The Waterbury Democrat., 1934-10-01

FRANKLIN ID. ROOSEVELT
 Now it should not be expected that even employed labor and capital would be completely sat- isfied with present conditions. Employed workers have not By any means all enjoyed return to the earnings of prosperous times, although millions of hith- erto under-privileged workers are today far better paid than ever before.
 Also, billions of dollars of in- vested capital have today great CT security of present and future earning power than before. This is because of the establishment of fair, competitive standards and because of relief from un- fair competition in wage cutting, which depresses markets and destroys purchasing power.
 No Magic Formula
 But 1t is an undeniable fact that the restoration of other billions of sound investments to a reasonable earning power could not be brought about in one year. There is no magic for mula, no economic panacea, which could simply revive over. night the heavy industries and the trades dependent upon them.
 Nevertheless the gains of trade and industry, as whole, have been substantial. In these gains and the policies of the admins tration there are assurances that and women with the confidence that we are definitely rebuilding our political and economic sys- tenn on the lines laid down by the New Deal-lines which, as have often made clear, are in complete accord with the under lying principles of orderly pop ular government which Ameri. cans have demanded since the white man first came to these shores.
 We count, in the future as in the past, on the driving power of individual initiative and the in- centive of fair private profit, strengthened with the acceptance of those obligations to the public interest which rest upon us all. We have the right to expect that this driving power will be given patriotically, and whole-hearted- ly to our. nation.
 Through Formative Period
 We have passed through the formative period of code-making in the National Recovery Admin istration and have effected a re- organization of the MIRA suited to the needs of the next phase, which Is, in turn, a period of preparation for legislation which will determine it's permanent form.
 In this recent reorganization we have recognized three distinct functions. First, the legislative or policy-making function. Sec- ond. the administrative function of code-maing and revision, and third, the judicial function, which includes enforcement, consumer complaints and the settlement of disputes between employers and employees and between one em-
 
 Gen. Johnson Praised
 We are now prepared to move into this second phase on the basis of our experience in the first phase under the able and energetic leadership of General Johnson.
 We shall watch carefully tho working of this new machinery for the second phase of NRA,. modifying 1t where 1t needs mod ification and finally making rec- concentrations to the Congress in order that the functions of MIRA which have proved their worth may be made a part of the per- manent machinery of govern ment.
 Gave Good Opportunity
 Let me call your attention to the fact that the National Indus. trial Recovery Act gave business men the opportunity they had sought for years to improve business conditions through what has been called self-government in industry.
 If the codes which have been written have been too compli. cated, if they have gone too far in such matters as price fixing and limitation of production, let 1t be remembered that, so far as possible, consistent with the im- mediate public interest of this year, and the vital necessity of improving labor conditions, the representatives of trade and in. dusty were permitted to write their ideas into the codes.
 Study Actions Now
 It is now time to review these actions as a whole to determine through deliberative means in the light of experience, from the standpoint of the good of the in- dustries themselves, as well as the general public interest, whether the methods and poli- clos adopted in the emergency have been best calculated to pro- mote industrial recovery nnd permanent Improvement of bus- mess and labor conditions.
 There may be Q serious ques. ton as to tho wisdom of many of those devices to control pro. duction, or to prevent destruc. tive price cutting which many business organizations have inc sisted were necessary. or wheth. CT their effect may have been to prevent that volume of produe. ton which would make possi. bie lower prices and increased employment.
 Heart Of Problem?
 Another question arises as Co whether in fixing minimum wag. co on the basis of an hourly or weekly wage we have reached into tho heart Of the problem, which is to provide such annual earnings for the lowest pai6 worker as will meet his mini. mum noods.
 We also question the wIsdom Of oXfoUIIHN code frEuIrEmlIifI