The Republican. [volume] (Oakland, Md.) 1877-current, 1932-10-27

Authorized railroads to form cred
it pool under direction of Interstate
Commerce Commission to aid weaker
roads;
Created the Reconstruction Finance
Corporation to halt bank failures that
were tying up depositors' funds: to
aid industry and agriculture to make
loans for self-liquidating public and
private works that would give en-
ployment; to enlarge the credit avail
able for home financing through the
Home Loan Banks;
Created the Home Loan Banks for
home mortgages and building;
Made available additional capital
for the Federal Land Bank system to
extend farm mortgages;
Developed more adequate credit
system with enlargement under safe
guards of rediscount facilities of the
Federal Reserve Banks;
Reorganized in the interest of econ
omy and efficiency the Federal Power
Commission;
Consolidated Veteran and Pension
Bureaus;
Transferred Prohibition Enforce
ment from the Treasury Department
to the Department of Justice;
Insisted that the National budget
be balanced by curtailing Federal ex-
penditures and distributing increased
| taxation to cause the least hardship;
Inaugurated the Federal Marketing
Act;
Set up the Federal Farm Board to
aid farmers and agriculture and in
| dustry;
Expanded the Merchant Marine to
second place in the world;
Inaugurated nationwide move
ment for child welfare through the
conference on child health and pro-
| lection;
Called a conference on Home Build
ing and Home Ownership, which re-
suited in the Home Loan Bank system
to aid home financing;
Effected extensive reforms in Fed
eral prisons;
Ordered conservation of oil and
other natural resources;
Aided the development of inland
waterways and negotiated treaty
with Canada for the construction of
the Great Lakes and st. Lawrence
Seaway;
Effected consolidation of Eastern
railways for economy in operation, a
forward movement which had been
discussed for twelve years;
Promoted the peace of the world
and goodwill toward the United
States through touring Latin Amer
lean countries prior to inauguration;
through conferences to limit ship
building competition; through pro-
claiming the Kellogg-Briand Pact to
renounce war.
The Democratic nominee for Vice
President and Speaker of the House
of Representatives: The latter half
of Congress found it's members act
ing up like lot of school children.
Their leader, John N. Garner, had
lost all control. They were running
| in circles with no semblance of reg
ime, no adequate measures taken care
of. The program submitted by the
| President was so mutilated as to be
unacceptable. The sales tax bill,
the most adequate and equitable way
to balance the budget, was rent in
twain and kicked out "toot sweet. "
The economy bill met the same fate.
All this time the President insisting
that they balance the budget and pass
measures to give him power to adj
just certain tariffs to stop the for
eign countries run on our gold and
U. S. banks. Instead they passed the
bonus bill, the Garner pork barrel
bill, requiring $3,0OO,000,00O to pay
| them, knowing there was not dollar
in the Treasury to meet this situa-
ton. Then they advocated a Federal
bond issue, next fiat or printing press
money which would have forced US
off the gold standard in almost over
night time.
Now here are facts heard over the
air: a speech by a Democratic Con-
gresham, in which he said eve
have given the president but very lit
tie power and we expect to take most
of that away from him."
A member of the Federal Reserve
Board, which issues Government
bonds, in an address to Congress told
them plainly just so long as the bud
get was not balanced the government
had no credit and he could not issue
any bonds for any purpose. Then
came Secretary Mills of the Treas
ury, exhorting them to quit quibbling
and balance the budget; that they
had always jeopardized the credit of
the nation and threatened it with
ruin. Then the crisis. Secretary Mills
advised the President that something