Evening star., 1940-11-03
Third Term No Reason
For Not Voting for
Roosevelt, Jones Says
Business Doesn't ReoIize
o. Won't Admit New Deal
Benefits, He Declares

Declaring that 'if our foretAtherz
had not broken with precedent, We
would still be 4 colony" Secretary
OF Copmerce Jones said In . radio
address last night that "fear OF
breaking the third-term precedent
should not prevent your voting for
the reelection Of President Roose-
velt." Mr.. Jones speech was spon-
sored by the Democratic National
Committee.
The cabinet member said business
"does not realize, or Is unwilling to
admit just how much the Roose-
welt administration has actually
done to help business" He de-
clared that private initiative had
failed during the depression and 1t
was necessary for Government to
come to its aid Some insurance
companies, he said, appear to have
forgotten" that it was necessary to
pass legislation, during the dark
DAYS to enable them ito carry some
Of their investments on their books
at substantially more than their
value, In order that some Of them
would not show deficits, or in
solvency." Not all relief recipients
have been In the w. p. A., he said
''many were people In high places.
Any talk Of the disappearance OF
free enterprise in this country Is
soure bunk Mr.. Jones asserted,
but he added the hope that we
will never risk . return TO the con-
ditions OF the late 20s, when un-
bridled speculation got us all IN
trouble"
Dire Predictions" Hit.
Mr.. Jones said he was not fright
ened by dire predictions as to
what may happen If President
Roosevelt is reelected" Everything
that reasonably can be expected Is
being done for national defense,
business conditions are steadily i'm
proving, employment is steadily on
the increase and farm products are
bringing living prices. although not
rs high as they should be, he added
The Reconstruction Finance
Corp, Of which he is head, Is typical
of the new instruments which
Government has employed to assist
business, Mr.. Jones said. The mon
ey loaned has resulted in creating
employment, stimulating business
and preventing failures. The credit
furnished was otherwise not avail
able. The r. r. c. has not hurst the
bankers who now criticize the Roose-
welt administration. To the contrary,
It saved many of them and has
helped all Of them, just as the =.
II. A.. II. O. L. c. and Farm Credit
Administration have helped all busi-
ness.
r. r. C. Earned Profit.
I'm the more than $40, 900, 900 900
Government credit through the r.
p C.. the Federal Housing Ad-
ministration, the Home Owners
Loan Corp, the Farm Credit Ad-
rninistration and the p. w. A.,
there will be little or no net loss
to the taxpayer, but billions Of dol
lars OF profits to the American
people. OF the $932, 900 900 SELF
liauidat ting loans made and pur-
chased by the r. F c., S1oo 900 900
has already been sold at a profit
Of s3l, ,o0o, 900. OF all the billions
that r. r. c. has loaned, there will
not be q single dollar loss to the
taxpayer. To the contrary, it has
earned 4 profit to the Government
of between $l5o,000,0 900 and $780,
600 900, after paying al of its ex-
penses and setting up reserves to
cover all losses.
Il should like to ask where, in your
opinion, would we be now II this
credit had not been furnished by
the Government? Where would We
be il the banks had not been saved,
and some of the insurance compa-
nies? What of our home building
situation without the Federal Hous-
Ing Administration. And what OF
the more than ,0O0, 900 homes saved
from foreclosure by the Home Own
ers' Loan Corp. Who will criticize
the Government for all these lend.
Ing activities that were absolutely
necessary to save us from continued
chaos? No one except some selfish
money lender.
Federal Projects Defended.
And who will criticize the Govern
ment for causing the construction
If thousands of self -liquidating prof.
ects-bridges, tunnels, aqueducts and
the like, projects that have long been
needed and will be paid for by the
people who use them, and not by the
taxpayer, projects that have made
work for millions Of people and stim-
ulated business in every line. True,
they have been built with Govern
ment credit but, except for the few
that carried grants, not at Govern
ment expense"
The strong, the successful and the
well-to-do can look after them
selves" Mr.. Jones declared, and Mr.
Roosevelt will exert every effort tc
bring about and preserve bette,
conditions for people in the lower
earning brackets, and those who
have no earnings. He has demon
strated that to be his politfea
philosophy, and with this philosophy
We can all agree 80.
"It is the great majority Of oul
citizenship which President Roose-
welt has tried 80 hard to help. AND
II reelected he will continue to helr
them, not by taking away from thu
vell-to-do, but by continuing to in
crease the national income, anc
bringing about better distribution
Of that income, 20 that every ONT
can have q better chance to make
their own way. To be independent.
RooeeveIf