Iola Daily Register And Evening News from Iola, Kansas on March 4, 1933 · Page 1
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Iola Daily Register And Evening News from Iola, Kansas · Page 1

Iola, Kansas
Issue Date:
Saturday, March 4, 1933
Page 1
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TQPEKA.SAM^ VOLUME XXXVI. No. 109. BMC<xr,»or to Tlio lola Daily Hepater, The loin Daily Record, and lola Daily Index. lOLA, KAS., SATURDAY EVENING, MARCH 4,1933. The Weekly Kegister, Established 1867. The lola Daily Eesiater. Establithed 189T. FOUR PAGES MANY SEE TAKE OATH * , LARGEST INAUGURAL CROWD LN YEARS FILLS CITY PRAYS FOR AID New President Seeks Divine Guidance in His Office HOOVER OFF FOR REST Former President Leaves! Washington Immediate[ Iv for Vacation formality and tomfoolery stuff go by the boara." The capitol was almost hermetically sealed against all except those who had business there. Squads of Marines i guarded every turn in Its corridors! George; W- Norris, the veteran senator, found out the Marines were in chargje, particularly If one carried suspicious packages. He had a bundle under. his arm When he si-uvcd and argued '-wlth the guards for a quarter of an hour before he get in. President Hoover, before leaving the White House, held ;a farewell •at home" for the office force serv- i,ns undef him for four years. Clerics, secretaries, accountants and all others in the offices filed past for a soocbye handshake. Several of the retiring cabinet members were at their desks as usual, i Mrs. Roosevelt put on for the ceremonies B. panne velvet gown of the new! Eleanor blue. She wore a iwarl neckJace and a diamond brooch. Mrs. James .Roosevelt, the president-elect's mother, wore a dress of black with a white waist, and a black jhat. She had a corsage of violets'. The lobby of tlie Mayflower filled ctiily with curious and busy people. Toj) hats, u1de western sombreros. : and cri$p, nanw-bdnuned New York toppers mingled. j Party to Church. , A few minutes; after 10 a. m. the I pr(;.sident-elect and his party left their hotel -suite for the prayer ser- (By IJyron Price.) . W.Tshlngton. Mar. 4. i^Pi—Frank ^ _ _ jlin D., Roo-sevcii and Uu- new dear vice at St. John's Episcopal church, ilii 5;o\iorrmieiit came to Lhcli- hicliiThcy departed by a private ele- ri-spoiiBlbilUlcs locfiiy acclalmi'd by , valor, nhd few of .the watchers saw nssf 'mbltd ihoii.'iand.'i .and surrojrid-[them. ifd, frcm till- first manieiit. by pii'.s.s- ^ Much gay flurrj* and confusion .'Ins pnblic probU-m,s %vhich rUulcdj arose at the Roosevelt suite in an the expectant gazo of the whole I attempt: to get the large family par- world '.upon ihcm. , i ty together. Evcy the inaugural csrcmonif.s \ Up t<i the . last minute. Mrs. were -aeginnini!, the nev; pres'.Uer.i ^ Roosevelt graciously received visitors, among them two tiny, yellow haired girls, the daughters of James wa."; ajiplying nil his energy to a fc- can £t!-uction of^ the banking: siliia- ^ ^ tion. >lth a prospect of far-reach-I parley, incoming postmaster gen- . m% aption before his adminislra-, eral. lion Tvjas many hours old. j As they left, the hotel, the presi- .'Vs, he conferred with his chosen j denl-elect 's wife and her daughter adviSTJs at his hotel suite. Herbert | and daughters-in-law all were wear- Koovei'. a half-mile away in the I jng shades of blue. Mrs. Roosevelt, White; House was ending his four j with _her inauguration gown of Elea- ti'.roubled years' of office, at grips j nor "blue velvet, put. on a darker ••viih' ^he same problem. The wholH j blucstraw hat and velvet coat: Both inaugural scene was overcast with a ."Mrs. Anna! Dall, a daughter, and feeling of suspense and tense ex-! Mrs. James Roosevelt, a daughter, pectaiicy. i in -law, were in dark blue wool coats ' Forithe inaugural. March furnish- | with the new leg-of-mutton sleeves ! r-d a hay a little too cool for com- EVERYBANK IN STATE IS UNDER LIMIT GOVERNOR ORDERS WITHDRAWALS CI^T TO 5% NO REL^SE DATE SET Runs to Be Prevented Until Further Notice, Landon Rules ifort Ih the- far-siireading reviewing l.siand.