The Washington times., 1934-03-05
TEXT OF PRESIDENTS SPEECH on RECOVERY PROGRAM
Continued from Page y

Continued from Page y
cred by the NRA. Naturally
am deeply gratified that the faith
which expressed last June is so
well justified in March.
Only One Element
do not undertake today to
present either a broad review Of
all the manifold causes which
led up to the distressful Sltua'
ton from which the nation is
emerging or a recapitulation Of
the events, the measures and the
results Of this past year.
You are here as the direct
representatives Of only one Gle
ment in our complex modern life
but at the same time because Of
the fine spirit you have shown
congratulate you on an ap-
proach to your own problems
which shows an understanding Of
the many other problems which
crisS-crosS and dovetail each
other to make up the broad OBJ
jective of the American people.
It is sufficient for me to point
out once more that the difficult
and dangerous situation into
which the United States had got
itself was due to the general
attitude, Every man for him
self, the devil take the hind
most"
After Quick Money
Individuals were seeking quick
riches at the expense of other in
dividuals. Geographical sections
were seeking economic preference
for themselves to the disadvantage
of other sections.
Cities were recklessly offering
inducements to manufacturing
plants to move away from other
cities.
Within given industries unfair
competition went on unheeded or
resulted in vast consultations
whose securities were peddled to
the public at dishonest prices.
There was little consideration
for the social point of view and no
planning whatsoever to avoid the
pitfalls of overproduction or of
selling methods which foisted ar
ticles on a gullible public, which
the family budget could not af-
ford.
What is a strong picture, but
you and I, in the bottom of our
hearts, know that it is true pic
ture.
Fails to Function
The real truth of the matter
is that for a number of years in
our country the machinery of
democracy had failed to func-
tion.
Through inertia on the part Of
the people themselves the opera
tions of government had fallen
into the hands of special groups,
some of them vociferously led by
people who undertook to obtain
special advantages for special
classes and others led by a hand
full of individuals who believed
in their Superhuman ability to
retain in their own hands the
entire business and financial con.
troll over the economic and social
structure of the nation.
The fine response given by the
overwhelming majority of the
component parts of industry as
represented here today proves to
me that you have the same under
standing Of our broad purpose as
is held by the average of the
workers of the United States
and that word workers means
almost all of the American people.
Show Real Response
You have shown sincere desire
for real cooperation; you have
shown prompt response to the
governmental request for national
unity. For this support 1 give
you my thanks.
The National Industrial Recov'
cry Act was drawn with the
greatest good of the greatest num-
ber in mind. Its aim was to in
crease the buying power of wage
earnerS and farmers so that in"
dustry, labor and the public
might benefit through building up
the market for farm and factory
goods.
Employer, wage Garner and con-
sumer groups are all represented
on its boards with the Govern
ment; all three groups with the
Government must have the inter-
ests of all the people as their
main responsibility.
Balance Is Objective
What we seek is balance in
our economic system-balance be-
tween agriculture and industry
and balance between wage Garner,
the employer and the consumer.
We seek also balance that our
internal markets be kept rich and
large, and that our trade with
other nations be increased on
both sides of the ledger.
You and I are now conducting
a great test to find out how the
business leaders in all groups of
industry can develop capacity to
operate for the general welfare.
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There are some people, Of
course, who do not think things
through; as, for example, the
man who complained in one Of
yesterday mornings papers that