The Washington times., 1934-01-03
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nifty for humanity to prosper
and find happiness. They
recognize that human welfare
has not increased and does not
increase through mere mate
rialism and luxury, but that it
does progress through integ-
rity, unselfiShness, response
bility and justice.
In the past few months, as
Q result Of our action, we have
demanded Of many citizens
that they surrender certain
licenses to do as they pleased
in their business relationships:
But we have asked this n ex-
change for the protection
which the State can give
against exploitation by their
fellow men or by combinations
Of their fellow men.
Good Job Well Done
I congratulate this Congress
upon the courage, the earnest
ness and the efficiency with
which you met the crisis at
the Special Session. It was
your fine understanding of the
national problem that fur
nished the example which the
country has so splendidly fol-
lowed. venture to say that
the task confronting the First
Congress of 1889 was no
greater than your own.
shall not attempt to set
forth either the many phases of
the crisis which we experienced
last March, nor the many
measures which you and I
undertook during the Special
Session that we might initiate
recovery and reform.
It Is sufficient that I should
speak in broad terms Of the re-
suits of our common counsel.
The credit of the Govern
ment has been fortified by dras-
tic reduction in the cost OF its
permanent agencies through the
Economy Act.
Sterilization to Wait
With the two-fold purpose of
strengthening the whole finan-
cial structure and of arriving
eventually at medium of ex-
change which will have over
the years less variable purchas-
ing and debt paying power for
our people than that of the
past, I have used the authority
granted me to purchase all
American produced gold and
silver and to buy additional
gold in the world markets.
Careful investigation and con-
slant study prove that in the
matter of foreign exchange
rates, certain of our sister ma
tions find themselves so handi-
capped by internal and other
conditions that they feel unable
at this time to enter into sta
bilization discussions based on
permanent and worldwide OBJ
jectiveS.
The overwhelming majority
Of the banks, both national and
State, which reopened last
spring, are in sound condition
and have been brought within
the protection of Federal insur-
ance. In the case OF those
banks which were not permitted
to reopen, nearly 900 million
dollars of frozen deposits are
being restored to the deposltors
through the assistance Of the
National Government.
Great Strides Made
We have made great strides
toward the objectives of the Ma
tional Industrial Recovery Act,
for not only have several mil
lions of our unemployed been
restored to work, but industry
is organizing itself with greater
understanding that reasonable
profits can be earned while at
the same time protection can be
assured to guarantee to labor
adequate pay and proper condi-
tions of work. Child labor is
abolished. Uniform standards of
hours and wages apply today to
95 per cent of industrial employ
ment within the field Of the
National Industrial Recovery
Act. We seek the definite end
of preventing combinations in