^ along Pemisyivania Avenu?, ;but;' "thousands assembled eariy inoifetlieless, making tertain to miss ; nothing. The morning skies wcye and blue straw hats. The mother of the president-elect,, F.rrived impng the last, w^earing a li.ick pony skin coat and a V 'Urijlo •vjelvet hat and dress, lu jviomini; Clothes. dark I 'daEk, but the weather bureau prom- j Mr. Roospvelt left the Miiyflower jiseel Rearing. i on the arm: of his son, James. Both Mr.jRoosevelt. up late last night in j were in; conventional mDrning at- Iroiisultation with members of his j tire and| silk hats, jcabinct, was not yet astir in his \ As th^y entered the automobile. ^^ui'tc -at the Maj-flower when the j there were cries of "hurrah for 'first of his advisers called this | President ! Roosevelt," from the mcirnihg. He ; slept until after 8 b 'cJocU. then breakfasted «nih Mrs. Rtjosevelt on grapefruit, soft boiled (>Bgs. ioast, marmalade and coffee. \ ' • Hoover Up Early. ^ Mr.iHoo^er was up eariy, but can- (•ejled;; a scheduled last meeting of Ihr rriedlclne ball cabinet and went crowd on the street. The short dislance to St. John's church was lined with waiting crowds. Iiislde the chapel the rector, the Rev. Robert Johnston, greeted the president-elect and' his family at the door. Assisting in the service >as' Dr.- Endlcott Pea- performed the Roosevelt instead to the "White House office 1 Injciy, who or the presidential physician for a j niurriage ceremony. No one was i'lnal physical cht-ckup. Dr. Joel T.' admitted efccept the official party. Ijaond pronounced him "in excellent \ Ai 10:36 [a.m., the president left (Qndifcion, belier than when he en- tra-cdHhe White House.'•'Already the, groups had tak- hls desk, closed the door of his office, and walked through the enclosed c9rr(dor to the White House Ma­ li li pK^cos on the Immense plaza in i tliere tp: nwalt the arrival of iir, fibnt'of Inauimrnl stand, liy i); P^o.'ievclt. ' '•• • •' - "Othei-» of the jmrty,—minus S-pcnker I Onnior,—already had as- »embled,L-MrH, Hoover, Mrs. Oarner, Mrs. Doily Qann, sister of the re- and several ii)'clock lliou.sands were there, rinra -pnlrolli 'd this section, Uln fi'onl of the White wore drnwii up iwi> u-lm lhics of Nt^w Vork-i )Ollce. si-x-footei-s all. | tiring vice-president, •i'Mi-.^. Roosevelt .started her day by ! aides and secretaries. ^6klnjr her len -ier. "Meg- j Trucks Go and Come, ^ie," -for- a wal'K outside the May- i HURC army trucks, some cariVing h 'fowc? hotel. The small lobby froin ! the baggage of the outgoing Hoov- •Khlclj nn elevator goes directly to i ers. and others the furniture and tiSie Kposevelt suite was empty save 1 trunks of the incoming Roosevelts, ior sticret ser\lce men. j v ;rtv \ally passed each other in a . i; Vicc-Presidcnt -clcct Gamer, al- ' nearby street, \(-ays an cai-ly riser, visited his bar- I Evcrji^'here along the great pa- Ijer f&r a shave, haircut and shine ^ ra 'de ground from White House to Before 9 o'clock. Then he went to i capitol the crowds had grown rap- his capitol office, sat down alone, I idly. Itj seemed certain the total dnd fead a newspaper with liis feet propped up on his desk. ; Whjen he had inc.uired into the ij^ifistive situation in the house. 1 p dtcided to break the precedent V ii;cK would have required him to | (ji- to the wniite House before the j ir.-iufrtiration. I Let Toirtfoolery Go. ;am going to finish this job av( 1 here." he said, -and let all that would come near to being unprecedented. E-.-nry Tj ,indow overlooking Pennsylvania [Avenue was filled with eager facesL But the roofs -were kept clear by the police. On tht capitol plaza the Jam was terrific, but the Marines kept the cro-N-d within., definite lines. Mrs. Ftopsevelt and others of the party walked up the steps and chatted witte President Hoover's uni- WEATHER and ^^^^1^"^^^ SSe^ ^^"^^ ve minutes ahead of sched- ' FOiR KANSAS: Some rain, probably "turning- to snow fjurries with 'ust f; ule. at Hoover 10:55. President and Mrs emerged from the nortii folder In- east and central portions. ! For' lola and_VicinJly:, Some rain probably turning to snow flnrries tonight: cloudy and colder Snnday. The retirhig president took his place in the car beside his successor. Mr. Hoover on the right be• Temperature-Highest yesterday, i ""^ehe siilT was president, Mr ii.. i««.p^t -nS^M Tinrmai for 1 R-^osevelt on the left. Mrs. Hoover and Mrs. Roosevelt rode in the .second car in the line .