The St. Louis Star and Times from St. Louis, Missouri • Page 12

ST.LDUIS STAR-TIMES FRIDAY EVENING, APRIL 15, 1938, TWELVE ST.LOUIS STAR-TIMES Text of Roosevelt's Fireside Chat Explaining New Recovery Program MONETARY MOVES EXPECTED TO FREE 39 BILLIONS CREDIT President Says He Hopes to Raise National Income by Spending Drive-Asks Wage Bill. Highlights of F. D. Rs Radio Talk WASHINGTON, April 15. (U.

Highlights of President Roosevelt's "fireside chat" follow: Democracy has disappeared in several other great cause the people of those nations disliked democracy but had grown toed of unemployment and insecurity, of Jt hungry while they sat helpless in the face of government confusion, go eminent weakness, through lack of leadership in government. The only sure bulwark of continuing liberty is a government strong enough to protect the interests of the people, and a people strong enougn and well enough informed to maintain its sovereign control over its government. I am again expressing my hope that the congress will enact at this session a wage-and-honr bill patting floor under industrial wages ana a limit on working hours-to insure a better distribution of available work and a sounder distribution of buying power. It is following tradition as well as necessity, if government strives to put idle money and idle men to work to increase our public wealtn ana to build up the health and strength of the people and to help our ss-tem of private enterprise to function. It is going to cost something to get out of this recession this way.

but the profit of getting out of it will pay for the cost several times over. I never forget that I live in a house owned by all American people and that I have been given their trust. WASHINGTON, April 15. (U. The text of President Roosevelt's fireside chat follows Five months have gone by since I last spoke to the people of the nation about the state of the nation.

I had hoped to be able to defer this talk until next week because, as we all know, this is Holy Week. But what I want to say to you, the people of the country, is of such immediate need pnd relate- so close ly to the lives of human beings and the prevention of human suffering that I have felt that there should be no delay. In this decision I have been strengthened bj the thought ti' J. J' that by speaking tonight there may be greater peace of mind and the hope of Easter may be more real at firesides everywhere, and that it is to act together, to meet the problems of the nation boldly, and to prove that the practical operation of democratic government is equal to the task of protecting the security of the people. Not only our future economic soundness but fhe very soundness of our democratic institutions depends on the determination of our government to give employment to idle men.

The people of Ameca are in agreement in defending their liberties at any cost, and the first line of that defense lies in the protection of economic security. Your government, seeking to protect democracy, must prove that tovernment is stronger than the forces of business depression. History proves that dictatorships do not grow out of strong and successful governments but out of weak and helpless ones. If by democratic methods people get a government strong enough to protect them from fear and starvation, their democracy succeeds, but if they do not, they grow impatient. Therefore, the only sure bulwark of continuing liberty is a government strong enough to protect the interests of the people, and a people strong enough and well enough informed to maintain its sovereign control over its government.

Nation Can Afford To Pay for Security We are a rich nation; we can afford to pay for security and prosperity without having to sacrifice our liberties into the bargain. In the first century of our republic we were short of capital, shori of workers and short of industrial production, but we were rich in free land, free timber and free mineral wealth. The federal government rightly assumed the duty of promoting business and relieving depression by giving subsidies of land and other resources. Thus, from our earliest days we have had a tradition of substantial government help to our system of private enterprise. But today the government no longer has vast tracts of rich land to give away and we have discovered that we must spend large sums to conserve our land from further erosion and our forests from further depletion.

The situation is also very different from the old days, because now we have plenty of capital, banks and insurance companies loaded with idle money; plenty of industrial productive capacity and several millions of workers looking for jobs. It is following tradition as well as necessity, if government strives to I cannot expect all of the people to understand all of the people's problems; but it is my job to try to understand those problems. I believe we have been right in the course we have charted. To abandon our purpose of building a greater, a more stable and a more tolerant America, would be to miss the tide and perhaps to miss the port. I propose to sail ahead.

Question and Answer Summary Of Roosevelt's Recovery Program income into closer balance, the budget I worked out called for sharp decreases in government spending. Summarizes Cost Of Recovery Program In the light of present conditions those estimates far too low. This new program adds $2,062,000,000 to direct treasury expenditures and another $950,000,000 to government loans and the latter sum, because they are loans, will come back to the treasury in the future. The net effect on the debt of the government is this between now and July 1, 1939 fifteen months away the treasury will have to raise less than $1,000,500,000 of new money. Such an addition to the net debt of the United States need not give concern to any citizen, for it will return to the people of the United States many times over in increased buying power and eventually in much greater government tax receipts because of the increase in the citizen income.

