Evening star., 1934-01-03
Continued From First Page.)

tCOnunueQ from f1TSC fdBe.l
ploitation by their fellow men or oy
combinations of their fellow men.
Likens Task of Congress
To That of Year 1889.
congratulate this Congress upon
the courage, the earneStneSS and the
efficiency with which you met the
crisis at the special session. 1t was
your fine understanding of the ma
tional problem that furnished the
example which the country has SO
Splendldly followed, venture 70
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 l undertook during the special
session that we might initiate re-
covery and reform
It is sufficient that I should speak
in broad terms of the results OF our
common counsel.
The credit of the Government has
been fortified by drastic reduction
in the cost of its permanent agencies
through the economy act.
Purchase of Alien Gold
Held Strengthening.
With the two-fold purpose of
strengthening the whole financial
structure and Of arriving eventually
at a medium of exchange which
will have over the years less vari-
able purchasing and debt paying
power for our people than that of
the past. l have used the authority
granted me to purchase all Ameri-
can-produced gold and silver and TO
buy additional gold III the world
markets. Careful investigation and
constant study prove that, IN the
matter of foreign exchange rates,
certain of our sister nations find
themselves so Handicapped by in
ternal and other conditions that
they feel unable, at this time, to
enter into sterilization discussions
based on permanent and world
wide objeCtiTes.
The overwhelming majority of the
banks, both rational and State,
which reopened last Spring, are in
sound condition and have been
brought within the protection of
Federal insurance. In the case of
those banks which were not permit
ted To- reopen, nearly $600,0O0,000
of frozen deposits are being restored
to the depOsitorS through the assist
ance of the National Government.
We have made great strides toward
the objectiveS Of the national indus
trial recovery act. for not only have
several milliors OF our unemployed
been restored to work. but industry
is organizing itself with a greater
understanding that reasonable prof
its can be cameo while at the same
time protection can be assured to
guarantee to labor adequate pay and
proper conditions of work. Child
labor is abolished. Uniform stand
ards of hours and wages apply to-
day to 95 per cent OF industrial en-
ployment within the field of the
national industrial recovery act. We
seek the definite end of preventing
combinations in furtherance of
monopoly and in restraint of trade,
while at the same time We seek to
prevent ruinous rivalries within in
dustrial groups which in many cases
resemble the gang wars of the un-
derworld and in which the real vic
lILl III every tdSe Is TIE puUllC llSSIl.
Governments Dicta lion
Need Contradicted.
Under the authority of this Con-
gress We have brought the compo-
nent parts of each industry to-
gether around q common table, just
as We have urCdght problems affect
ing labor to common meeting
ground. Though the machinery,
hurriedly devised, may need read
justment from time to time, never
theless l think you will agree with
me that we have created a perma-
nent feature OF our moderniZed in
dustrial structure and that it will
continue under the supervision. but
not the arbitrary dictation. of gov
eminent itself.
You recognized last Spring that
the most serious part of the debt
burden affected those who stood in
danger of losing their farms and
their homes I an glad to tell you
that refnancing in both OF these
cases is proceeding with good sue
cess and in all probability within
the financial limits set by the Con-
gress.
But agriculture had suffered from
more than its debts. Actual expert