^4: lowest la .n -night. 30; normal for ; today, 38; excess yesterday, 3; ex; 'eiess iSince January 1. -455 degrees; this date last year, highest. 41; low; est. 2S. ; J Precipitation for the 24 hours end• ihg at 7 a. m. today. .00; total for .this i 'ear to date. 1.82; deficiency /(vlnce: January 1, 1.46 inches. • rf ; Reliitive humidity at 7 a. m. to- f day, as per cent; barometer reduced - tJD sea level, 30.21 inches. ^ ! Sun rises, .6:50 a. m,; sun sets, • e:l8 i). m. : . Kansas Weather and Dirt Roads. I Eml >oria. Coffeyvllle. clear, roads ' flood., - Ottawa and Manhattan, partly Oloudy, roada good. I ArlUinsas City, Wichita, cloudy, ' toads good. Topeka, partly cloudy, roads good. of seven. Last Glimpse ol Home. The party left immediately. For the Hoover's it was leave taking cf the executive mansion for they were to go directly from the capital to the train. Like Mr. Roosevelt, Mr. Hoover was in iormal morning dress, silk-, hatted. The two'exchanged a word of greeting and a handclasp as the outgoing executive climbed into his place in the car. A small croup gatbetwd aiMUi the entrance applauded, and president and president-elect smiled their acknowtejlgement. .Then the motorcade ibll led swiftly away over the (Contln «ed M Pa«e I, CoL Ti ,Topeka, Mar. 4. (AP)—All banks and trust companies in : Kansas- national as well as state—were under an order today bj- Oovemor Alf M. Landon and H. W. Koeneke, state bank commissioner, to restrict -withdrawal on all classes of deposits to 5 per cent of their totals. The order, mandatory in its tetms and making the 5 per cent limitation effective "until further notice,' was telegraphed to the banking institutions lost night after passage by the legislature of emergency legislation authorizing the move. "We demand the compliance of all banks and trust companies to this order without exception." Governor Landon and Bank Commissioner Koeneke stated In the order which also specified that all new deposits were to be segregated and accepted subject to pa>-ment in full on demand. Under supplementary Instructions issued by Koeneke and mailed to the banks, it was suggested they set up new ledger sheets for each demand deposit, transferring to it the 5 per cent of the account eligible for withdrawal and all new deposits; Prior Checks a Problem. One of the problems confronting the bankers today was the handlUig of checks drawn prior to the issuance of the withdrawal restriction order. Bank Commissioner Koeneke said checks and drafts offered, for deposit should be taJten for collection only and credited to the de- positore account only when the bank has realized on them. It was explained that checks or orders for withdrawals presented by mail should be treated the same as those presented' over the counter and charged: to an individual ac- coiint only when the unrestricted deposit was sufficient to cover the amount involved. -Governor Landon announced the withdrawal limitation -move eariy last night, 20 minutes after both branches of the legislature had suspended thehr rules and rushed throiigh to adoption a resolution empowering the bank commissioner, with the consent of the chief executive, to authorize or direct financial institutions to limit withdrawals, "After twondays of conferences." tlie governor said, "I was. forced to take this action and it met with unanimous approval, even by those bankers who were opposed to it ai first;In a formal statement, the governor sftid: Level-Headed People. . "Kansas is most fortunate Infhav- ing strong banks and a Icvel-ncad- ed people capable of kccpine business runnlnip normally at or time when many states are crippled by hqlidaj-s and moratoriums on banks. Action of the Kansas legislature in granting extended powers to the bank commissioner and Uie governor was taken only becaase of a disturbed national situation. "It appeared wise to adopt measures in order ikf protect Kansas banks from the danger of being drained of cash