What I said to the congress in the close of my message I repeat to you. "Let us unanimously recognize the fact that the federal debt, whether it be $25,000,000,000 or can only be paid if the nation obtains a vastly increased citizen income. I repeat that if this citizen income can be raised to 000 a year the national government and the overwhelming majority of state and local governments will be 'out of the red. The higher the national income goes the faster will we be able to reduce the total of federal and state and local debts. Viewed from every angle, today's purchasing power the citizens' income of today is not sufficient to drive the economic system at higher speed.

"Responsibility of government requires us at this time to supplement the normal processes and in so supplementing them to make sur that the addition is adequate. We must start again on a long steady upward incline in national income. "And in that process, which 1 believe is ready to start, let us avoid the pitfalls of the past the over-production, the over-speculation, and indeed all the extremes which -we did not succeed in avoiding in 1929. In all of this, government cannot and should not act alone. Business must help.

I am sure business will help. "We need more than the materials of recovery. We need a united national will. "We need to recognize nationally that the demands of no group, however just, can be satisfied unless that group is prepared to share in finding a way to produce the income from which they and all other groups can be paid You, as the congress, as the President, must by virtue of our offices, seek the national good by preserving the balance between all groups and all sections. "We have at our disposal the na-tipnal resources, the money, the skill of hand and head to raise our economic level our citizens' income.

Our capacity is limited only by our ability to work together. What is needed is the will. Certain Requirements For Winning Success "The time has come to bring that will into action with every driving force at our command. And I am determined to do my share. "Certain positive requirements seem to me to accompany the will if we have that will.

There is placed on all of us the duty of self-restraint that is the discipline of a democracy. Every patriotic citizen must say to himself or herself, that immmicraip not inappropriate to encourage peace when so many of us are thinking of the Prince of Peace. Five years ago we faced a very serious problem of economic and social recovery. For four and a half years that recovery proceeded apace. It is only in the past seven months that it has received a visible setback.

And it is only within the past two months, as we have waited patiently to see whether the forces of business Itself would counteract it, that It has become apparent that government Itself can no longer safely fail to take aggressive government steps to meet it. Disasters of 1933 Have Not Returned This recession has not returned us to the disasters and suffering of the beginning of 1933. Your money in the bank Is safe; farmers are no longer in deep distress and have greater purchasing power; dangers of security speculation have been minimized; national income is almost 50 per cent higher than in 1932; and government has an established and accepted responsibility for relief. Dut I know that many of you have lost your jobs or have seen your friends or members of your families lose their jobs, and I do not propose that the government shall pre Each Dollar Government Looses Likely to Provide $10 For Production. WASHINGTON, April 15.

(D.P.) President Roosevelt's new monetary moves against business recession were estimated today to provide the basis for a record-breaking potential credit expansion of almost $39,000,000,000. Economists estimated each dollar which the government's monetary moves will turn into the nation" credit arteries will have a credit worth of $10; that is, if it were borrowed and put to productive use. A total of $3,880,000,000 of funds will be available for lending. It includes: $1,400,000,000 which the treasury derived through gold "dester-ilization" and which was deposited in Federal Reserve Banks. $750,000,000 in "frozen Federal Reserve member bank funds which the banks will no longer be required to keep in reserve against deposits, and which thus will become available for lending.

$1,730,000,000 of existing excess reserves now held by Federal Reserve member banks. These are idle funds, over and above the amount which the banks were required to hold in reserve against deposits. Gold Released. The treasury, acting within four hours after Mr. Roosevelt outlined his relief -recovery program for congress, released all the gold which had been "frozen" in the sterilization fund.

This was done through issuance of gold certificates to the twelve Federal Reserve Banks. They in turn credited the treasury's bank deposits with an amount equal to the certificates. Within a short time, the banks will redistribute the treasury's additional deposits among the Reserve member banks. Inasmuch as much member banks already have excess reserves that is, more money than they need to keep in legal reserve against deposits the additional federal money will increase the volume of their funds available to borrowers. In conformity with the President' wishes for additional credit expansion, the Reserve Board within the next few days will take another step to increase the excess reserve of its banking system.

