Evening star., 1940-07-16

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to the Democratic Convention
Postmaster General Farley (lef
suit) is Senator Pittman of NJ
bodings of disaster to our demo-
cratic institutions. The American
people have not forgotten that
period of total collapse and des-
peration in all branches of human
endeavor.
Bank Holiday Cited
As First Heroic Remedy.
A decent respect for your indul.
gence will not permit me to at.
tempt 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. The people them.
selves are now familiar with the
operations and purposes of that
program.
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 ade-
quate security for them could be
obtained, was more effective rem
edy against the total collapse of the
entire banking system of our peo.
pie, although, unfortunately, many
thousands of them had already
closed their doors, bringing heart.
break and immeasurable distres.
to millions of the American people
Steps were then taken to provide
for the reopening of the yet sol.
vent banking institutions. and many
hundreds of them and their depos.
itors were saved. This administra.
ton enacted what, in my opin.
ion, will forever be regarded as on,
of the major outstanding legislativ,
achievements in our history, ane
that is the passage Of the law guar
anteeing the absolute safety of de-
posits up to $1,000 in all nationa
banks and State banks which wer,
affiliated with the Federal system
And now, instead of the American
people having constant and dali,
apprehension as to the safety O
their savings and deposits, the,
can always be assured that if bas
business management or corruption
closes its doors that every single
dime of their money will be paie
to them across the teller's Gag,
within 48 hours.
S. E. C. Act Checked
To Stock Defrauding.
Recognizing the terrible truth thai
millions of our people had beer
robbed and defrauded out of theil
investments by an unbridled anc
unregulated system of corporate
manipulation which permitted
crooked promoters, stock jobbers
and holding company tycoons, We
passed the Securities and Exchange
Commission Act under the opera.
tion Of which these robbers of thu
peoples investments are nov
checked, restrained and regulated
We broke up for all time the ruthles.
and unconscionable holding COM
panies allowed to flourish in all theil
ugly and wanton plundering o1
decent citizens under former Repub.
lican administrations. I wonder il
any Of you people in this section o1
the country recall the collapse of tht
insult utility empire and the dev.
astation it brought to thousands o.
your hopes and homes.
We provided for the organization
and operation of the Civilian Con.
servation Corps, one of the mos
popular and successful instrument.
of Government ever devised. It ha.
acted not only as a medium of re.
lief for the destitute families o1
millions of American youth, but al
the same time has been Of in.
estimable value in conserving thu
natural resources of the country
and of giving to these young men .
fine system of moral and physica
discipline which they would no,
otherwise ever have achieved.
Duty Of Unemployment
Was Met without Fear.
When this administration tool
over the reins of power there wert
from 100000 to 100000 mer
and women of employable ag,
without any opportunity whatso.
ever to secure jobs that would en-
able them to support themselve!
and their hungry and naked families
It would have been a heartless ant
cruel omission of duty to have beer
Indifferent to their necessities. I
would have shown a wanton ant
reckless indifference to the funda
mental duties of great democrac,
had we not taken adequate steps II
feed and clothe and shelter thes
men, women and children who
without their fault, had been mad
the victims of the national catas
trophe.
The Democratic administration
met that duty without fear an
without wavering and, in addition
thereto, contributed immeasurabl
to the permanent wealth of tn
Nation and the permanent I'm
} provements and benefits that hav
resulted from its operation. Ever
single community in America ha
been prospered and benefited b
this program and the expenditur
of the Federal funds required +
effectuate 1t. These are not fugi
Il tive and evanescent benefits, bu