resources by those states that have declared moratoriums. Kansas people need only to go about their business in tlie customary manner and banking conditlon^^ will adjust themselves without, serious difficulties: "By remaining calm, Kansas depositors can save the state from unnecessary business Impairment. Kansas takes pride in being one of the last states to take emergency action; and then only because other states forced her to protect herself." > Bankers Consolted, The action followed two days of conferences in which the governor discussed the situation with financial leaders of the state. Among those with whom he conferred were members of the state banking board, the executive committee of the Kansas Bankers association and the banking committees of the legislature. It was shortly after 4 p. m- that Chairman Rees (R) of the senate banking committee handed to reporters copies of the resolution under wWch the governor and bank commissioner acted. A few minutes later, the senate adopted the resolution, which was hurried to the house with Uttle delay: The house cut short Its debate on a bill to revive capital pim- ishment to Join -with the senate in adopting the resolution without a single dissenting vote. Hoover Signs Last Bills. Washington, Mar. 4. (AP)—President Hoover today signed the $308,669,000 navy appropriatlod bill and the 960-mllUon dollar treasury-post- office measure, the latter carryiag with It broad powers ^or reorganization of government agencies by PYaakUn D. Roaaevelt. FRANKLIN DEIiANO ROOSEVELT Thhrty-Second President of the United States. Today party and partisanship are laid aside, and All Americans join in greeting to the New I^residcnt with every good wish for his health, happiness and puccesa. lOLANS ACCEPT LIMITATION AS NECESSARY EVIL Banking Situation, With All Its Inconvenience, Causes No Fear ABSOLUTELY SOUND Both Houses Could Pay Off Every Cent If Allowed To THE B.4NK1.VG .SltUATION AT A GLANCE A telegram, received by both lola banks this momine. brought to lola its fh^t taste of the bank moratoriums that by now envelop almost the entire United States. The tme- gram follows: Allen County State Bank. l,ola, Kansas. Under authority granted by ^ resolution passed by legislature today we hereby direct all banks and trust companies both state and national douig business in Kansas to restrict withdrawal on all classes of deposits lirotting until further notice, such Withdrawals to 5 per cent of their total deposits. This shall become effective and operative on the fourth day of March, 1933. AU hew deposits to be segregated and accepted subject to payment In full on demand. Further regulations and rules will lie i forwarded under separate letter. We demand the compliance of all banks and trust companies to this order without exception. (Signed) / Alf M. Landon, Oovemor. H, W. Koeneke, Bank comm. lola's reaction to the altuation thus far has been one of good na- turcd perplexity, not of (ear or consternation. Drug store customers wanting to charge a Coca Cola banter the proprietor about how lucky he is in not having to pay his clerks their salaries today. Bank tellers, fairly wild-eyed under the strain of trying to answer all the questioners that are crowding around their cag^s, find time to laugh at their own/tllstress. The man with a dollar bill in his pocket flaunts it gleefully in the face of his brother who has nothing but a perfectly good check for 50 times the amount. Since no one Is better off than his neighbor, no one can manage to feel very badly, about It. The question of how long it is to last and what is to be done if it continues long, nobody has even started to answer—least of all the bankers. "The condition is so unprecedented," said T. H. Bowlus. president of the Allen County state bank today, "that ho one can predict the time or the manner in which it will finally be wound up. The lola banks are in an impregnable cash position; we could pay; off dollar for .dollar every cent that Is on deposit by our customers if We had to do sorT^ir if it were possible to do so. N6 one in lola is going to lose any money. But when they will be able to get the money they have and