Evening star., 1932-08-12

t1lC b1dC VI OOlAdkOC hAlu
the consequent ruin of its people
with its repercuSsion on all other
nations of the world. In fur
therance of world stability we have
made proposals to reduce the cost
OF world armaments by a billion
dollars a year.
It was in accordance with these
principles that I first secured the
creation by private initiative Of the
National Credit Association, whose
efforts prevented the failure Of hun
dreds of banks and loss to countless
thousands of depositors who had
loaned all their savings to them.
Reconstruction Finance
Corporation Established.
AS the storm grew in intensity we
created the Reconstruction Finance
Corporation with a capital of two
billions to uphold the credit struc-
ture of the Nation, and by thus
raising the shield of Government
credit we prevented the wholesale
failure Of banks, Of insurance COM
panies, of building and loan asSo-
Citations, of farm mortgage aSSocia-
tions, of live stock loan associations
and of railroads, in all of which the
public interest is paramount. This
disaster has been averted through
the saving of more than 5000 in
StitutionS and the knowledge that
adequate assistance was available to
tide others over the stress. This
was done. not to save a few stock
holders, but to save twenty-five M
lions of American families, every
one OF whose very savings and en-
ployment might have been wiped
out and whose whole future would
have been blighted had those insti-
tutions gone down.
It was in accordance with these
principles that we extended the
functions and powers of the Fed
eral Reserve banks that they might
counteract the stupendous shrink
age of credit due to fear, to hoard
ing and to foreign Withdrawals.
1t is in accordance with these
principles that we are now in
process of establishing a new sys-
tenn of home loan banks, so that
through added strength by Coop
Grafton in the building and loan
associations, the savings banks and
the insurance companies we may
relax the pressure of forfeiture upon
home owners and procure the re-
lease of new resources for the con-
struction of more homes and the
employment Of more men.
1t was in accordance with these
principles that we have insisted
upon a reduction of governmental
expenses, for no country can squan-
der itself to prosperity on the ruins
of It's taxpayers, and it was in
accordance with these purposes
that we have sought new revenues
to equalize the diminishing income
of the Government in order that
the power of the Federal Govern
ment to meet the emergency should
be impregnable.
1t is in accordance with these
principles that we have joined in
the development Of a world eco
nomic conference to bulwark the
whole international fabric of finance,
monetary values and the expansion
of world commerce.
1t is in accordance with these
principles that I am today or
ganiZing the private industrial and
financial resources Of the country
to cooperate effectively with the
vast governmental instrumentalities
which we have in motion, so that
through their united and CO.
ordinated efforts we may move
from defense to powerful attack
upon the depression along the whole
national front.
These programs, unparalleled in
the history of depressions in any
country and. in any time, to care
for distress, to provide employment,
to aid agriculture, to maintain the
financial stability of the country,
to safeguard the savings Of the
people, to protect their homes, are
not in the past tense-they are in
action. I shall propose such other
measures, public and private, as
may be necessary from time to time
to meet the changing situations
and to further speed economic re-
covery. That recovery may be
slow, but we will succeed.
And come what may, I shall main
tain through all these measures the
sanctity Of the great principles
under which the Republic over a
period of $50 years has grown to
be the greatest nation on earth.
I should like to digress for one
instant for an observation on the
past three years which should
exhilarate the faith of all Ameri-
cans-that Is the profound growth
of the sense of social responsibility
which this depression has demon
strated.
No government in Washington
has hitherto considered that it held
so broad responsibility for leader
ship in such times. Despite hard
ships, the devotion Of our men and
women to those in distress Is demon
strated by the national averages OF
infant mortality, general mortality,
and sickness, which are less today
than in times of prosperity. For the
first time in the history of depres-
sions, dividends. profits, and cost OF
living have been reduced before
wages have suffered. We have been
more free from industrial conflict
through strikes and lockoutS and all
forms of social disorder than even in
normal times The Nation is build
ing the initiative of men toward new
fields of social cooperation and en-
deavor.
Stands by Platforms
Tariff Declaration.
30 mucn Tor Jne great natlOldl
emergency and the principles of gov
eminent for which we stand and
their application to the measures we
have taken.
There are national policies wider
than the emergency, wider than the
economic horizon. They are set
forth in our platform. Having the
responsibility of this Office. my views
upon them are clearly and often set
out in the public record. may,
however, summarize some Of them.
l. l am squarely for a protective
tariff. I am against the proposal of
"a competitive tariff for revenue" as
advocated by our opponents. That
would place our farmers and our
workers in competition with peasant
and sweated labor products.
2. I am against their proposals to
destroy the usefulness of the bipar-
tisan Tariff Commission, the estab-
lishment of whose effective powers
We secured during this administra-
tion rs years after it was first advo-
Gated by President Theodore RooSe-
welt. That instrumentality enables
us to correct any injustice and to
readjust the rates of duty to shifting
economic change. without constant