Evening star., 1938-04-14

the smaller type of business. Both
this measure and the third are still
under consideration by the Con-
greSs.
The record speaks for itself. No
other measures affecting business
have been proposed.
All the energies of Government
and business must be directed to In
creasing the national income: to
putting more people into private
jobs; to giving security and the feel
ing of security to all people in all
walks of life.
Needs for Recovery
Are Stressed.
believe that improvement in
Government and business practices
must 90 hand in hand with recov-
ery-that they should be, and will
be, a definite aid to recovery.
While I do not wish in this mes
sage to overemphasize some of the
needs, I do want to say that I be-
aware of certain of them-the elm
ination of future tax exempt bonds
of all kinds Of Government agen-
cies; the subjecting of Government
salaries and wages of all kinds to
Federal and State income taxes: a
serious undertaking to solve the
railroad problem and the problems
OF monopolistic practices and price
fixing. These are no new subjects;
nor have I anything to add to them
except the statement that their So
luton will help and not hurt busi-
ness.
At the same time, ! must repeat
what I believe the overwhelming
majority of both houses of the
Congress will agree to-that the
Congress and the Chief Executive
can ill-afford to weaken or destroy
great reforms which, during the
past five years, have been effected
on behalf of the American people.
In our rehabilitation of the banking
structure and of agriculture, in our
provisions for adequate and cheaper
credit for all types of business, in
our acceptance of national RESPONSE
blllty for unemployment relief, in
our strengthening of the credit of
State and local government, in our
encouragement of housing, slum
clearance and home ownership in
our supervision of stock exchanges
and public utility holding COM
panies and the issuance of new Sc
curlties, in our provision for social
security the electorate of America
wants no backward steps taken.
We have recognized the right of
labor to free organization. to collec-
tive bargaining; and machinery for
the handling of labor relations is
now in existence. The principles
are established even though we can
all admit that through the evolu-
ton Of time administration and
practices can be improved. Such
improvement can come about most
quickly and most peacefully
through sincere efforts to under
stand and assist on the part of
labor leaders and employers alike.
The never-ceasing evolution of
human society will doubtless bring
forth new problems which will re-
quire new adjustments. Our i'm
mediate task is to consolidate and
maintain the gains achieved.
Sees No Occasion
For Future Fear.
In this situation there is no rea-
son and no occasion for any Arneri-
can to allow his fears to be aroused
or his energy and enterprise to be
paralyzed BY doubt or uncertainty.
Our situation is vastly different
from that which we faced five years
ago. Let us use the tools already
forged and laid out on the bench.
At this immediate time we suf-
fer from failure of consumer de-
mand. The hoped-for re-employ-
ment of this spring is not proceed
ing fast enough to create an eco
nomic upturn.
Therefore the problem calls for
action both by the Government
and by the people
1t cannot be disputed that the
national income, which was thirty
eight billions in 1882, sixty-eight
Hi11iorS in 1927 ;c NOV, ,,,.o;no -
the lesser rate of about fifty-six
billions. If 1t can be increased to
eighty billion dollars in the course
OF the next year or two the whole
economic picture will be different.
Hundreds of thousands more people
Will be employed in private indus
try, hundreds of thousands fewer
will be in need of relief, and con-
sumer demand for goods will be
greatly stimulated. do not set
eighty billion dollars as the ma
tional income goal. 1t ought to
rise in the next decade to more
than one hundred billions. want
to make it clear that we do not be-
lleve that we can get an adequate
rise in national income merely by
investing, lending or spending pub
lie funds. 1t is essential in our
economy that private funds be put
to work, and all of us recognize
that such funds are entitled to a
fair profit