The Waterbury Democrat., 1934-01-03

tually at Q me0tum OF e&cnango which will have over the years less variable purchasing and debt paying power for our people than that of the past, have used the authority granted me to purchase all. American produced gold and silver and to buy additional gold in the world markets. Careful Investigation and constant study prove that in the matter of for eign exchange rates, certain of our sister nations find themselves so handicapped by internal and other conditions, that they feel unable at this time to enter into stabilization discussions based on permanent and worldwide objec- lives.
 'The overwhelming majority of the banks, both national and state, which reopened last spring. are in sound condition and have been brought within the protec- tion of federal insurance. In the case of those banks which were not permitted to reopen, nearly 800 million dollars of frozen de- posits are being restored to the depositors through the assistance of the national government.
 MIRA oBJECTIvEs IMPAIRED
 We have made great strides towards the objectives of the na- finnQ1 dprufrfoI v.oOnxynr1y nf fn,, not only have several millions of our unemployed been restored to work, but industry is organizing itself with a greater understand ing that reasonable profits can be earned while at the same time protection can be assured to guar antee to labor adequate pay and proper conditions of work. Child labor is abolished. Uniform stan- dards of hours and wages apply today to 95 per cent of industrial employment within the field of the national industrial recovery act.
 ''We seek the definite end of preventing combinations in fur therance of monopoly and in re- straint of trade, while at the same time we seek. to prevent ruinous rivalries within industrial groups which in many cases resemble the gang wars of the underworld and in which the real victim in every case is the public itself.
 COMMON TABLE FOR ALL
 "Under the authority of this congress, we have brought the component parts of each industry together around common table, just as we have brought problems affecting labor to a common meeting ground. Though the machinery, hurriedly devised, may need re-adjustment from time to time, nevertheless I think you will agree with me that we have created permanent feature of our modernized industrial struc- ture and that it will continue un- der the supervision but not the arbitrary dictation of government 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 am glad to tell you that refinanc- ing in both of these cases is pros ceedtng with good success and in all probability within the finan- cial limits set by the congress.
 FARM WELFARE NECESSARY
 "But agriculture had suffered from more than its debts. Actual experience with the operation of the agricultural adjustment act leads to my belief that thus far the experiment of seeking a bal ance between production and con- sumption Is succeeding and has made progress entirely in line with reasonable expectations to- wards the restoration of farm prices to parity. continue in my conviction that industrial pro- attained by bringing the purchas- population which in one form or another Is dependent upon agri- culture up to a level which will restore a proper balance between every section of the country and every form of work.
 ''In this field, through carefully planned flood control, power de- velopment and land use policies, in the Tennessee valley and in other great watersheds, we are seeking the elimination of waste.