Evening star., 1932-10-23

bility in the world. Recovery would
have been faster, but for four months
of paralysis during the Spring months
while we were defeating proposals OF
the Democratic House of Representa-
tives to increase governmental expenses
by So 500 600 900, the issue Of fiat money
and other destructive legislation.
Battle Must Continue.
The battle must be continued. We
have yet to go long way and capture
many positions to restore agriculture
and employment. But It can be made
plain that if the stride We have estab-
lished is maintained, and the battle not
halted by change in the midst OF
action, we shall win.
If we examine but a few indications,
We find that since it was known that
the destructive proposals of the Demo-
cratic House were stopped, over $780,
000, 900 of gold has flowed into our coun-
try through restored confidence abroad,
$3.50 100000 of currency has returned
from boarding through restoration OF
confidence at home, the values of bonds
have increased by 20 per cent, thus safe
guarding every depositor in a savings
bank and every policy holder in in
surance companies. Manufacturing
production has increased by 10 per cent.
Some groups such as textiles have in
creased over SO per cent in activity.
Building Contracts Gain.
Contrary to the usual seasonal trend,
building contracts have steadily in
creased. The Department Of Commerce
shows that over 10000 workers re-
turned to the manufacturing industry
in August, 100000 more in September
and there Is evidence of even still
larger number in October Carloadings
have increased from 100000 per week
to 650000 per week, showing the in
creased volume of materials moving
Exports and imports have increased
nearly % per cent. Agricultural prices,
always the last to move, have improved
from their low points, although they
are still hideously low. Bank failures
have almost ceased, credit has begun
to expand. Every week some improve
ment is recorded somewhere
AS l have said, improvement would
have begun four months earlier, but
for the fear of the destructive Demo-
cratic program.
We would be moving faster in the
restoration of farm prices and employ
ment but for the threat that these de-
! structive measures Will be revived by
change at this election. The Demo-
cratic candidate for President has re-
fused to renounce or disavow these de-
| structive measures, or to give the coun-
| try the assurance it deserves that he
will not be party to these measures
including the prepayment of the bonus.
! Observing this, and examining the
dominant elements of his party under
the leadership of the vice presidential
candidate, we can only assume that
| hi io - tv, - hn
| produced by them If they shall come
into power.
Faults No New Discovery.
The Democratic candidate has de-
voted most of his speeches to present.
! ing numerous faults and wrong -doings
in our economic system in which there
is no new discovery. We may have
much to do in the future to punish
wrong doing and correct weaknesses in
the, system, but these corrections have
! little bearing on our immediate ma
| tional issue-that Is, to restore employ
ment, agricultural prices, relief of dis
! tress, so that fear and apprehension
may be lifted from the homes of our
people, that they may be bright with
hopes for the future. That is the first
| issue before the American people.
Before I discuss further the great
and successful battle Of the Republican
administration to meet a Worldwide
emergency and to restore economic life,
I wish to deal with some Of the state
ments made by the Democratic candi-
date upon economy and the fiscal poll
cies of this administration.
I have on previous occasions repeat
edly called attention to the vast in
crease in public expenditures, local.
State and national, and the absolute
necessity for their reduction as funda-
mental part OF national recovery. The
cost of all forms of government must
be reduced. The burden OF intolerable
taxation must be lifted from the backs
of men. While only 80 cents of the tax
payers dollar goes to the Federal Gov
ernment I have worked hard to re-
duce this Much has been accomplished
despite the opposition Of selfish groups
and sections Of our country and the un-
willingness of the Democratic House OF
Representatives. Much more must be
done.
No Defense Needed.
The Democratic candidate says that
We have been extravagant and in his
various statements implies that we
should make a defense Of our policies.
There will be no defense; none is need
| ed. The ordinary expenses of the Fed
eral Government. except for relief pur-
poses, have been reduced while those of
the government Of New York State have
been increased. Moreover, there will be
proof that the Governor Of New YORK,
no doubt through ignorance OF our MS
cal system or through misinformatlon
supplied to him. and totally ignoring
the actions of the Democratic House OF
Representatives, has broadcast a mis-
statement of facts. In consequence.
his conclusions are amazingly removed
from the truth I live with these ex-
penditures morning, noon ana nlgnt.
Not a day goes by that 40 not nave
them before me for responsible action.
There is not a year in the formulation
of the budget when it is not battle
against selfish groups which would IN
crease expenditures right and left Not
4 session of Congress has convened That
I have not had to veto increases In ex-
penditureS.
So few of the statements made by the
Democratic candidate are In ACCORDANCE
with records Of fact that 1t leaves me
nonplussed where to begin. 1t would
take hours to dissect his each line ana
aragraph, so I must conflne myself 10
few representative measurements.
Hits Method Of Figuring.
The Democratic candidate adopts the
current method, which I will follow,
discussing expenditures, not approprl-
ations. and of expressing expenditures
in sums, less the postal receipts. Inc
Governor also says he wants only to
compare the routine government out
Law the ordinary costs of conducting
government" and excludes all ex-
traordinary items in his comparisons.
On this basis. he says we increased the
routine ordinary cost of government by
81, 900. 100000 between 1927 and 1881.
I shall deal with that In a moment, but
he omits to state that when the Re
publicans took Office in 1921 Federal
expenditures were still, three years after
the war, at the rate of $4,000 900. 600
and that by 1927 these were reduced TO
approximately $685.. 100000, a reduc-