The Waterbury Democrat., 1936-10-15


 JAMES FURNEss hauled out by your government" What Roosevelt Did
 He detailed chrOnologically what the business man wanted the gov- ernment to do for him in 1883, and what his administration did. His outline:
 "l-stop defiation and falling prices--and we did 1t.
 "2-Increase the purchasing pow- CT of his customers who were indus trial workers in the clties-and we did it.
 "S-Increase the purchasing power of his customers on the farms-and we did 1t.
 -Decrease interest rates, power rates and transportation rates-and we did 1t,
 "5-Protect him from the losses duo to crime, bank robberies, kid- nappers, blackmailers-and we did Account of Stewardship
 The speech was an accounting of the stewardship of the national gov- ernment in the past three and half years from the viewpoint of business. MT. Roosevelt verbally em- braced the majority of the business men of the nation and found fault with only those "malefactorc of great wealth" who operate at the e&pense of society"
 This concentration of wealth and power" he said, "haS been built upon other peoples money, other peoples business, other peoples labor. Under this concentration independent bus- mess was allowed to exist only by sufference. It has been a menace to the social system as well as the econ- omic system which we call American democracy"
 There is no excuse for 1t in the cold terms of industrial inefficiency.
 There is no excuse for 1t from the point of view of the average in- vestor."
 There Is no excuse for 1t from the point of view of the independent business man."
 "1 have always believed, and will always believe in private enterprise as the backbone of economic well being in America" Hoover Did Nothing
 The administration which pre- ceded him in Washington, he con- tinued, did nothing" because 1t was mot industrially-minded, nor agri- culturally-minded, nor business minded. It was high -finance-mind- ed-manned and controlled by a handful of men who in turn con- trolled and Ey one financial device or another took their roll from the greater part of ell other business and industry. There was no power under heav- en that could protect the people against that sort of thing except a peoples government in Washing. ton. All that this administration has done, all that 1t proposes to do-- and this 1t does propose to do-is to use every power and authority of the federal government to protect the commerce of America from the selfish forces which ruined it."
 Address to Business
 He addressed himself to business men directly to explain what his ad- ministration has accomplished:
 Bank depositors-'It (deposit) Is safer today than 1t has ever been in our history. It is guaranteed. Last October marked the end of the first full year in 55 years without 8 single failure of & national bank in the United States.
 Investors-"Your stocks and bonds are up to i've and six year high lev- els.
 Merchants-"Your markets have the precious lifeblood of purchasing power. Your customers on the farms have better incomes and smaller dbest- Your customers in the cities have more jobs, surer jobs, better jobs.
 Industry Industrial earnings, industrial profits are the highest in four, six or even seven years. Bank ruptcies are at a new low"
 Railroads-"Freight loadings are steadily going Up. Passenger receipts ar going up-have in some cases doubled"
 Train Goes into Ditch
 The president said recovery did not "just happen" In 1883 the bus mess and industry of the nation were like train which had gone of the rails into ditch. Our first job was to get 1t out of the ditch and start it up the track again as far as the shops. Our next job was to re- pair it."
 This, he said, was accomplished by a sound monetary policy which raised prices, reorganization of banks, bank deposits insurance, shorter working hours in industry, discouraging of unethical business practices, the AAA, pWA, WPA, eco, Q cattle buying program, drought and flood relief, farm credit administration, and othc- measures.
 Govt. IS Solvent
 Concluding, he pointed out that the federal government today is Sol- vent, that the federal debt is lower in proportion to national income and wealth than on March 4, 1888, when he was inaugurated.
 Tn the future" he added, re- ferring to the debt, it will become lower still because with the rising tide of national income and national wealth, the very causes of our emer- gency spending are disappearing. government expenditures are coming down and government income is going up. The opportunities for pri- vate enterprise will continue to ex- pand."
 SERGEANT KEEPS TRADITION