that we should be only too glad to give them if we could, I cant even venttire a guess. "Our own problem is a perfectly colossal one of bookkeeping. It may be days before we can get straightened around to the point of being able to give rapid and satisfactory service under these new restrictions, which not orUy require the checking of the balance of every account before a check .may be cashed but also Involve the complete segregation of all new deposits received after today. I hope our customers will realize our position In this respect and be charitable.? Merchants around the square have been doing the best they can to carry on business as usual but they have been obviously handicapped by not being able to accept checks.^Some stores haVe even been in the position of not,being able to give change fdr currency itself, liost of tbem, how( rer, have managed to carry on In fair shape. Tbe probten of boar to meet pay- (By the Auocisted'Presa.) Open without rcstrlctlbiLs— Delaware: 1, Open with restHctlpns on withdrawals—Mississippi,! Wyo. ming, Kentucky. Indiana, Ohio, W^est Virginia, Kansas." Florida: 8.. Also District of Columbia. Restrictions limited to few banks—Virginia, North Carolina, South Carolina: 3. ' Closed—Washington, Montanna, Oregon. California, Idaho, Nevada, Utah, Arizona, New Mexico, Nebraska, Oklahoma, Texas, Minnesota, Iowa, Missouri, Louisiana, Wisconsin, Illmois, Michigan, Tennessee, Alabama, Georgia, New York, Pennsjl- vania, Maryland, New Jersey, Connecticut, Rhode Island, Vermont, Massachusetts, Maine, New ffiimpshire. South Dakota, North Dakota, Colorado, Arkan.sos: 36. LIGHTNER FUND SWELLED TO MIM. The Lightner fund being sponsored by the lola American Legion was increased by $33.55 today after totalling the returns from the benefit movie sponsored by the organization at the lola theater Thursday and Friday,- Earl Hunter announced today. That brings the fund, to a grand total of $47.80, which he said is stiU far below the a|noimt necessary to enable Mrs. pecelia Ughtncr. and her three children to return from JVance where they are now forced to remain with Mrs. Lightner's brother because they are without money for the return trip. Mr. Hunter urged all persons who are planning on contribut- hig to the fund to do so immediately, bringing those contributions to the office of The Register. ' PRESIDENT MAY If Congress Fails, Roosevelt IPromises in His Inaugural ^peech to Takfe Load on Hi^ Own Shoulders rolls has been met in a variety of ^ ways. Some stores have been able itc pay their employees out of the register. Others have given checks as usual but with the imder- standing that they cannot be cashed until the moratorium is over. StiU others have simply been, required to decline pajTnent altogether. One unique SjOlution to this problem is being attempted by The Register. Its employes tdday are being paid in scrip especially printed for the occasion. The script is about the size of regular paper currency and is printed in 50c and $1 denominations. On the face of it is printed: "This certificate good fpr one dollar (or 50 cents) in merchandise or credit when presented to The I lo'.n Daily Register. Redeemable in ' cash only by employees of The Register. Good only when countersigned by Chas. F. Scott."—followed by a space for the jjen signature of Mr. Scott. No one, of. course, can be forced to accept this scrip. It Is belleycd, however, that emplojies will have no difficulty in trading It for merchandise at most .stores, certainly at all stores which arc customers of The Register because all such stores cai. use it in pa>1ng their accounts with 1'he Register if nothing else, i It has been suggested that if all stores In town would pay their em­ ployes In slnjllar scrip good for mer- cliandise or credit on the store that, issues it, an cmergflncy medium 6^ exchange might b^ created that would be an appreciable help to the conduct of business for the duration of the bank holiday. A plan in that direction may be/formulated if indications point to a moratorium of any length. ' . DAY OF PRAYER IS OBSERVED Women of tola. Chnrches Meet Baptist Temple Yesterday. in The program "Follow