Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1936-10-22
LADIES' AND GENTLEMEN

The present Government took office on March
A, 1923. What did it find? 1t found IL million men
out of work; if found the men and the women on
81 million farms going virtually unpaid for their
undlmlnlshad work; with corn selling at 20 cents
and wheat selling at 40 cents bushel. It found the
National income, the income of it's citizens taken in
al. reduced from 80 billions to 40 billions year.
1t found nearly all the railways insolvent; of
the best insurance companies shaky, and catas-
trophe of all catastrophes, ut faced national run
on all the hanks of the country.
Never before, Ladies and Gentlemen, never
elsewhere, had unemployment been SO great Never
before or elsewhere had the national income been
suddenly cut in half Nowhere else in the world had
farm prices so nearly struck Zero or railways be-
come SO insOlvent; certainly never before had the
Banks of a Country been in such plight or had
honest property lost its value, with the lives of
a quarter of the population, and the savings and
property values of all, in peril Here was economic
schaos indeed
When the Nations life or sovereignty is in
danger what does the Government do? It turns to
the people, Their sons have never failed to respond
have never failed to bring back the flag in triumph
to the Capital When the people in such straits
OF desperation, the people to their government;
and naturally SO. For what purpose are Govern
mens organized obviously, to protect the lives and
the property OF their citizens or subjects
How were these classes of sufferers received
when they turned to the Government? Well the
Banks came first altogether $4,000, 100000 was ad-
Vanced to keep their doors open; the railways came
next and loans amounting to $500 900 900 were adj
Wanced to them; then followed the insurance COM
panles to which loans aggregahng $560,00000O were
made, and finally the agonies of hunger and cold
threatened, those unemployed citizens whose saw
ings had become exhausted or lost in some failing
bank came forward; and these during the last three
years. in work and dole, have been aided by the
sum of $5264,374,0 53. In terms of our population
England spent 60 per cent and Germany 200
per cent more for this object. say that it is the
natural business of government to protect the lives
and property of its citizens. As their farms were
being condemned to foreclosure by 20 cent corn and
40 cent wheat the farmers came, and altogether
the SUM of $3,447,000000 has been advanced to
them in loans Home owners likewise, as their mort
gagged homes placed under the hammer came
forward and loans aggregating 1896, 5000 have
been made to them
In all these cases, the American Government
extended its protection. Is there any evidence in all
this procedure Of discrimination or bias in favor of
class can see none. Certainly, can see no dis
elimination against the property classes In all the
aid extended to property.
Ladies and Gentlemen, in considering the i'm
mediate help thus extended by the Government to
these victims of the depression, your government
measures should be passed to prevent a recurrence,
so far as possible, Of these calamties. To prevent
future national runs on the Banks Of the United
States, we passed the Depositors Insurance Act,
guaranteeing deposits up to $4,000 In further pro-
lection to the Banks and the public generally. we
passed an Act prohibiting the issuance Of fat or
been worked off on the public in scores Of billions
of dollars, resembling the fiat money issues Of
Austria, Germany, France and Italy, whose inves-
tors had found their investments conscated by such
dishonest and fictitious currencies
At the same time, we found that new class
was being established in America. It was the men
and women, who were denied employment on the
ground OF their age. Grandma and Grandpa l
the States, and to insure the adoption Of Old Age
and Unemployment Insurance, the Government
passed it's well-known Social Security Act Consid-
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