Reserves to Be Cot. It will be done this way: The board will order its member banks to reduce by 12 Vi per cent the amount of the funds they are now required to hold liquid and in reserve against deposits. For example, under existing regulations, member banks in central reserve cities. New York and Chicago, must keep $2c in reserve for every $100 of demand, or checking account, deposits. When the reduction goes into effect, those banks will be required to maintain only $22.75 in reserve, thus placing the difference.

$4.25, into excess and making it available for credit use. It is estimated that the reduction in reserve requirements will result in shifting $750,000,000 into excess, increasing the otal of excess reserves in all member banks to $3,880,000,000. an all-time peak. The previous high was $3,304,000,000. in the week ended December 11, 1935.

REFUSES TO TURN BACK President Roosevelt, whose messages to congress and the country have drawn the lines for a showdown in the Democratic party New Deal or conservatism. "I propose," said the President, "to sail ahead." (Acme Photo.) F. D. R. Didn't 'Get The It Was a Telephone Bell WASHINGTON.

April 15. (U. President Rooseevelt told reporters today that the bell that jangled last night during his fireside chat was a telephone, and not Maj. Bowes' gong as one correspondent suggested. Millions of persons listening to Mr.

Rooseevlt's radio address were mystified when a bill jingled jangled in the midst of his speech. Mr. Roosevelt said it has been determined that the telephone is located in the White House police room, near the diplomatic room where he delivered the fireside chat. The connection does not operate through the White House switchboard. "We thought it was Maj.

Bowes." a reporter told the President. Mr. Roosevelt told the reporter he was remiss in his deduction that someone earlier had told him they understood it was Mark Sullivan. goods and materials, prices got so high that buyers and builders ceased to buy or to build. The economic process of get put idle money and idle men to ting out the raw materials, putting them through the manufacturing and finishing processes, selling them to the retailers, selling them to the consumer, and finally using them, got completely out of balance.

The laying off of workers came upon us last autumn and has been continuing at such a pace ever since that all of us, government and banking and business and workers, and those faced with destitution, recognize the need for action." National Income Must Be Raised All of this I said to the congress today and I repeat it to you. the people of the country, tonight. I went on to point out to the sen--ate and the house of representatives that all the energies of government and business must be directed to increasing the national income, to putting more people into private jobs, to giving security and a feeling of security to all people in all walks of life. I am constantly thinking of all our people unemployed and employed alike of their human problem of food and clothing and homes and education and health and old age. You and I agree that security is our greatest need the chance to work, the opportunity of making a reasonable profit in our business whether it be a very small business or a larger one the possibility of selling our farm products for enough money for our families to live on decently.

I know these are the things that decide the well-being of all our people. Therefore, I am determined to do all in my power to help you attain that security and because I know that the people themselves have a deep conviction that secure prosperity of that kind cannot be a lasting one except on a basis of business fair dealing and a basis tend not to see these things. I know that the effect of our present difficulties has been unevn that thy have affected some groups and some localities seriously but that they have been scarcely felt in others. But I conceive the first duty of government is to protect the economic welfare of all the people in all sections and in all groups. I said in my message opening the last session of congress that if private enterprise did not provide Jobs this spring, government would take up the slack that I would not let the people down.

We have all learned the lesson that government cannot afford to wait until it has lost the power to act. Therefore, I have sent a message of far-reaching importance to he congress. I want to read to you ionight certain passages from that message, and to talk with you about them. In that message I analyzed the causes of the collapse of 1929 in these words: "Over-speculation in and over-production of practically every article or instrument used by man Millions of people had been put to work, but the products of their hands had exceeded the purchasing power of their pocket-books Under the inexorable law of supply and demand, supplies so overran demand which would pay that production was compelled to stop. Unemployment and closed factories resulted.

Hence the tragic years from 1929 to 1933. Points to the Trend Of National Income I pointed out to the congress that the national Income not the government's income but the total of the income of all the individual citizens and families of the United States every farmer, every worker, every banker, every professional man and every person who lived on income derived from investments that national income amounted, in the year 1929. to eighty-one billion WASHINGTON, April 15. (U. Here, in question and answer form, is an outline of President Roosevelt's new recovery program: Question.

