The Waterbury Democrat., 1936-10-02

to give the country chance to wirl the game. And today we are win ming it.
 we saw the millions out of work The business concerns running irl the red, the banks closing. Our na- tional income had declined over SC percent-and, what was worse, il showed no prospect of recuperatins During the four lean years be- fore this administration took off, flee, that national income had de- clined from 81 billions a year to 3s billions a year-in short, you and I-all of us together-were making 43 billion dollars less in 1882 than W, made in 1899.
 "Now, the rise and fall of national income-since it tells the story ot how much you and and every body else are making-is an index to the rise and fall of national prosperity. It is also an index of the prosperity of the government The only way to keep gov- ernment out of the red is to keep the people out of the red. We had to balance the budget of the Ameri- can people before we could balance the budget of the national govern ment.
 When his administration "came to bat" he said, there was net deficit accumulated in the three previous years of three billion. Ma tional income and government rev. enues werc Gin a downward spiral New taxes would get us nowhere because values were going down."
 "On top of having to meet the ordinary expenses of government, he continued, 1T recognized the obligation of the federal govern ment to feed and take care of the growing army of homeless and des- titute unemployed.
 Something had to be done. A national choice had to be made. We could do one of two things. Some people who sat across my desk il those days, urged me to Jet nature take its course and continue policy of doing nothing. I rejected that advice. Nature was in an angry mood.
 "To have accepted this advice would have meant a continued wip- ing out of people of small means, the continued loss of their homes and farms and small businesses into the hands of people who still had enough capital left to pick up those homes and farms and businesses al bankruptcy prices. It would have meant, in a very short time, the loss of all the resources of a multitude of individuals and families and small corporations. You would have seen concentration of property ownership in the hands of one oi two percent of the population, g concentration unequalled in any great nation since the days of the later Roman empire. -. "To balance our budget Tn 1853 or 1884 or 1885 would have been a crime against the American people To do so we would either have had to make a capital levy that would have been conflscatory, or we would have had to set our face against human suffering with callous 1ndif- ference. When Americans suffered we refused to pass by on the other side. Humanity came first" After reviewing the accomplish ments of his administration, the president said:
 "T ask you the simple question: Hasn't it been a sounder investment for us during these past three years to spend eight billions for American industry, American farms, American Homes, and the care of American citizens?"
 MT. Roosevelt predicted that his figure of eight billions net deticll would be challenged. But, he said the challenges would be technically and morally just as correct as Il someone were to try to scare you about the condition of your bank by telling you of it's liabilities and not telling you of it's assets"
 At this point he aimed a shaft al Vice. Presidential Candidate Knox:
 That is technically and morally just as correct as telling you good people here in Pennsylvania that none of your bank deposits or in- surance policies are sound"
 He said that while the treasury had 13 billions more of liabilities now than in 1883, it also had six billions in increased assets "to set of against these liabilities"
 And now a word as to this fool ish fear about the crushing load the debt will impose upon your children and mine," MT. Roosevelt continued This debt is not going to be paid 1 by oppressive taxation on future generations. It is not going to be i paid by taking away the hard won savings of the present generation It is going to be paid out of an tn- creased national income and in- creased individual income produced | by increasing national prosperity" Mr. Roosevelt was cheered often by his audience. His mention of the l Hoover administration drew boos Preceding his speech. he was driven through crowded streets. Near the speakers stand was a huge portrait of the chief executive and above t the legend, "fze Saved America. After his speech, Mir. Roosevelt left on his private train for New