Evening star., 1935-04-29

A business that loses the conn-
dence of its customers and the good
will of the public cannot long con-
tinue to be a good risk for the In
vestor. This legislation will serve
the investor by ending the condi-
tions which have caused that lack
Of confidence and good will. It will
put the public utility operating in
dustry on q sound basis for the fu-
ture, both In its public relations
and In its internal relations.
Rate Cuts Possible
without Destroying Values.
This legislation will not only In
the long run result In providing
lower electric and gas rates to the
consumer, but 1t will protect the
actual value and earning power OF
properties now owned by thousands
Of investors who have little pro-
lection under the old laws against
what used to be called frenzied
finance. 1t will not destroy values.
Not only business recovery, but
the general economic recovery OF
the Nation will be greatly stimu-
lated by the enactment Of legisla-
ton designed to improve the status
of our transportation agencies.
There Is need for legislation pro-
viding for the regulation OF inter-
state transportation by buses ana
trucks, to regulate transportation
by water, new provisions for
strengthening our merchant marine
and air transport. measures for the
STRENGTHENING of the Interstate
Commerce Commission to enable IL
to carry out a rounded conception
of the national transportation sys-
tenn in which the benefits OF prl-
vate ownership are retained, while
the public stake in these important
services is protected by the pub
lies Government.
The establishment Of public
confidence in the banks of the Ma
ton is one of the most hopeful re-
suits of our efforts as Nation TO
re-establish public confidence In
private banking. We all know that
private banking actually exists by
virtue of the permission of and
regulation by the people as whole,
speaking through their Govern
ment. Wise public policy. however.
requires not only that banking be
safe, but that its resources be most
fully utilized. in the economic life
Of the country.
To this end it was decided more
than 20 years ago that the Gov
ernment should assume the re-
sponsibility Of providing means
by which the credit of the Nation
might be controlled, not by few
private banking institutions. but
by a body with public prestige and
authority. The answer to this de-
mand was the Federal Reserve
System. Twenty years Of expert
ence with this system have justi-
fed the efforts made to create it,
but these 20 years have shown by
experience definite possibilities for
improvement. Certain proposals
made to amend the Federal Re-
serve act deserve prompt and
favorable action by the Congress.
They are minimum of wise re-
adjustment Of our Federal Reserve
System in the light of past ex-
perience and present needs.
Ability to Master
Destiny Has Been Proved.
These measures are, In large
part. the program which. under
my constitutional duty. I have rec
commended to the Congress. They
are essential factors in a rounded
program for national recovery.
They contemplate the enrichment
of our national life by a sound and
rational ordering of its various ele-
ments and wise provisions for the
protection of the weak against the
strong.
Never since my Inauguration in
March, 1888, have I felt so unmis-
takably the atmosphere of recov-
cry. But it is more than the re-
covery Of the material basis Of our
individual lives. 1t is the recovery
of confidence in our Democratic
processes and institutions. We
have survived all of the arduous
burdens and the threatening dan
gers of a great economic calamity.
We have in the darkest moments
of our national trials retained our
faith in our own ability to master
our destiny. Fear Is vanishing
and confidence is growing on every
side. renewed faith in the vast
possibilities Of human beings to
improve their material and spir-
itual status through the instru-
mentality of democratic Govern
ment. That faith is receiving its
Just reward.