Evening star., 1945-01-25

achieving our objective. This will
provide new and expanding industry
with plenty Of private credit at rea-
sonable interest rates. Through this
program we will merely be extending
to the financing of old and new bus
iness the principles which have
proved so successful in our expert
ence with the v loans, T loans and
Federal Housing Administration
loans.
A comprehensive investment pro-
gram dedicated to expanding the
peacetime productive capacity OF
America Is the very essence of the
American way of raising our stand
ard of living. We build the plants
for greater production SO that all OF
us may share In their greater out
put. But greater output is not our
only benefit from this plant expan-
sion. In fact, our benefits also IN
clude the wages paid to the labor
employed in building these plants
In constructing the machinery to be
used in the plants and in operating
the plants after they are erected
These payments, as wages, all con-
tribute to the Nations buying power
so that as q Nation we will have
more money with which to buy the
goods produced by these expanded
plants.
AS a matter of fact, a compre-
hensive investment program of this
character could make possible $2O,-
000, 600 900 of new private invest.
ment each year. Why, just the jot
OF building these plants and the
machinery for . them would give
America 5000 900 more jobs a yea,
than We had in this work before
the war. And this does not include
the workers who would be needed tc
operate these plants after they are
built.
In q putshell, then, If we are
going to have remunerative Jobs
for all, We must have an expanded
private industry capable of hiring
millions more men. I propose that
the Government do its part in help
Ing private enterprise finance thi.
expansion of our industrial plant
1t will be privately owned, privately
operated and privately financed, but
the Government will share with the
private investor the unusual ano
abnormal financial risks which ma,
be involved in getting started.
Must Increase Demand.
But, in providing jobs for ever,
one, we shall not only have to in.
crease demand for our industria
and agricultural production here a
home. but also abroad. Some part.
OF our industrial and agriculture
production demand a high level O.
foreign trade to be efficient ant
prosperous. This is particular,
true in our heavy equipment in
dustries where our war demand viii
fall sharply but whose output will
be needed by other countries fo
reconstruction and development
The foreign demand for such farm
commodities as cotton, tobacco ant
wheat will also be great If othel
countries have the opportunity t.
buy. We therefore must take steps
in cooperation with other countries
to see that international trade ant
investment is resumed promptly or
sound basis.
This administration has pioneered
in the direction of internationa
economic collaboration with its re-
ciprocal trade program and tn,
establishment of the Export Impor
Bank. 1t has again taken the Leaf
in suggesting international none.
tary stabilization and sound inter.
national investment measures
measures that are a Fundamental
prerequisite to healthy foreign
trade and commerce. 1t was for tn,
purpose of working out concret,
measures of this character that tn,
President convened the United Ma
tions Monetary and Financial Con.
ference at Breton Woods last sum.
mer. At the Breton Woods con-
ference A countries agreed upor
plans for an international monetary
fund and an international bank
for reconstruction and develop
ment.
Will Stabilize Currencies.
The international monetary fund
when approved by Congress, will
aid the nations of the world il
establishing sound currencies. Il
will clear the channels of foreign
trade of discriminatory restriction.
and controls so that there can b.
q genuine expansion of world trade
With the help of the internationa,
bank, American capital can play 9
great constructive role-and 9
profitable role-in the development
of the economies of other countries
1t will provide US with enormous
postwar foreign markets. For oul
greatest markets are in prosperous
|industrialized countries.
But America will not be merely
% seller Of goods abroad. A truly
prosperous America-an America
with jobs for all-will be q tremen-
dous buyer of raw materials and
products from abroad. 1t will be an
America constantly enlarging the
scope of our reciprocal trade agree
ments. 1t will be an America with
the time and money to spend on
tourist travel abroad as well as at
home. 1t will be an America from
which other countries can afford to
buy more because they are selling
more.
With congressional approval of
this program and with our pro-
gram OF jobs for all in this country,
the foreign trade of the United
States can be trebled after the war.
This increase in our foreign trade
should mean 5000, 900 more jobs
after the war than we had before
the war.
Nor are the benefits of increased
foreign trade and investment con-
fined to increasing our prosperity.
I want to emphasize that such CO.
operative measures for expanding
international trade and investment
are at the same time the economic
foundation for lasting peace. A
prosperous world will be a world free
of both economic and political ag-
gression.