained.
 Introducing Governor Gross, MT Chase referred to him as Uncle Tobe" and told of how he was a freshman at Yale when the gover- nor was a junior. He referred to the governor as gentleman, a scholar, a statesman and poll tician.
 Mayor Hayes spoke briefly but he heartily thanked his listeners for the help given in the present unemployment situation. Unem- ployment has not cost the city a cent, he said, and every foreman present last night played his part in making this situation possible.
 Money lenders to-day are hard to deal with he said. And when you go to borrow the first thing they ask you about Is your hand ling of unemployment. he added. It is astounding the amount being spent in the country for unemploy- ment relief, the mayor stated: yet Waterbury has handled he situa- ton well thanks to the cooperation of everybody.
 Mayor Hayes painted a bright picture of the municipal finances. Waterbury is not hopelessly in debt he said. adding that the credit of the city is better than during prosperity. He urged his listen- CTS to continue to "earry on" for the short time which he believes that is left before prosperity is back again. We have turned the corner he said. and it appears as though we are on the up grade. ft will not De ipns before the dspres. sion will be . nightmare Of the past and unemployment will Do out Of the question.
 Mr Chase presented Governor Gross with . pair of beok.snds and