Evening star., 1933-06-14

principle from prohibiting cooperation,
and we have done the latter during
the past 40 years under the antitrust
laws. If the public welfare justified
one, it certainly justif1es the other.
Nor is there anything radical or
un-American In the policy of the bill
in regard to wages and hours OF labor.
We have always admitted the right OF
Government to regulate limited group
of public utilities. We said that they
we're affected with public interest.
Today, with over Is millions of un-
employed, and with destitution threat
ening to undermine the very stability
of our institutions, we recognize that
interest It is with this spirit of ma
tional unity, with this realization that
we must fight the depression and not
each other, that we are going to sup
plement the express provisions Of this
new law and regain our economic
health and strength.
Additional Action Needed.
The measures about which I have
spoken will put business in order. At
present. however, additional action Is
necessary. The flow of economic en-
terprise has become SO sluggish that
Stimulant must be used to start the
quickening of commercial activity. This
is provided in the public construction
program inaugurated by the new law.
A three billion three hundred million
dollar public works program Is launched.
and an administrator is provided for
to formulate projects. These may In
mentalities and facilities, the conserva-
ton and development of natural re-
sources, including water works, electri-
f1cation, food control, river and harbor
improvements, and q limited variety Of
private enterprises which are devoted
to the public use. In addition, the bill
authorizes the construction, under pub
lie regulation and control, Of low-cost
housing and slum- clearance projects.
Today is an ideal time to begin a
program Of this sort. Due to the de-
cline in activity during the past two
years, an infinite variety of useful work
is awaiting action all over the country.
Two-thirdS Of the two and half mil
lion people normally engaged in con-
struction activities are patiently and
heroically awaiting an opportunity to
work. It Is sounder economics to pay
these men for useful effort than to
maintain them in an enforced idle
ness. And 1t must not be overlooked
that a further continuation of such
idleness will make these people physi-
cally and temperamentally unfit for
the resumption Of their accustomed
tasks.
Private enterprise is not likely to get
into motion on large scale until there
is likelihood Of profit. Public works,
on the other hand, will initiate the up
ward swing of the business cycle, with
| out which there can be no hope OF
| profitable enterprise. Extensive out
| lays Of the kind provided for in this
law will certainly stimulate the invest
ment Of private funds. I am confident
that the activities selected under this
bill will bring about definite reactions
in every quarter of industrial activity
The vital need of today Is that
adequate purchasing power should be
disbursed among the people as a whole
Public construction will.create pay roll
for about three million men and women
which will be translated into a rapid
demand for consumers goods, and thus
| lead to general industrial revival Al
the same time we will avert the danger
of flooding the mark1t with vast as
sortment of goods which might COM
pete with private industry.
Time is, indeed, Of the essence in thi.
program, and for this reason authority
to distribute funds Is vested in tht
President. He may act through tht
administrator or by means of othel
agencies which he may select or create
He may engage in construction directly
He may finance construction by loan