Generally speaking, what does the President's program provide? Answer. New government spending, new government lending and a series of steps to encourage banks to lend money and extend credit. Q. How much does Mr. Roosevelt propose to spend? A.

His program calls for new spending of 000. 000. In addition to this, probably $750,000,000 will be needed next January to run the Works Progress Administration from February 1, 1939, to June 30, 1939. Q. How will this money be spent? A.

The President wants for WPA jobs from July 1 to February 1, 1939; $75,000,000 for Farm Security (farm relief); for the National Youth Administration (aid to students, $50,000,000 for the Civilian Conservation Corps (maintain present number of camps); $100,000,000 for highways; $37,000,000 for flood control (dikes, levees); $25,000,000 for additional federal buildings. Q. What is the lending program? A. This calls for $1,000,000,000 for the Public Works Administration to be lent and given to towns, cities and states for local construction projects and $300,000,000 for the United States Housing Authority to be lent to cities desirous of clearing slums and erecting low-rent housing projects. Q.

What moves are proposed to encourage lending and credit extension? A. There are several. First, the treasury yesterday released $1,391,000,000 in segregated gold. Next, the Federal Reserve Board will relax what are known as bank reserve requirements by $750,000,000. Finally, active credit will be created by every dollar lent or spent by the government.

Q. What does it mean to release segregated gold? A. It means the government uses idle gold to set up new credit at the federal reserve banks. This was done yesterday, ana it increased the government's bank balances by $1,391,000,000. Now with balances swelled by the new government deposits, the banks are ready to lend industry and business much more money.

Q. How much more can they lend? A. Statisticians estimate that ten dollars can be lent for each dollar of this new government deposit. That means the banks could lend if borrowers appeared nearly more today than they could yesterday. Q.

What is meant by relaxing federal reserve requirements? A. It means banks are allowed to maintain a smaller ratio of cash to deposits than previously. Q. Have the requirements been relaxed yet? A. No.

They probably will be relaxed in a day or two. This will enable banks to lend six to seven and one-half billion dollars more. Q. How about credit expansion from government spending? A. Th3t will appear more gradually.

But the spending will activate the whole credit structure. Q. Then what is the total possible credit expansion involved in the President's program? A. Something over $30,000,000,000. Remember however, that this is only potential credit.

Business men and industrialists must borrow and the banks must lend in order to make the credit of any value. Q. What is the purpose of this new program? A. President Roosevelt wants to "prime the pump." He believes that by pouring a huge stream of federal cash into the F. D.

R. TO GO ALL WAY WITH NEW DEAL Continued From Page One, hand5- of idle men and idle industry he will stimulate business so it will pick up momentum and start moving up to prosperous levels. Q. Where will the money come from to finance all this outlay of government spending and lending? A. The idle gold will provide of what is needed.

The remainder must be borrowed by issuing government bonds and securities. Q. Will this increase the deiicit? A. Yes. The budget in January estimated the 1939 deficit would be about $950,000,000.

The President indicated last night this would be boosted about $1,250,000,000, or to a total of $2,200,000,000. Q. Is legislation needed by congress? A. Yes. Congress must appropriate all the money for new WPA and other spending.

Also a minor amendment to the United States housing act and possibly to the PWA act will be required. Q. Did the President ask for any other congressional action? A. Yes. Last night he asked that a wage-and-hour bill be passed at this session.

In his message to congress he asked that it study, hut not necessarily act on, the questions of: Ending tax -exemption privileges for government, state and local bonds, taxation of salaries of state and federal employes, solution of railroad ills, and monopoly and price-fixing problems in industry. Q. How soon will the new program go into effect? A. It has started already. The treasury released its segregated gold yesterday.

Federal Reserve requirements will be relaxed in a day or two. PWA has a backlog of some 3,000 projects on which action can be started almost immediately. Q. Does the program affect the value of the dollar? A. No.

Q. Does it mean inflation? A. Fiscal experts consider the program inflationary. Q. Will it be easier for business men to borrow money? A.

That is expected. Banks will have much more idle funds seeking invest work, to increase our public wealth and to build up the health and strength of the people and to help our system of private enterprise to function. It is going to cost something to get out of this recession this way but the profit of getting out of it will pay for the cost several times ever. Lost working time is lost money. Every day that a workman is unemployed, or a machine is unused, or a business organization is marking time, is a loss to the nation.

