Clipped From The Scranton Republican

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 - Text of President's Address INDIANAPOLIS, Ind.,...
Text of President's Address INDIANAPOLIS, Ind., June 15 VP). Speking before the Indiana Republl can Editorial association tonight, President Hoover called upon the nation to banish fear and pessimism so that America may ride out of the business de pression on a broad highway paved with courage. , The text of the president's addressf fnHowjs: The business depression is the dominant subject before the country and the world today. Its blight stretches from ll ouarters of the globe to every business place and every cottage door hi our land. I propose to discuss it and the policies of the government in respect toit. .Depressions are not new experiences, though none has hitherto been so wide - spread. We have passed through no less than fifteen major depressions in the last century. We have learned something as the result of each of these experiences. From this one we shall gain stiffening and economic discipline, a greater knowledge upon which we must build a better safeguarded ays tern. We have come out of each prev ious depression into a period of pros - nerity greater than ever ibefore. We shall do so this time. - As we look beyond the horizons of our. own troubles and consider the events in ntner lands, we Know mat ine main causes of the extreme violence and the long continuance of this depression came not from within but from outside the United States. Had our wild speculation; our stock promotion with its infinite losses and hardship to in nocent people; our loose and extravagant business methods; and our unprec edented drought, been our oniy disasters we would have recovered months ago. A large part of the forces which have swept our shores from abroad are the malign inheritances in Europe of the Great war its nuge taxes, its mounting armament, its political and social instability, its disruption of economic life by the new boundaries. Without the war we would have no such depression. Upon these war origins are superimposed the over - rapid expansion of production and collapse in price of many foreign raw materials. The de monetization of silver in certain coun tries and a score of more remote causes have all contributed to dislocation, Some particular calamity has happened to nearly every country in ine worm, and the difficulties of each have inten sified the unemployment and financial difficulties or ail tne otners. as eitner the cause or the effect, we have witnessed armed revolutions within the cast two years in a score of nations, not to mention disturbed political life in many others. Political instability has affected three - fourths of the popu lation of the world, I do not at all minimize the economic Interdependence of the world, but despite this the potential and redeem' ing s.trength of the United States in the face of tills situation is that we are economically more self - contained than any other great nation. This degree of independence gives assurance that with the passing of the temporary dlsloca - tions and shocks we can and will make a large measure of recovery irrespec Uve of the rest of the world. We did so with even worse foreign conditions in 1921. Exported Five Billion serve system, the banks, the farm loan and farm board system, we nave steadily urged the maintenance of wages and salaries, - preserving - American standards of living, not alone for its contribution to consumption of goods but with the far greater purpose - of maintaining social good - will through avoiding industrial conflict with its suffering and social disorder. " We are maintaining organized co - op eration with industry systematically to distribute the available work so as t give Income to as many families as Divisible. We have reversed the traditional pol Icy in depressions of reducing expend!' tures upon construction work. We are maintaining a steady expansion of ul timatsly needed construction work ' in co - operation with states, municipalities and - industries. Over two billions of dollars is being expended, and today a million men are being given direct and indirect employment through tnese en larged activities. We have sustained the people in 21 states who faced dire disaster' from the drought. We are giving aid and support to the farmers in marketing their crops, by which they have realized hundreds of millions more in prices than the fanners of any other country. Through the tariff we are saving our farmers ana workmen from being overwhelmed with goods from foreign countries where, even since our tariff was revised, wages and prices have been reduced to much lower levels than before. We, are holding down taxation by exclusion of every possible governmental expenditure not absolutely essential or needed in in crease of employment or assistance to the farmers, we are rigidly excluding immigration until our own people are employed. The departures and deports tions today actually exceea arrivals, we are maintaining and will maintain sys tematic voluntary organization In the community in aid of employment and care for distress. There are a score oi other directions In which co - operation is organized and stimulation given. We purpose to go forward with these major activities and policies. We will not be diverted from them. By these and other measures which we shall develop as the occasion shall require, weishall keep this ship steady in the storm. We will prevent any unnecessary distress in the United States, and by the activities and courage of the American people we will recover from the depression. I would be remiss If I did not pay trib ute to the business, industrial, labor, and agricultural leaders for their re markable spirit of co - operation. Tneir action is magnificent proof of the fundamental progress of American institu tions, of our growtn in social ana eco nomic understanding, of our sense of responsibility, and of human brother hood. Permanent Gains Made ' Leaders of industry have co - operated in an extraordinary degree to main tain employment and sustain our standards of There have been

Clipped from
  1. The Scranton Republican,
  2. 16 Jun 1931, Tue,
  3. Page 4

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