The Indianapolis times., 1934-01-03

variable in purchasing and debt
paying power.
Inquiry and examination have
convinced Mr.. Roosevelt that Ger
tain of our sister nations" are con-
fronted by domestic problems at
this time which prevent them from
entering Into stabilization discus
sions based on permanent world
wide detectives. But in those words
is the unqualified reiteration that
such stabilization is an ultimate OBJ
jective of Roosevelt money plans.
Credit of the government has been
fortified by the economy act, Mr..
Roosevelt said, and the "overwhelm-
ing majority" of banks both ma
tional and state which reopened last
spring are sound. The government
in assisting in return of nearly
$500 900, 900 of frozen money to de-
positors of banks which we're not
licensed to resume business.
The President reported great
strides toward the detectives OF
NRA and estimated that uniform
hours and wage standards apply to
95 per cent of the industrial en-
ployment within the scope of that
agency.
Seek to Prevent RivaIries
eve seek the definite end" he
continued, "of preventing combina-
tions in furtherance of monopoly
and in restraint of trade, while at
the same time we seek to prevent
ruinous rivalries within industrial
groups which in many cases re-
semble gang wars of the underworld
and in which the real victim in
every case is the public itself"
Readjustment of m hinery
hurriedly devised may be necessary
from time to time, the President
added, in summing up the works
Of the NRA.
Nevertheless, I think you will
agree with me that we have created
a permanent feature Of our modern
lied industrial structure and that it
will continue under the supervision
but not the arbitrary dictation OF
government itself"
The forecast that ref1nancing the
debt burdens of farmers and home
owners menaced last spring by fore
closure would be effected within the
financial limits set by congress. The
program is proceeding with good
success.
But agriculture itself has suffered
from more than its debts, the Presi-
dent continued. Actual experience
has convinced him that the agri-
cultural adjustment administration
experiment is succeeding so far in
its effort to find a balance between
production and consumption.
Points to Flood Control
Il continue in my conviction"
Mr.. Roosevelt added, that indus
trial progress and prosperity can
only be attained by bringing the pur-
chasing power of that portion Of
our population which in one form
or another is dependent upon ag-
riculture up to a level which will
restore a proper balance between
every section of the country and
every form of work
Flood control, power development
and land use policies are to figure
largely in solution of agricultural
problems. Citing the Tennessee val
ley and other developments, the
President said his administration
was seeking:
l. Elimination of waste
2. Removal of poor lands from
agriculture.
3. Encouragement of local indus
tries.
The ultimate cost will be great,
Mr.. Roosevelt conceded. He ex-
planned that heavy obligations were
being incurred to start work on the
Tennessee and other great water
sheds because of tremendous EN-.
ployment needs.
Il look forward, however" Mr..
Roosevelt said, ito the time in the
not distant future, when annual
appropriations, wholly covered by
current revenue, will enable the
work to proceed with a national
plan"
The return in a generation or two
would be many times the money
spent, Mr. Roosevelt believes.