Because of idle men and idle machines this nation lost $100,000,000,000 between 1929 and the spring of 1933. This year you, the people of this country, are making about twelve billion dollars less than last year. If yoii think back to the experiences of the early years of this administration you will remember the doubts and fears expressed about the rising expenses of government. But to the surprise of the doubters, as we proceeded to carry on the program which included public works and work relief, the country grew richer instead of poorer. It is worthwhile to remember that the annual national people's income was $30,000,000,000 more in 1937 than in 1932.

It is true that the national debt increased $16,000,000,000, but remember that in this increase must be included several billion dollars worth of assets which eventually will reduce that debt and that many billion dollars of permanent public improvement schools, roads, bridges, tunnels, public buildings, parks and a host of other things meet your eye in every one of the 3,100 counties in the United States. Government Spending Acted as a Trigger No doubt you will be told "that the government spending program of the past five years did not cause the increase in our national income. They will tell you that business revived because of private spending and investment. That is true in part, for the government spent only a small part of the total. But that government spending acted as a trigger to set off private activity.

That is why the total addition to our national production and national income has been so much greater than the contribution of the government itself. In pursuance of that thought I said to the congress today: "I want to make it clear that we do not believe that we can get an adequate rise in national income merely by investing, lending or spending public lunds. It is essential in our economy that private funds be put to work and all of us recognize that such funds are entitled to a fair profit." As national income rises, "let us not forget that government expenditures will go down and government tax receipts will go The government contribution of land that we once made to business was the land of all the people. And the government contribution of money which we now make to of lack of buying power. It is up to us to create an economic upturn.

How and where can and should the government help to start an upward spiral? I went on to propose three groups of measures and I will summarize the recommendations. First, I asked for certain appropriations which are intended to keep the government expenditures for work relief and similar purposes during the coming fiscal year at the same rate of expenditures as at present. That includes additional money for the Works Progress Administration; additional for the National Youth and more money for the Civilian Conservation Corps, in order that it can maintain the existing number, of camps now in operation. These appropriations, made necessary by increased unemployment, will cost about a billion and a quarter more than the estimates which I sent to the congress on the third of January. Second, I told the congress that the administration proposes to make additional bank reserves available for the credit needs of the country.

About $1,400,000,000 of gold now in the treasury will be used to pay these additional expenses of the government, and three-quarters of a billion dollars of additional credit will be made available to the banks by reducing the reserves now required by the Federal Reserve Board. These two steps taking care of relief needs and adding to bank credits are in our judgment insufficient by themselves to start the nation on a sustained upvard movement. Therefore, I came to the third kind of government action which I consider to be vital. I said to the congress: "You and cannot afford to equip ourselves with two rounds of ammunition when three rounds ire necessary. If we stop at relief and credit, we may find ourselves without ammunition before the enemy is routed.

If we are fully equipped with the third round of ammunition, we stand to win the battle against adversity." Providing New Work To Give More Jobs The third proposal is to make definite additions to the purchasing power of the nation by providing new work over and above the continuing of the old work. First, to enable the United States Housing Authority to undertake the immediate construction of about $300,000,000 of additional slum clearance projects. Second, to renew a public works program by starting as quickly as possible about $1,000,000,000 worth of needed permanent public improvements in states, counties and cities Third, to add $100,000,000 to the estimate for federal aid highways in excess of the amount I recommended in January. Fourth, to add $37,000,000 over and above the former estimate of for flood control and reclamation. Fifth, to add $25,000,000 additional for federal buildings in various parts of the country In recommending this program 1 am thinking not only of the immediate economic needs of the people of the nation, but also of their personal liberties the most precious possession of all Americans.

I am thinking of our democracy and of the recent trend in other parts of the world away from the democratic ideal. Democracy has disappeared in way to protect democracy in this country is by affording the people economic security provision against old age, ill health and unemployment. Such measures, he said, constitute democracy's "first line of defense." There was no doubt that propaganda, of the kind employed against the court reform and reorganization bills, was in his mind when he spoke of a people "well enough informed" to maintain control over the government. Obviously he has reached the conclusion that systematic propaganda, such as was disseminated by PTank E. Gannett' organization, is a positive threat to representative government.

where all from top to bottom share dollars. By 1932 this had fallen to profPfity' 1 "Pted to the con that statement, appeals to prejudice, the creation of unkindness, are offenses not against an individual or individuals, but offenses against the whole population of the United States Self-restraint implies restraint by articulate public opinion, trained to distinguish fact from falsehood, trained to believe thaj bitterness is never a useful instrument in public affairs. There can be no dictatorship by an individual or by a group in this nation, save through division fostered by hate. Such division there must never be. Finally I should like to say a personal word to you.

