The Waterbury Democrat., 1934-10-25
Bankers Voted To
 Support President
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so I assume and expect that pri- vate business generally will be fi- nanced by the great credit re- soures which the present 1iquidity of banks makes possible. Our tra- ditional system has been built up- on this principle and the recovery of our economic life should be &C., complished through the assump- tion of this responsibility"
 Unemployment Relief
 The President pointed out that necessity of large expenditures for unemployment relief continued but suggested that i've should all proceed in the expectation that the revival of business activity will steadily reduce this burden"
 He made no direct reference to stabilization of the dollar, but said that with respect to international relationships, have been glad to note the growing appreciation in other nations of the desirability of arriving, as quickly as possible. at point of steadiness of prices and values"
 This policy, he said, i've have
 
 national policy"
 The Presidents only deviation from his prepared address came during his discussion of the profit motive when he digressed to em- phasize his belief in it's contin- ! uance.
 "It is in the spirit of American institutions that wealth should come as the reward of hard labor of mind and hand" he said, then digressed to declare that's a pret- ty good definition. That is what we call and accept as the profit system"
 True Wealth Not Static
 "True wealth." he said, lis not static thing. It is living thing made out of the disposition of men to create and to distribute the good things of life with rising standards of living. Wealth grows when men cooperate; but it stag mates in an atmosphere or misun- derstanding and misrepresentation Here in America, the material means are at hand for the growth of true wealth."
 The profit system, he said, is fulfilled "in the general recognition of the rights of each factor of the community.
 "It is not in the spirit of parti- sans, but partners, that America has progressed. The time is ripe for an alliance of all forces intent upon the business of recovery. In such an alliance will be found bus mess and banking, agriculture and industry, labor and capital.
 What an all-American team that is. The possibilities of such team kindle the imagination - they encourage our determination = they make easier the tasks of those in your government who are leading it."
 Favorable Resolutions
 Washington, Oct. 25.-(UP)- The resolutions committee of the American bankers association to- day recommended that the con- vention pledge its cooperation with President Roosevelt in recovery ef- forts.
 At the same time the committee urged that the national budget be balanced as early as possible.
 Iu0 ~COuVCHtlOu WAS SApSCtcu " approve the recommendation which would place the nations bankers formally on record as backing the Presidents request to the convention last night that they line up for recovery.
 The committee expressed the belief that cooperation between government and business would hasten recovery.
 Commenting on the balanced budget, the committee, headed by Max B. Nahm, chairman, said: '"The' reestablishment of bal anced National budget would eliminate the fear of currency in- flation. It would insure the sta bility of our monetary system, which is fundamental to the gen. eral development of aggressive bus mess plans as a major element in national recovery, reemployment and economic security. "A balanced budget would of necessity curb tendencies to ex- travagant public expenditures, and l would induce similar action by states and municipalities. Finally, 1t would be a decisive influence in keeping the burdens of taxation within the capacity of productive effort and enterprise"