Evening star. [volume] (Washington, D.C.) 1854-1972, 1936-02-23

ruined by the investment OF their
money in stocks and bonds that were
fundamentally unsound and often
clearly fraudulent. And q Federal
Government stood idly by and made
no effort to protect the public against
those worthless securities.
Ugly mobs gathered In the large
cities to protest the dispossession of
families In the dead OF Winter when
they lacked food, fuel and a place to 60.
Local government units faced exhaust
ed credits and revenues end pleaded to
the Federal Government for help.
They pleaded in vain.
The streets were thronged with
poor. hungry fellows begging the price
of a sandwich or bit of food. Some
one well said the national theme song
then was Brother Have You Got a
Dime?"
Yes. my friends, the depression cut
deeper than that. The depression cut
so deep that 1t took almost year of
superhuman effort by the Roosevelt
administration before q certain unfair
element Of the American press felt
strong enough to revile the man who
pulled 1t out Of the financial mud.
Most newspapers perform fine public
service, but I think you know the
ones I mean.
What was done in 1890 and 1881
and 1882 to correct the horrible condi-
tions I have just described? You can
answer that yourself. Nothing was
done. The public lacked confidence
because President Hoover in the White
House lacked confidence. 1t was the
first time in my memory at least that
the typical American spirit Of faith
and energy had given way to an atti-
tude Of brooding despair. A fierce
crisis was at hand and no one seemed
able to meet it.
The financial giants went off to the
watering places of California and
Florida and Europe to think it over.
A few went grouse hunting In Scot
land. Behind closed doors they spoke
of the failure Of democracy and whis-
pered about the need OF a strong dlc-
tator like those of Europe to pull the
country back on Its feet. Fear was
everywhere.
Says Some Intellectuals
Feared Democracy Too Slow.
Even some of our intellectual leaders
were convinced that democracy was
too slow, too cumbersome and too I'M
w1eldy to conquer an economic crisis
like that which confronted the coun-
try in 1882. Almost with an air of
resignation, the people patiently wait
ed until the end OF the Hoover regime.
fearful that terrible tronado OF social
forces was about to uproot the land.
Well, my friends, the tornado never
happened and you and I know why.
While the rest faltered and fumed
and fused a new leader took over
the reins Of Office on March 4, 1888,
and his accomplishments were soon
echoing like thunderclap through
out the length and breadth of the
land.
Franklin D. Roosevelt did more
than save America. He INDICATED
democracy at a time when all over
the world its enemies were ready to
declare the death of the finest sys-
TEN of government ever devised by
man.
From the day Mr.. Roosevelt seized
the banner of American leadership
from the faltering hands of Herbert
Hoover, the United States has march,
ed steadily forward toward the goal
of economic security and social JUS
tice. Why, the very spirit Of America
has changed. Pessimism has given
way to optimism. The people sense
the presence Of a leader who does
things, who gets things accomplished
who knows what they need and sets
about the job Of doing 1t.
You may search history without
finding single parallel for the amaz-
ing rise in economic conditions which
has happened in the United States
under President Roosevelt, who will
observe his third year in Office on
the 4th Of next March.
Points to Increase
In Buying Power.
Under his administration, conf
dence has been restored in the bank
ing structure and the banks them
selves have been made stronger than
ever. The buying power of agri-
culture has been increased by more
than $4,000, O00. 900 in one year, more
than 100000 people in agricul-
tural areas were restored to the pur-
chasing class and the burden of farm
debt has been slashed to a fraction
of what it was under the Hoover adj
ministration. The vicious practice