Evening star., 1933-02-14
Text of Hoover Address
Presidents Valedictory Speech Urges Return to
Gold Standard and Stdbaizdtion of
World Currencies.
3y the Associated Press
World Cnrrencies.

~ the Associated Press.
NEW YORK, February 14.-Followine
q the address of President Hoover al
the Lincoln day dinner of the Nationa
Republican Club here last night:
1t is a pleasure for me to address
you upon the day when this club and
our countrymen Of all faiths through
out the land are paying tribute to the
memory of Abraham Lincoln. We, to-
night, also pay tribute to him as founde,
of the Republican party and the in
spirer Of its ideals. He, more than any
other man, created the living virile
organization which has given respon-
sible Interpretation of those ideals to
our people In each succeeding genera
ton. The party has brought these
ideals to realization In Government and
development of great Nation. An
organization that can show more than
$4,000, 900 adherents after 10 years-an
trreducible minimum in the reaction
from the worst depression the world
has ever seems, indeed, testimony
to the virility of the principals which
Lincoln enunciated.
Those principles. the fiber and the
determination of the party assure that
It will be recalled to power by the
American people. One of the sure
guarantees that this will be so was the
extraordinary support of the youth Of
the country in the last campaign.
There has never been time in the
history of the party when 1t received
such large adherence of young men
and young women. when they exerted
themselves with such capable organiza-
ton, devotion and effort as they did
in that campaign: 1t is to them that
the party must look. It Is in their
idealism. their energy and their vitality
that the Republican party can take
assured hope for the future.
The people determined the election
Those Of us who believe in the most
basic principle insisted upon by
Abraham Lincoln-the transcendent
Importance of popular government
have no complaint. We accept and. as
Americans, will continue whole
heartedly to do our part In promoting
the well-being Of the country. Our
party can truly feel that we have held
the faith; that we shall do so Is the
future is our solemn responsibility.
Party Of Constructive Action.
It has ever been the party Of con-
structive action. The Republican party
will support the new administration IN
every measure which will promote pub
lie welfare It must and will be
NlSl4duI III oPpoohS SAAooS
harmful
NV purpose is not to speak upon
divided issues on this occasion, rather
it is to discuss matters concerning
which there should be no partisanshlp.
Further steps toward economic re-
covery is the urgent problem before the
entire world. Ceaseless effort must be
directed to restoration OF confidence,
the vanouishing of fear and apprenen-
sion. and thus the release OF the re-
cuperative spirit OF the world.
It is, therefore, my purpose TO discuss
some of the broad measures which con-
front us in reaching further to the roots
of this tragic disturbance, particularly
In the field Of foreign relations WINE
we have many concerns IN tne 90
mestic field, we must realize tnat 80
long as we engage IN the export ana
import of goods and In financial actlvi-
ties abroad our price levels and credit
system, our employment, and above all
our fears will be greatly affected oy
foreign influences. During the past two
wears the crash Of one foreign nation
after another under direct and 1ndl-
rect war inheritances has dominated
our whole economic life. The time mas
now come when nations must accept, In
self interest no less than in altruism,
the obligations to cooperate IN achieving
world stability so mankind may again
resume the march Of progress. Daily
1t becomes more certain that the next
great constructive step in remedy OF
the illimitable human suffering from
this depression lies In the international
field. It is In that field where the TIDE
of prices can be most surely and quickly
turned and the tragic despair OF un-
emuloyment, agriculture and business
transformation to hope and confidence
Cycle of Financial Failures.
Economic degeneration Is always q
series OF vicious cycles Of cause and
effect. Whatever the cause may be,
we must grasp these cycles at some
segment and deal with them. Perhaps
1t would add clarity to the position
wish to make later II I should shortly
follow through the cycle OF financlal
failure which has at least in part taken
place in countries abroad Many coun-
tries, in addition to the other pressures
of the depression, were overDuroeneo
with debt and obligations from the
World War or from excessive borrowing
from abroad for rehabilitation or ex-
pansion.
culties through unbalanced budgets due
finally reaching the point where col
lapse in governmental credit was in
evitable. Foreigners in fear withdrew
their deposits in such countries. Citl-
zens in fright exported their capital.
The result was a large movement OF
gold from such q country followed by
the immediate undermining OF conf
dence in its currency and its credit
system. Runs on its banks ensued.
Restrictions were imposed upon ex-
change to stop the flight of capital.
Barriers were erected against the I'M
ports Of commodities In endeavor to
reduce the spending OF her citizens for
foreign goods and In an effort to estab-
lish equilibrium in exchange and reten-
ton of their, gold reserves. Failure In
such efforts resulted in abandonment
of the gold standard. Currency depre-
citation, stagnation of their industries,
increase in their unemployment and
further shrinkage in consumption OF
world goods, again and again effecting
all other nations. Deprecated curren-
cies gave some nations the hope to
manufacture goods more cheaply than
their neighbors and thus to rehabili-
tate their financial position by invasion
OF the markets Of other nations.
Those nations in turn have sought
to protect themselves by erecting bar
riers until today as the result of such
financial breakdown, we are In the
presence Of an incipient outbreak Of
economic war in the world with the
weapons of deprecated currencies, arti-
flcial barriers to trade by quotas, re-
ciprocal trade agreements, discrimina-
tions, nationalistic campaigns to con-
sumo homemade goods, and a score of
tactics each of which can be justified
for the moment but each Of which
adds to world confusion and dangers.
Out of the storm center OF Europe
this devastation has spread until If we