Evening star., 1932-10-16

"Our opponents demand to know why
the governmental leaders or business
men over the world did not foresee the
approach of these disintegrating forces
= '' No man can foreSee the coming
of fear or panic or the extent OF It's ell
feet. I did not notice any Democratic
JeremiahS."
so they (the DemocratS) would have
us believe this world catastrophe and
this destruction of foreign trade hap
pened because the United States in
creased tariffs on one-fourth OF one
third of one-eighth Of the worlds I'M
ports. Thus we pulled down the world,
so they tell us, by increases on less than
ton of these principles to Office and
service institutions. This has already
resulted in much expansion OF employ
ment and relief Of distress In those
occupations.
CONSTRUCTION Expansion Aids.
The fifth of the undertakings made
in 1929 was that manufacturers, ran
roads and utilities would expand their
construction of new equipment beyona
their present needs in order to main
tain employment to the utmost in their
capacity. A Yast sum OF money was
expended in these directions during the
first year of the depression. Some
months ago I secured the interest OF
employers in organization OF a new
campaign to replace obsolete equip
ment and machinery. This also Will
result in expansion OF employment.
As I have said, when history records
this depression. it will record no
brighter chapter in the whole history
of the United States than the approach
to this problem by both employers ana
leaders of labor in humanity and
sense of social responsibility. To them
1 pay high tribute. In the face OF
these actions and these results, let no
man say that it could not be worse.
If it had not been for these actions,
this country would have been fired with
the flames of bitterness and confllct
between workers and employers, MIL
lions more would have been without
Jobs, wages would have been reduced
far below their present levels.
3-Day before yesterday my opponent
announced a plan Ito set up in times
of prosperity what might be called
nest-egg to be used for public
works in time Of depression" He
says that is policy which we
should initiate when we get back
to good times" He advances this
apparently as brand new idea.
Now it will doubtless surprise MN 10
learn that the eggs have not only been
laid but have Matched.
He either ignores or Is ignorant OF
the fact that as far back as 1922, In
our unemployment conference OF that
year under my Craftsmanship We de-
~ Il inc n
works to assist in the stabilization OF
employment in times of depression, and
laid the foundation for its operation.
Building Projects Stimulated.
Upon the breaking out of this de-
preston in November three years ago,
I announced that not only would the
Federal Government speed up its pub
lie works. but 1 requested the States
and municipalities to do likewise. Dur
ing the year 1880, We not only main
tanned these types of construction work.
but stimulated it to above normal, TO
an amount of five hundred to eight
hundred millions of dollars. The wide
extent and pressure Of the depression,
however, rapidly cut into the construc-
ton work of many States and munich
palities. We, however, have held Fed
eral construction work up to three times
its normal. BY the end Of this fiscal
year we will have expended nearly 81
400, 900 900 Of Federal money on con-
struction and maintenance work since
the depression began. Do you not think
things could have been worse II these
policies had not been adopted?
There has proved to be limitation,
however. on this, and that limitation
not and must not undertake projects
which are not of productive value to
the community and must not extend its
liabilities beyond it's ability to maintain
a balanced budget. To take money
from the taxpayers and thus decrease
his ability to employ people himself,
and to put it into public works which
will never make a real return to the
public, is a waste of national wealth
and an actual destruction to employ
ment.
Holds Credit Endangered.
Notwithstanding the fact that the
Federal Government was carrying a
burden of S7OO,00OO00 of public works
per annum-the utmost that its re-
sources permitted the Democratic
vice presidential candidate introduced,
in May of this year, and secured the
passage of a bill in the Democratic
House of Representatives calling for
1900 100000 more of public works
The expenditure of these sums meant
unbalancing the budget, it meant the
destruction Of governmental credit.
But far worse than this the works
upon which it was intended to expend
this money were of typical pork-barrel
NJ, Tn fhof hill upro 500 Diff
ferent projects scattered in every COM
munity in the country. One list alone
would have imposed q maintenance
charge on the Government of $15,000,-
900 a year as against perfectly eff
cient service now costing $3,000,000 a
year. Lists of the projects in different
congressional districts were distributed
in the hope that they would appeal to
the cupidity of those districts and that
I would be forced into the embarraSS-
ment not only of appearing to oppose
my own policy Of speeding up public
works, but of depriving thousands Of
towns and villages of the expenditure
of Federal money and myself OF votes
in this election.
1t is a good thing to have fire in
the crate to warm the house, but it is
a bad thing to set the house on fire in
order to warm your hands.
Will Continue Opposition.
The Democratic candidate for Vice
President still advocates that bill. He
proposes to introduce it again in the
next session. He proposes it as part
of the policies of the Democratic party.
But, with the responsibility of the
President of the United States, I pro-
nose to continue nv oppoSition to it.