The Waterbury Democrat., 1940-07-16

or not we have done, on the whole, a good or an evil job under that responsibility, it is just and even necessary to look back to the conditions which prevailed in our social and economic status when, under the overwhelming mandate of the American people, a Democratic Administration took over the government on March 4, 1883.
 Mistakes Admitted
 I think it is proper that it be said, in all candor, that none of us who have had part in fornu- lating and administering the pol icies that have been enacted into law under this administration can justly claim that no mistakes have been made.
 Temporary errors in policy and in the administration of policies were inevitable in undertaking to cure and correct a situation that had attained the phase of nation al disaster and social and eco- homie chaos. It is too much to hope that there will ever be in- fallibility in the arena of political action and the American people fully understand the fairness and justice of that statement.
 No other administration in peace times since the establish ment of the Republic had ever confronted such a desperate situ- ation as that which. we inherited on March 4, 1883, nor one which called for the instant exercise of greater genius of leadership and courage. It was without prec- edence in its forebodings of dis aster to our democratic institu- tions. The American people have not forgotten that period of total collapse and desperation in all branches of human endeavor.
 A decent respect for your indul- gence will not permit me to at- tempt to a detailed synopsis. of the outstanding legislation that the Democratic party has enacted into law to meet the staggering social and economic conditions which we had inherited.
 Bank Holiday
 The first heroic remedy adopted was to declare a national bank holiday which involved the tenn porary closing of our national and state banks which, until more adequate security for them could be obtained, was a most effective remedy against the total collapse of the entire banking system of our people, although unfortunate ly many thousands of them had already closed their doors, bring ing heartbreak and immeasurable distress to millions of the Ameri- can people.
 This Administration enaceo what, in my opinion, will forever be regarded as one of the major outstanding legislative achieve ments in our history and that is the passage of the law guarantee ing the absolute safety of deposits { up to $5,000 in all national banks and State banks which were affil- lated with the Federal system And, now, instead of the Ameri- can people having constant and daily apprehension as to the safety of their savings and de. posits, they can always be assured that if any of such banks, either through bad business manage ment or corruption, closes its doors, every single dime of theil money will be paid to them across the teller,s cage within forty-eight hours.
 SEC Adopted
 Recognizing the terrible truth that millions of our people haC been robbed and defrauded out oi their investments by an unbridlec and unregulated system of cor porate manipulation which per. mitted crooked promoters, stock jobbers and holding company tycoons, we passed the Securities and Exchange Commission Act under the operation of whict these robbers of the peoples in' vestments are now checked, re- strained and regulated.
 We broke up for all time the ruthless and unconscionable hold. ing companies allowed to flour. ish in all their ugly and wantor plundering of decent citizens un- der former Republican Adminis' trations. I wonder if any of you people in this section of the coun- try recall the collapse of the In. sull Utility empire, and the devas. tation it brought to thousands o1 your hopes and homes.
 We provided for the organiza- ton and operation of the Civilian Conservation Corps, one of tht most popular and successful in. struments of government ever de- vised. It has acted not only as medium of relief for the desti' ute families of millions of Ameri' can youth, but at the same timt has been of inestimable value 1T conserving the natural resource. of the country and of giving tt these young men a fine system O moral and physical discipline which they would not otherwise ever have achieved.
 Unemployment
 When this Administration tool over the reins of power, ther, were from twelve to fifteen mil lion men and women of employ able age without any opportunit. whatsoever to secure jobs tha would enable them to suppor themselves and their hungry ant naked families. It would havu been a heartless and cruel onis sion of duty to have been indif ferent to their necessities. l would have shown 6 wanton ans reckless indifference to the fun damental duties of a great democ racy had we not taken adequat steps to feed and clothe and shel ter these men. women and chil dren who. without their fault had been made the victims of tn national catastrophe.
 The Democratic Administration met that dttfV Tyitia0asi faaF an,