Evening star., 1933-10-23

continued from F1rst tageD
pledged specifically to boost price levels
and eventually revalue the dollar.
Government credit will be main
tained," the President said. "and a
sound currency will accompany a rise
m the American commodity price
Reviewing his administrator re-
coVery campaign, Mr.. Roosevelt assured
the people I'VE are on our way and
When We have restored the price
level" said the President, I'VE shall
seek to establish and maintain a dol
lar which will not change its pur-
chasing and debt paying power during
the succeeding generation"
Control to Be Tightened.
For the present, he said it was i'm
portant to tighten control over the
dollar. Mr.. Roosevelt added:
As further effective means to this
end. am going to establish Govern
ment market for gold in the United
States. Therefore, under the clearly
defined authority of existing law I am
authorizing the Reconstruction Finance
Corporation to buy gold newly mined
in the United States at prices to be
determined from time to time after
consultation with the Secretary of the
Treasury and the President Whenever
necessary to the end in view. We shall
also buy or sell gold in the world
market"
Along with this new monetary action,
Mr.. Roosevelt discussed generally the
aims and achievements of the recovery
drive, Stressing the farm and N. r. A.
administrations as mounting columns in
the new 'edifice of recovery-the
temple which, when completed, will no
longer be a temple of money changers
or beggers, but rather q temple dedi-
Gated to and maintained for a greater
social justice, a greater welfare for
America-the habitation OF a sound
economic life"
He urged the faster spending of pub
lie works money and emphasized two
dollar program for freeing deposits
frozen in banks closed since January
and the deposit guarantee becoming
effective next January.
Explains New Plan.
Looking up from the desk in the
White House study where he spoke, the
President explained his new dollar con-
troll:
My aim in taking this step is to
establish and maintain continuous con-
troll. This IS policy and not an ex-
pedient.
TT is not to be used merely to offset
temporary fall in prices. We are thus
continuing to move toward a managed
currency.
Because Of conditions In this coun-
try and because of events beyond our
control in other parts of the world, it
becomes increasingly important to de-
velop and apply the further measures
which may be necessary from time to
time to control the gold value of our
own dollar at home
Our dollar Is now altogether too
greatly influenced by the accidents of
international trade, by the internal pol
icieS OF ether nations and by political
disturbance in other continents. There
fore, the United States must take
firmly in its own hands the control Of
the gold value Of our dollar. This is
necessary in order to prevent dollar dis
our ultimate goal namely, the contin-
ued recovery of our commodity prices"
Dealing with the agricultural prob
lem, Mr. Roosevelt said he was not sat
iSfled with the improvement in farm
PAASSS 0A'a "ouAN AASAoe oPoA q 4oI tlAcI
increase.
IF we cannot do this one way" he
said, I'VE will do it another. But do it
we will
100000 Given Jobs.
"I do not hesitate to say in the
simplest, clearest language Of which I
am capable" he said, that although
the prices of many products of the farm
have gone up and although many farm
families are better of than they were
last year, I am not satisfied either with
the amount or the extent Of the rise,
and that it Is definitely a part Of our
policy to increase the rise and to extend
it to those products which have as yet
felt no benefit"
Mr. Roosevelt estimated that 1000, 900
people have been given employment
since March-"or saying 1t another way,
40 per cent of those seeking work have
found it."
THAT does not mean," he said, "that
I am satisfied. We have long way to
60, but we are on the way"
Turning to the N. R. A., the President
said:
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 chisel-
ers. At the bottom of every case Of
criticism and obstruction we have found
some selfish interest, some private AK
TO grind"
Among the group Of family guests
who sat listening to the President talk