Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-07-18

y
than In any year since 1929.
We have fostered 4 well-bal-
anced American merchant ma.
rine and the worlds finest sys-
tenn Of civil aeronautics, to pro-
mote our commerce and our ma
tional defense.
We have steered a steady
course between a bankruptcy
producing deflation and a thrift
destroying imitation, so that to.
day the dollar Is the most stable
and sought-after currency In the
world-a factor of unreasonable
benefit In our foreign and do
>mestic commerce.
We shall continue to oppose
barriers which impede trade
among the several States. We
pledge our best efforts in
strengthening our home mar
kets, and to this end we favor
the adjustment Of freight rates
SO that no section or State will
have undue advantage over any
other.
To encourage investment in
productive enterprise, the tax
exempt privileges Of future Fed
eral, State and local bonds
should be removed.
We have enforced the anti
trust laws more vigorously than
at any time In our history, thus
affording the maximum protec.
ton to the competitive system.
We favor strict supervision Of
all forms Of the insurance busi-
ness by the several States for
the protection of policyholders
and the public.
Policies Reflected in
Stimulating Industry and Trade.
The full force of our policies,
by raising the national income
by 80 billion dollars from the
low Of 1882, by encouraging vast
unemployment and by elevating
the level of consumer demand.
has quickened the flow of buy
ing and selling through every
artery Of industry and trade.
With mass purchasing power
restored and many abuses elimi-
mated, American business stands
at the threshold of q great new
era, richer in promise than any
we have witnessed-an era Of
pioneering and progress beyond
the present frontiers of economic
activity-in transportation, in
housing, in industrial expansion
and in the new utilization of the
products of the farm and the
factory.
We shall aid business in re-
deeming Americas promise.
ELECTRIC POWER.
During the past seven years,
the Democratic party has won
the first major victories for the
people of the Nation in their
generation-o old contest with the
power monopoly.
These victories have resulted in
the recognition Of certain self
evident principles and the reali-
zation Of vast benefits by the
people. These principles, long
opposed by the Republican par
ty. are:
That the power of falling wa
ter is gift from God and con.
sequently belongs not to a priv.
ileged few, but to all the people,
who are entitled to enjoy its
benefits;
That the people have the right
through their Government to de-
velop their own power sites and
bring low-cost electricity to their
homes. farms and factories:
That public utility holding
companies must not be per-
mitted to serve as the means
by which few men can pyramid
stocks upon stocks for the sole
purpose Of controlling vast-power
empires.
We condemn the Republican
policies which permitted the
victimizing of investors in the
securities Of private power corpo-
rations and the exploitation Of
the people by unnecessarily high
utility costs.
We condemn the opposition of
utility power interests which de-
layed for years the development
of national defense projects in
the Tennessee Valley and which
INSTRUCTED river basin improve
ments and other public projects
bringing low-cost electric power
to the people. The successful
power developments in the Ten
nessee and Columbia River basins
show the wisdom of the Demo-
cratic party in establishing Gov
ernment-owned and operated
hydro-electric plants in the in
terests of power and light con-
sumers.
Prosperity Brought to
Regions BY Policies.
Through these Democratic VIC
tories, whole regions have been
revived and restored to pros
porous habitation. Production
costs have been reduced. In
dustries have been established
which employ men and capital.
Cheaper electricity has brought
vast economic benefits to thou
sands of homes and communities.
These victories of the people
must be safeguarded. They will
be turned to defeat if the Re-
publican party should be return
ed to power. We pledge our party
militantly to oppose every effort
to encroach upon the inherent
right of our people to be pro-
vided with this primary essential
Of life at the lowest possible cost.
The nomination of an utility
executive by the Republican
party as its presidential candi-
date raises squarely the issue,
whether the Nations water power
shall be used for all the people
or for the selfish interests of q
few. We accept that issue.
DEVELOPMENT OF WESTERN