The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25

York and representative of some of
the most powerful financial interests
in the country. Mr.. Reynolds,
speaking just before the President.
called on bankers to abandon an
tagonism to the government, warn
ing that continuance will involve
the gravest consequences to our
country, perhaps even the destruc-
ton of many institutions and prin-
ciples we have held dear"
President Roosevelt pointed out
that in March, 1888, he had asked
the people of this country to renew
their confidence in banks"
They took me at my word" he
said. Il ask the bankers of this
country to renew their confidence
in the people of this country. l
hope you will take me at my word"
Referring to emergency financial
agencies, the President said:
Charts Future Course
ct find almost general agreement
among bankers that these agencies
must continue until such time as the
banks and other private credit
agencies are themselves able and
ready to take over these lending
functions; and when that time
comes, I shall be only too glad to
curtail the activities of these pub
lie agencies in proportion to the
taking up of the slack by privately
owned agencies.
Just as it is to be expected that
the banks will resume their respon-
sibility and take up the burden that
the government has assumed
through its credit agencies, so 1 as
sumo and expect that private busi-
ness generally will be financed by
the great credit resources which the
present liquidity of banks makes
possible. Our traditional system
has been built upon this principle
and the recovery of our economic
life should be accomplished through
the assumption of this responsible
ity"
The President pointed out that
necessity of large expenditures for
unemployment relief be continued,
but suggested that eve should all
proceed in the expectation that the
revival Of business activity will
steadily reduce this burden"
Emphazise National Policy
He made no direct reference to
sterilization of the dollar, but said
that with respect to international
relationships, I have been glad to
note the growing appreciation in
other nations of the desirability of
arriving, as quickly as possible, at
point of steadiness of prices and
values"
This policy, he said, "we have
constantly kept before us as our ma
tional policy"
The Presidents only deviation
from his prepared address came
during his discussion of the profit
motive when he digressed to en-
phasize his belief in its continuance
TT is in the spirit of American
institutions that wealth should come
as the reward of hard labor of mind
and hand" he said, then depressed
to declare that's pretty good
definition. That is what we call and
accept as the profit system"
True Wealth Living Thing
TRUE wealth." he said, lis not a
static thing. 1t is a living thing
made out of the disposition of men
to create and to distribute the good
things of life with rising standards
of living. Wealth grows when men
cooperate; but it stagnates in an
atmosphere of misunderstanding
and misrepresentation. Here in
America, the material means are at
hand for the growth of true wealth"
The profit system, he said, is full
filled "in the general recognition of
the rights of each factor of the COM
munity.
1T is not in the spirit of partiSanS,
but partners, that America has
progressed. The time is ripe for an
alliance of all forces intent upon the