I never forget that I live in a house owned by all the American people and that I have been given their trust. I try always to remember that their deepest problems are human. I constantly talk with those who come to tell me their own points of view with those who manage the great industries and financial institutions of the country with those who represent the farmer and the worker and often with average citizens without high position who come to this house. And constantly I seek to look beyond the doors of the White House, beyond the officialdom of the national capital, into the hopes and fears of men and women in tneir homes. I have traveled the country over many times.

My friends, my enemies, my daily mail bring to me reports of what you are thinking and hoping. Security Is Goal Of All the People gress today neither it nor the thirty-eight billion dollars. Gradually, and up to a few months ago, it had risen to a total of sixty-eight billion dollars a pretty good comeback from the low point. I then said this to ihe congress: "But the very vigor of the recovery in both durable goods and consumers goods brought into the picture early in 1937 certain highly undesirable pracvices, which were in large part responsible for the economic decline which began in the later months of that year. Again production outran the ability to buy 'There were many reasons for chief executive can afford "to weaken or destroy great reforms which, during the past five years, have been effected on behalf of the American people.

"In our rehabilitation of the banking structure and of agriculture, in our provisions for adequate and cheaper credit for all types of business, in our acceptance of national responsibility for unemployment relief, in our strengthening of the credit of state and local government, in our encouragement of housing, slum clearance and home ownership, in our supervision of stock exchanges Issue for Showdown. The political significance of the message and the speech appeared to be epitomized in the President's demand for a wages-and-hours bill at this session of congress. Among persons who feel strongly that Roosevelt must force a showdown with the recalcitrant members of his own party in congress, it recently has been suggested that a demand for wages-and-hours legislation at this session would suit the purpose admirably. They have pointed out that this issue would be sure to produce a sharp cleavage between progressive and reactionary Democrats, and, moreover, that it would be an excellent one on which to go to the voters. Recent surveys have indicated that an overwhelming nro- ment.

Q. Does it mean more WPA jobs? A. Yes. Instead of cutting down WPA rolls, as is customary in tne I summer, they will be continued at the present level. Q.

What does congress think ol this over-production. One was fear jand public utility holding compa tne plan? A. Democrats for the most rart support it. Many Republicans expressed doubt or opposition. The chances for its passage are considered good.

nies and the issuance of new securities, in our provision 'or social security, the electorate of America wants no backward steps taken. "We have recognized the right of labor to free organization, to collective bargaining; and machinery for the handling of labor relations is now in existence. The principles are established even though we can lear of war abroad, fear of inflation, fear of nation-wide strikes. None of these fears have been borne out. Production in many important lines of goods out-ran the ability of the public t- purchase them.

For example, through the winter and spring of 1937 cotton factories in hundreds of cases were running on a three-shift basis, piling up cotton goods in the factory and in the hands of middle men I want to be sure that neither i reconciling differences cannot satis SERVICES HELD IN BOSTON JJ 1 nrtinn fy everyone completely. Because FOR DR. FRED J. COTTON such legislation. do not expect too much, I am not disappointed.

But I know that 1 all admit that, through the evolu- and retailers. For examrjle. also i tion ol time, administration nrac' i Business ultimately comes out of the labor of all the people. If the measure becomes an issue Funeral services were held today during remainder of the ses-In Boston. Mass.

for Dr. Fred J. Cotton, 70-year-old surgeon of Bos- ton, who died there suddenly last Either openly or impliedly, the ad- automobile manufacturers not only i tices can improved. Such im-turned out a normal increase of fin- I Pavement can come about most ished cars, but encouraged the nor-! -ul(ly arid most peacefully through mal increase to run into abnormal sincere efforts to understand and battles nor burdens of office shall ever blind me to an intimate knowledge of the way the American peo-ople want to live and the simple purposes for which they put me here. In these great problems of government I try not to forget that what really counts at the bottom of it all, is that the men and women willing to work can have a decent job to take care of themselves and their homes and their children adequately; that the farmer, the factory worker, the storekeeper, the gas station man, the manufacturer, the merchant big and small the banker who takes pride in the help he gives to the building of his figures, using every known method i assist on the Vrt of labor leaders mgni, according to word received mnuence would be and employers alike.

to push their sales. This meant, of here by relatives. The burial will I support ox representa- i-il tlVe arts "The never-increasing evolution of human society will doubtless hrin? course, that the steel mills of the nation ran on a twenty-four hour beMonday in Waterbury. Md. dTe JSH must never give up tnat I must never let the greater ine-est of all the people down, merely because that might be for the moment the easiest personal way out.

