Evening star., 1933-12-31
Fletcher Declares Initiation
of Boom Years Vas RuinOus
Senate Banking Chairman,
Holds Policy Prior to
1929 "Criminal."
Praises AdminiStratiOn's
Expenditures as
Constructive.
BY JAMES MARTIN MILLER,


Chairman Fletcher of the Senate
Banking and Currency Committee yes.
/ terday gave the following interview ir
condemnation Of the imitation that al.
most wrecked this country. The Sen.
ing the so-called prosperity" years
! which suddenly collapsed in October
| 1929. Senator Fletcher said:
There is great deal of talk these
days about initiation and defiatior
among all classes Of people everywhere
| But these universal conversations hinge
upon the monetary system of the
United States. 1t would be well for the
people to bear in mind in their deliber-
ations and conversations the initiation
this country passed through during the
several years enoing late in 1929. This
was the most criminal and ruinous in
| f1ation the world has ever seen in al
history. Then suddenly came the in
evitable catastrophe of deflation under
! which We are now groaning, leaving
| millions unemployed and in poverty and
want.
Every one and all of us were az
fected whether We specialized in stocks
or not. But thanks to the herculean
efforts OF President Roosevelt and his
| administration millions of the unem-
| ployed have been furnished opportuni-
ties to earn an honest living. At the
highest possible cost to the Govern
ment hundreds of millions spent in
public Improvements and enterprises
Will not approach the billions expended
some fifteen years ago In the World
! War. forced by foreign countries Be-
| sides the billions we spent outright in
that war we loaned to foreign nations
over $4,000, 100000 with which to
finaMce the most murderous and de-
structive war in all history
When the big drives of 1917 and
| 1913 were on N every State, demand
| ing OF you. reader, TO buy Liberty and
other bond issues the big bankers as
well as certain political leaders were
not warning you about the huge debt
| Uncle Sam was piling up for you and
your children ana your childrens chill
dren to pay. We plunged and plunged
and plunged.
PIunging Into Debt
"lne foreign nations during the
period We were handing out money to
them by the billions were then very
appreclatlve in their profusion of thanks.
Now, with one or two minor excep-
tlOnS each and every one Of these ma
/ tions have practically repudiated their
enormous debts to us and are refusing
TO pay the interest, while at the same
time some OF these larger nations are
spending hundreds of millions in Great
ing new armies. navies and fighting air
craft And there is reason to believe
the keenest observers of the world
When they tell US that the nations of
Europe and the Orient are now rapidly
preparing for another World War.
Surely Uncle Sam, the easy and
gulllable. will not again be so foolish
as TO fnance their war and send mil
lions of our young men to them as
soldiers? We may not spend in the
recovery program of the President and
congress One-third as much as the
$50 600 900, 900, or thereabouts we spent
IN the World War to make the world
safe for democracy, as We were told
! with emphasis. Besides those billions
We wasted. We sent 100000 men to
the battle fields of Europe where tens
OF thousands of them were slaughtered
and died. In addition to this tens Of
other thousand that became insane or
crippled for life and will be during
their lives are direct charges upon the
government. Let some of the badly
discredited big bankers, and certain
others who are warning us about the
big debt We are piling up in the recov-
cry program think over their antics
in Uncle Sans $4,000 900 900 war Of
some IS years ago and let every reader
ponder over it.
Certain New York big bankers more
than doubled their vast fortunes during
that war as fiscal agents for certain
foreign countries in handling a large
share of the billions the American peo-
pie took from their savings to finance
the war to the extent Of $50 900 000,-
900.
Our Largest Investment.
This is by many times the biggest
investment Uncle Sam ever made. These
big bankers did not warn you at that
time about the great debt Uncle Sam
is piling up for future generations to
pay They got a rake off on much
of the money you loaned the govern
ment through the purchase Of bonds.
Now they do not get one penny OF COM
mission on the money expended in the
recovery program. Instead of saving
democracy the World War very nearly
destroyed it and very nearly annihilated
every nation. big and little.
The recovery enterprises of the Gov
eminent. at this time. are more impor-
tant and necessary than anything else
before us and it, in reality. Is a gigan-
tic movement to save democracy and
our civilization and the indications are
that the people are patriotically stand
ing back OF the President and Congress,
regardless Of partisan politics. The Of
fetal reports and the press are keeping
our 10000. 600 of people informed
about the millions that have already
been put to work on constructive and
useful enterprises that will add to the
permanent wealth of the country while
at the same time feeding and clothing
families and giving purchasing power
for the recovery of industry and the
saving of homes from foreclosure of
mortgages and delinquent taxes.
"One of the most pathetic aspects Of
this depression Is that so many millions
of men and women willing to work have
wasted three or four years of their lives
in enforced idleneSs; particularly those
between 81 and As. the most productive
years Of their lives wonder if we
realize what the recovery program is
accomplishing in gradually bringing
about normal prosperity that will en-
able people to live by the dignity OF
honest labor? Besides it is move to
save American institutions. Does any
one imagine for a moment that the
American people are OF such charac-
ter that they would prefer the British
dole system of giving niggardly pit
tance outright to the people, as to pau
pers, rather than to receive living wage
for doing constructive and useful work?
I am safe in saying that our people do
not want to be treated as the unfortu-
mates in the aims houses They want
honest employment. Every citizen who
supports the recovery program is just
M trIn q n OiI hjS In
time of war.