The Washington times., 1934-01-03
Continued from Page y

UIe -O0Q O6dISTS aha GL16 NcN
Dealers" He said:
"NOw that we are definitely
In the process of recovery lines
have been rightly drawn be-
tween those to whom this re-
cOvery means a return to old
methOdS-and the number Of
these people is small - and
those for whom recovery means
. reform Of many old methods,
q permanent readjustment Of
many Of our ways Of thinking
and therefore of many Of our
social and economic arrange
mentS."
This was regarded as a dis
tinct challenge to those leaders
Of the business and political
world who have been attacking
certain phases of the recovery
program.
Senate Revelations
Probably the sharpect part OF
the message was where he spoke,
and with feeling, about bankers
and business leaders who have
been exposed in Senate investi,
cations. He said:
eve have been shocked by
many notorious examples Of in
iuries done our citizens by per
sons or groups of persons who
have been living off their neigh
bors by the use of methods
either unethiCaI or criminal.
practices have been brought
to light which have shocked
those who have believed that
we were in the past genera
tiOns raising the ethical stand
ards Of business.
"They call for stringent pre-
ventive and regulatory meas
ureS.
81 am speaking Of those indi-
Viduals who have evaded the
spirit and purpose Of our tax
laws, of those high officials Of
banks and corporations who
have grown rich at the expense
of their stockholders or the
!. public, of those reckless Specu-
latOrs with their own or other
peoples money whose opera
tiOns have, injured the values
Of the farmers crops and the
= savings of the poor"
.tts "Credit Fortified"
= Reporting chronologically, or
what has been accomplished il
sthe past 10 months, Mr.. Roose'
welt said that:
The national credit has been
: fortified.
: The overwhelming majority
= Of banks, state and national,
which have re-opened are in
sound condition.
: Nearly six hundred million
dollars of frozen deposits are
being restored through the as
SiStance Of the Federal Govern
ment.
The NRA has succeeded in
returning several millions Of
people to work, abolishing child
labor, and Standardizing wages
and hours of labor.
: Farms and homes have been
refinanced.
The experiment of trying to
balance agricultural production
and consumption is succeed
ing.
/ Through the CWA millions
have been taken off charity
and given work.
Worlds Doubts, Fears
The President dealt only briefl!
with foreign affairs. He said:
''T cannot, unfortunately, pre-
sent to you a picture Of COM
plete optimism regarding world
affairs"
The Pan-American conferenc
at Montevideo he pronounced "al
outstanding success" but, I'll
other parts of the world fear O
immediate or future aggression
prevents any great progress il
peace or trade agreements. Thi
has been accompanied, he said
by spending Of vast sums for UP
building of armament.
! On the question of the foreig1
debts, he merely reported tina
some governments had completely
Sefaulted, some had paid in part
and that only one, Finland, hal
paid inStallmentS in full.
He promised to report later tt
Congress on the whole question
Of the debts, but gave no inklini
Of what he will propose to b
done about them.
Changes Seen Likely
I In general, Mr.. Roosevelt er
visioned the 'new deal" as a pei
manent institution, although h
conceded changes and modifica
tionS may be necessary from tim
to time.
On this point he said:
"ThOugh the machinery, hur-
riedly devised, may need re-
adjustment from time to time,
nevertheless / think you will
agree with me that we have
created q permanent feature of
our mOdernized industrial Struc-
ture and that it will continue
under the supervision but not
the arbitrary dictatiOn of Gov
sernment itself"
He said it was "to the etern:
credit" of the American peopl
that this tremendous readjus
fnent is being accomplished peac
fully and with a minimum
GIiSlocation and Injustice. 3