Evening star., 1952-10-19
G. O. P. and Depression.

standards OF conduct among
free men.
G. o. P. and Depression.
2. The Misrepresentation that
the Republicans created the
Great Depression and then
did nothing about it.
The Misrepresentation that
Republicans created the Great
Depression which came 10 years
after the first World War, is
still oratory in this campaign.
That nonsense has been ex-
ploded thousand times by q
multitude of economists, histori-
ans. and statesmen.
The Great Depression started
elsewhere in the world before
it struck the United States. It's
major violence came from the
inevitable bankruptcy of Europe
as the aftermath of the first
World War.
In this economic hurricane,
the economy of one foreign
country after another crumbled,
political revolutions took place
in score of foreign nations.
In effect all but two nations in
the world abandoned the gold
standard. These foreign nations
imposed restrictions on their
exchange and imports. They
suspended payments on their
obligations. Our gold standard
was jeopardized. Our farm and
other exports to Europe practi-
cally ceased. Unemployment
spread over the whole earth.
The impact of these forces
spread constant fear and near
panic in the United States.
Our weak banking and credit
system was toppling all around
us.
To solve these emergencies
and ameliorate the successive
shocks the Republican admins
tration created unprecedented
agencies and took unprece-
dented actions.
We lnceSSantly urged reform
OF our obsolete banking laws so
as to protect depositors. But
a Democratic Congress refused.
We organized direct relief to
those in distress and indirect
relief to the unemployed by huge
public works. We did so with
never charge of corruption.
We temporarily stopped immi-
grafton to prevent loss Of jobs
by our workers. We sustained
wages, we reduced employer
employe friction to the lowest
levels in recent times.
In 1923 Republicans had al
ready created the Federal in
termediate credit banks to A.
nance the marketing of farm
products. In 1929 Republicans
created the Federal Farm Board
with capital of half billion
dollars, which supported farm
prices in the depression. Out Of
it came the present bank for
farm co-operatives. Republicans
expanded the Farm Loan Board
and created the agricultural
credit banks to finance farmers.
production The Democrats
abolished this one.
We created the Reconstruc-
tion Finance Corporation with
So billion capital. We created
the home loan banks. We ex-
panded the Federal reserve
credit system. We accomplished
these measures against the op-
position or delays of a Demo-
cratic House Of Representatives.
Far from "bailing out" the
rich. as one orator says, 80 per
cent of the loans under Repub-
lican administration went to
saving building and loan aSso-
Citations, savings banks, insur-
ance companies, small country
banks and farmers loan asso-
Citations. These were not the
institutions of the rich. They
represented the small savings of
the people.
We secured the country from
being forced off the gold stand
ard and kept the American dol
lar true over the entire world.
To protect world economy
from complete collapse in the
depression. we created a mora
torium on world governmental
debts and brought about the
standstill agreements. To re-
store the demoralized world
monetary standard and to de-
crease trade barriers we organ
lied the world economic confer
ence But it was assassinated
in its youth by a Democratic
President. In his memoirs the
Democratic Secretary of State
implies this action sowed the
seeds of the second World War.
Too many young voters have