Evening star., 1933-10-23

| decision for the Government to buy ar
way we will do it another. Do it. we
Standing beside the pillar of the farm
the A. A. Ais the pillar Of industry
the N. r. A. Its object is to put in
duStry and business workers into en-
ployment and to increase their purchas-
ing power through increased wages.
1t has abolished child labor. 1t has
eliminated the sweat shop. 1t has end
ed so cents a week paid in some mills
/ and 80 cents week paid in some mines.
The measure of the growth of this pill
lar lies in the total figures Of re-em-
ployment which I have already given
you and in the fact that Unemployment
is continuing and not stopping. The
secret OF N. r. A. Is cooperation. That
cooperation has been voluntarily given
through the signing of the blanket
codes and through the signing of spe-
ctflc codes which already include all Of
the greater industries OF the Nation.
Selfish Interests Uncovered.
In the vast majority of cases. in the
vast majority Of localities-the N. r. A.
has been given support in unstinted
measure. We know that there are
chiselers. At the bottom Of every case
Of criticism and obstruction We have
found some selfish interest, some private
ak to grind.
Ninety per cent Of complaints come
from mlScOnceptiOn. For example, it
has been said that N. R. A. has failed
to raise the price of wheat and corn
and hogs; that N. r. A. has not loaned
enough money for local public works.
OF course, N. r. A. has nothing whatso-
ever to do with the price of farm prod
ucts, nor with public works. 1t has to
do only with industrial organization for
economic planning to wipe out unfair
practices and to create Unemployment
Even in the field Of business and indus
try, N. r. A. does not apply to the rural
communities or to towns of under $500
population, except in SO far as those
towns contain factories or chain stores
which come under specific code.
1t Is also true that among the chisel-
ers to whom I have referred there are
not only the big chiselers, but also petty
| chlSelerS who seek to make undue profit
| on untrue statements.
Let me cite to you the example Of
the salesman in store in a large
! Eastern cit ywho tried to justify the
increase In the price of a cotton shirt
from $l.5O to $3.50 by saying to the
customer that it was due to the cotton
processing tax Actually in that shirt
there was about l pound of cotton and
the processing tax amounted to 4l4
cents on that pound of cotton.
Praiser Consumer Spirit.
AT this point it is only fair that
should give credit to the 60,000,000 or
70,00O,0 600 people who live in the cities
and larger towns Of the Nation for
their understanding and their willing
ness to go along with the payment of
even these small processing taxes,
though they know full well that the
proportion OF the processing taxes on
cotton goods and on food prducts paid
for by city dwellers goes 100 per cent
toward increasing the agricultural in
come Of the farm dwellers of the land
Inc last pillar OF which speak is
tnat OF the money Of the country in
tne banks OF the country. There are
two simple facts
First, the Federal Government is
about to spend 81, 1,00O,0 900 as an i'm
mediate loan on the frozen or nom
liquid assets Of all banks closed since
January l, 1888, giving liberal ap-
pralSal to those assets. This money
Will be in the hands of the depositors
as quickly as 1t Is humanity possible
to get it out.
Secondly, the Government bank de-
POST insurance on all accounts uD to
$500 goes into effect on January /.
We. are now engaged in seeing to it
that on before that date the bank
Ing capital structure will be built up
by the Government TO the noint int +tat at
the banks will be in sound condition
when the insurance goes into effect.
Price Restoration Vital.
Finally, reapeat what I have said
on many occasions. that ever since
last March the definite policy of the
Government has been to restore COM
modify price levels. The object has
been the attainment of such a level
as will enable agriculture and industry
once more to give work to the unem-
ployed. 1t has been to make possible
the payment Of public and private
DEBTS more nearly at the price level
at which they were incurred It has
been gradually to restore a balance in
the price structure so that farmers
may exchange their products for the
products Of industry on a fairer ex-
CAauSe DaSlSt IL mas been and Is also
the purpose to. prevent prices from
rising beyond the point necessary to
attain these ends. The permanent vel
fare and security of every class of our
people ultimately depends on our at
talnment Of these purposes.
Obviously, and because hundreds of
different kinds of crops and industrial
occupations III the huge territory that
makes up this Nation are involved we
cannot reach the goal in only few
months. We may take one wear or
TWO years or three years.
No one who considers the plain facts
| OF our situation believes that commod-
ity prices. especially agricultural prices.
are high enough yet.
Dollar Value Uncertain.
Some people are putting the cart be-
| lore the horse. They want a perma-
nent revaluation Of the dollar first.
It Is the Governments policy to re-
store the price level first. would not
know, and no one else could tell
Just what the permanent valuation
OF the dollar will be. To euess at a
permanent gold valuation now would
certainly require later changes caused
by later facts
When We have restored the price
level, we shall seek to establish and
maintain dollar which will not change
It's purchasing and debt paving nower