I believe we have been right in the course we have charted. To abandon our purpose of building a greater, a more stable and a more tolerant America, would be to miss the tide and perhaps to miss the port. I propose to sail ahead. I feel sure that your hopes and your help are with me. For to reach a port, we must sail sail, not lie at anchor; sail, not drift.

forth new problems which will re- r. poison was noted ior ftis work those whn basis, and the tire companies and rwvmctnixHnn tj in bone in short, it's eoinz to br a cotton factories speeded up to meet adjustments. Our tome-the same type of abnormally stimu- 2Jf.f 'e lated demand. The buying Powerj several other great nations not be cause the people of those nations of the nation iiaggea wnmu. reason and no occasion for anv i disliked democracy, but because they "Thus by the autumn of 1937 the i i any tir i American to allow had Srown tired of It is, therefore, only sound morality, as well as a sound distribution of buying power, that the benefits of the prosperity coming from this use of the money of all the people should be distributed among all the people at the bottom as well as at the top.

Consequently, I am again expressing my hope that the congress will enact at this session a wage and hour bill putting a floor under industrial wages and a limit on working hours to ensure a better distribution of our prosperity, a better distribution of available work, and a sounder distribution of buying power. You may get all kinds of impressions in regard to the total cost of this new program, or in regard to the amount that will be added to the net national debt. It is a big program. Last autumn in a sincere effort to bring government expenditures and government several books on this subject and illustrated them himself. His survivors include a sister, Mrs.

L. Baldwin of St. Louis, wife of the chief operating officer of the Missouri Pacific Railroad, and two daughters, Mrs. R. Humphries ana Mrs.

Richard Whitall of Maryland his fears to be i unemployment community that all these can be sure of a reasonable profit and safety for the savings they earn not today nor tomorrow alone, but as far ahead as they can see. I can hear your unspoken wonder as to where we are headed in this from here out and those who are not for the New Deal win have to be against it. F. D. R.

has locked the door and thrown the key cut the window. New York Central Seeking Loan. WASHINGTON. April 15. -The New York Central Railroad Co.

told the Interstate Commerce Commission today it is negotiating with New York bankers for loans totaling about $20,000,000. The new funds, the application said, would be used for "corporate purposes," including maintenance and general working funds. navton again had stocks on hand which the consuming public could r.ot buy because the purchasing power of the consuming public had not kept pace with the production. "During the same period the prices of many vital products had risen faster than was warranted. In the case of many commodities the price to the consumer was raised well above the inflationary boom prices of 1929.

In many lines of Father Brehan Talks to KJwanians. Father J. Brehan, assistant pastor of St. Agnes Catholic Church, spoke on "The Passion" at noon lo arousea lor nis energy and enter- ana "security, 01 seeing tneir chU-prise to be paralyzed by doubt or dren hungry while they sat helpless uncertainty." sin the face of government confu- B0 sion, government weakness, through uymg Power jiack of leadership in government. Must Be Improved (Finally, in desperation, they chose 4 Uo sacrifice liberty the hope of I came to the conclusion that the getting something to eat present-day problem calls for ac- We in America know' that our tion both by the government and by own democratic institutions can be the epople, that we suffer from a preserved and made to work.

But failure of consumer demand because in order to preserve them we need Engineers' Club to MeeL An address on 'The Making of Steel," illustrated by motion pic-i tures, will be delivered to the En-i etneers fHuh r.f cf troubled world. I cannot expect all of the people to understand all of the people's problems: but it is my job to try to understand those problems. I always try to remember that day at the South Side Kiwanis Club p. m. Thursday.

April21 by A meeting at the Edgewater Club, 5500 Weber, ensrineer of the Laclede South Broadway. Steel Co. The club building is lo.