Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-03-04
R00SEVE[TP[ANS
ACTION FOR BANKS
Extra Session to Be Called at
j Once, He Says in In
auguraI Speech.
Continued From First Page.).


needed projects to stimulate and reor-
ganize the use of our natural resources"
Detailing his ideas of how recovery
can be accomplished. the President said
that the country must frankly recognize
the overbalance of population in indus
trial centerS must engage on national
scale in redistribution and endeavor to
provide better use of the land for those
best fitted for the land.
Definite efforts, he said. must be made
to raise the values of agricultural prod
ucts and with this the power to pur-
chase the output of the industrial cities.
1t can be helped by preventing
realistically the tragedy of the growing
loss through foreclosures of our small
homes and farms he said.
1T can be helped by insistance that
the Federal State and local govern
ments act forthwith on the demand
that their costs De draStiCally reduced.
1t can be helped by the unifying of re-
lief activities which today are often
scattered. uneconomical and unequal"
The President said that the situa-
ton can be helped by national plan
ming for and supervision of all forms
of transportation and of communica-
ton and other utilities which have
CellnlIely puDIlc character.
There are many ways" said the
President. in which it can be helped.
but it can never be helped merely by
talking about it. We must act and act
quickly"
Will Balance Budget.
The President pledged himself to
program Of putting our national house
in order and making income balance
outgo." He stressed the need of
sound national economy. That he put
ahead of the restoration of interna-
tional trade, but added that he would
spare no effort to restore world trade
by international economic readjust-
ment.
President Roosevelt said that the
American people must move forward as
a trained and loyal army, willing to
sacrifice for the good of common
discipline. He declared his belief that
Americans are ready and willing to sub
nit their lives and property to such dis
cipline because it makes possible a
leadership which aims at larger good
This propose TO offer, pledging that
the larger purposes will bind upon us
all as sacred obligation with unity of
duty hitherto revoked only in time of
armed strife. With tbs pledge taken.
I assume unhesitatingly the leadership
of this great army of our people dedi
Gated to disciplined attack upon our
common problems
The President said that he hoped the
normal balance of executive and legls-
lative authority would be adequate to
meet the tasks before the country. But,
he added, that if that were not the
case:
Il am prepared under my constitu
tional duty to recommend the measures
that a stricken Nation in the midst of
a stricken world may require. These
measures and such other measures as
the Congress may build out of its eX-
perience and wisdom, as I shall seek
within my constitutional authority to
bring to speedy adoption.
But in the event that Congress shall
fail to take one of these two courses.
and in the event that the national
emergency is still critical, shall not
evade the clear course of duty that will
then confront me. I shall ask the Con-
gress for the one remaining instrument
to meet the crisis-broad executive pow
er to wage a war against the emer-
gency. as great as the power that would
be given to me if we were in fact in
vaded by a foreign foe
In conclusion the President said that
the American people do not discuss the
future of essential democracy. The peo-
pie of the United States. he declared,
have not failed, but in their need they
have registered a mandate that they
want direct, vigorous action.
They have made me the present in
strument of their wishes he said. In
the spirit of the gift, I take it. In
this dedication of a Nation, we humbly
ask the blessing of God. May He pro-
tapt ean6 and Of Nav He
guide me in the days to come"
Mr.. Roosevelt spent part of the night
before his inauguration discussing the
situation with William H. Woodin, his
Secretary of the Treasury; Senator
Glass, former Treasury head under
Wilson, and others. At the close of the
conferences early today he sent out
word that there is nothing I can say"
Throughout the all-night series of
conferences here. banking heads in the
Eastern and Middle Western States
with the officials here. Both Mr.
Roosevelt and Mr. Hoover had retired
when the extensions of the bank holi-
days were announced shortly after
am.
After long conference with the re-
firing President. Attorney General
Mitchell and Henry NJ. Robinson, Los
Angeles banker; Secretary Mills left
the White House early today and went
to the Treasury. where Undersecretary
Ballantine. all the assistant secretaries
and members of the Federal Reserve
Beard had gathered.
No Announcement Here.
Shortly afterWard Mr.. Woodin and
Prof. Raymond Moley who had been
in conference with Mr. Roosevelt and
others of his advisors, arrived and
Joined in the session. F. G. Await,
acting controller of the currency, also
participated.
On leaving, Woodin had given the
impression a statement would be issued
shortly, but Mills said the announce
ments would come from New York and
Chicago.
Even at yesterdays White House
meeting of the President and his sue
cessor. first announced as purely for
NAL and customary affair. social amen
tiles were cast aside because of the
present situation.
Secretary Mills and Eugene Meyer,
Governor of the Federal Reserve Board,
were at Mr. Hoovers side during the
meeting. while Prof. Moley accompanied
Mr.. Roosevelt.
A complete picture of things was
drawn by Mr.. Hoover during this con-
ference