Evening star., 1935-12-09

CHICAGO, December 9.-The text
of the address delivered here today by
President Roosevelt before the Amer
ican Farm Bureau Federation follows:
Three years ago in addressing the
farmers of the Nation reminded them
that the economic life of the United
States is a seamless web This was a
means of illustrating the great de-
pendence of each economic unit in
the Nation upon every other unit.
Farm prosperity cannot exist without
city prosperity, and city prosperity
cannot exist without farm prosperity.
It is therefore especially appropriate
for you, as representatives Of the farm
ers of the Nation, to meet here in this
great metropolis of the Middle West
here in Chicago where the interests OF
agriculture are interviewer with the
interests of other industries serving
the Nations needs. Here is common
meeting ground of agriculture, trans
portation, industry and labor.
Only a few generations ago inter
dependence between agriculture and
industry was not in any way as great
as it is today; but now your welfare
depends in part on what you in the
country do and in large part on what
people do in the cities as well.
Things Out of Balance.
Your own experience of three and
four wears ago doubtless brings all OF
this wildly to your minds. Your suf-
ferings-those sufferings OF rural
America were not because you were not
producing-for your granaries and
storehouses were bursting with the
products of your labor-but because
things in city and country had both
gotten out of balance and purchasing
power and declined to the point where
people in the cities did not have the
money to buy farm produce and people
on the farms did not have the money
to buy city products.
Two things were at that time espe-
cially clear. First, that because OF
almost unbelievable low prices for
farm products, the growers OF these
products could not meet their in
debtedness, could not pay their taxes
and could not meet the living expenses
of their families. The other fact, that
in most major crops constantly ac-
cumulating surplus had reached such
absurdly high levels that crop price
levels could not possibly rise, until
something was done to cut down to a
reasonable level the bulging surplus
which overhung the market.
Recognized Emergency.
For these reasons the recovery pro-
gram that this administration pro-
posed, and that Congress enacted, was
a many-sided one. The administra-
ton and the Congress that took office
in March, 1888, recognized that the
emergency they faced then came from
many causes, and endangered the life
of many groups. Consequently, it put
the power of government behind not
only railroads and banks, but the in
dustrial workers of the Nation, the
farmers. the small home owners, the
unemployed and the young people who
suffered from utter lack of opportun-
ity. 1t was a great emergency, and it
required swift action. Mistakes were
inevitable because it was new field.
It was inevitable, too, that time had
to elapse before results were fully felt.
When the many cells Of our economic
life were dying for lack Of the blood
of purchasing power, it took time,
after fear had begun to slbside, nor
new, vital purchasing power to be dit-
fused once more. But that life Is COM
ing back-buoyant, happy life-we
need no evidence beyond what we
see and hear around us.
Knew of Problems.
Justice and old-fashioned common
sense demanded that in the building
of purchasing power we had to start
with agriculture. I knew enough OF
the problems Of the men and women
who were partners with the soil to
realize the depth Of their suffering
and the extent of their need back
there in 1882 and early 1888. I knew
the pangs of fear and moments of re-
joicing that come to the farmer as
the harvest frowns or smiles. And I
realize the almost equally crushing
sense of futility that comes to q
farmer when, after months of toiling
from morning to night, he reaps
bumper crop, only to see the price fall
so low that it scarcely pays him to
take this crop to market.
One Of the greatest curses Of Ameri-
can life has been speculation. do
not refer to the obvious speculation in
stocks and bonds and land booms.
You and ! know that it is not In
herently good thing for individuals
in any nation to be able to make
great fortunes by playing the market
without the necessity Of using much
in the way either of toll or of brains;
their tools are a little capital and a
good deal of luck.
Involuntary Speculation.
The kind of speculation am talk
ing about is the involuntary specula-
ton Of the farmer when he puts his
crops into the ground. How can 1t
be healthful for a country to have the
price of crops vary 800 and 500 and
TOO per cent, all In less than gen.
Grafton? II you invest your savings