Thou Me" for the World Day of Prayer was used yesterday by the Woman's Missionary federation in observing the occasion in lola. The morning meeting was held in the parlors of the Baptist temple from 10 to 11 o'clock, with Mrs. J. Lee Releford as leader. She was assisted by Miss Celeste Griffith and Mrs. Velta AbeU. The afternoon meeting beginning at' 2:30 in the auditorium of the Baptist temple, was in charge of Mrs. J. Hi Sowerby, president of the federation. In the business meeting Mrs. Robert 'Warner was elected president, Mre. V. Ci Archer,' vice-president, and Mrs. J. M. Lamer, secretary- treasurer for the coming year. The meeting next year -will be, held^ in the Episcopal church. The program which consisted of scripture; song, prayer and silent meditation was in charge of Mrs. J. H. SoweH}y. Special intercession was made for "Leaders in Christ's Church," "Our Nation," and "Our IntemaUonal Relations." Mrs. L. L. Burt was at the organ. An offering was taken amounting to $5.48. This will be sent to the Council' of Women for Home Missions and the Federation of Women's Boards of Foreign Mission. The projects for the offering w^, presented by Mrs. J. M. Lainier, Mrs. Charles Funk, ASrs. Chryst and Mrs. STAY-AT-HOMES MISS ONLY DAY OF HARD WORK Charles F. Scott Would ^ Rather Hear Abo^t than See Inauguration A WITNESS TO FIVE Publisher Recalls Inclement Weather as Feature of Most lolans who, because the "new deal" has not quite reached lola yet, find themselves to be in Washington today for the inauguration, were given a word of consplation by Charles F. Scott,, publisher of The Register and former congressman, who has seen five previous inauguration days in the nation's capital. "Citizens of the country who have to be contented with- participating in the inaugural ceremonies by radio only," Mr. Scott said,' sbcUd re- meraber that although they cannot see the festivities, they do not have -io pay the price of extreme physical e^austlon that that privilege would entail, to say nothing about the monV cost of a trip to Waslilngton. . "Inaugurations are Uke-circuse.s— when you have seen one you have seen them all. After tHe novelty has worn off, an Inauguration day becomes nothing more than hard labor. Crowds to battle, mile after mile to be walked to secure a vantage point, and then a stiff neck the next morning from craning it in an endeavor to see around the people in front of you. Some Tbrills There. ' "But there are thrills now and then that help to make up fpr the discomforts," Mr. Scott continued. "The first inaugiu-ation I saw was that of Grover Cleveland in 1885. It was the first time the Democrats had inaugurated a president since before the Civil war, and hundreds of thousands of them came to Washington to celebrate the event. "Two things I still remember vividly about that inauguration. The first was the fact that Mr. Cleveland, who was said never to have been in Washington prior to his inauguration, delivered his inaugural .speech entirely from memory. It was a tremendously audacious thing for him to do—thoroughly indicative of his supreme self-confidence. "The other picture connected with that Inauguration which is Umned indelibly on my mbid is that of the scores of flambeau clubs which participated In the parade that night. Each man carried his torch over his shoulder like a rtfle and in a sack at his side were all sorts of flares, rockets, and Roman caijidles. They had been, trained as thejf marched along the sides of Pennsylvania avenue to fire the candles into the air so that they formed a firey arch across the street J I stood at the lower end-of the avenue and the sight the marchers made extending toward the capitol for a mile or more could never be "forgotten." There for Fonr More. Mr. Scott was In Washlngt<)n for the inaugtu'ations of Benjamin Harrison in 1889, of WUlIam McKInley for his second term in 1901. Theodore Roosevelt in 1905, and William Howard Taft In 1909. Of the last four, he said the features of ea^ was the disagreeable weather. "I recall especially the night of March 3, 1909," he said. "I was in congress then, and the House remained in session imtil two o'clock in the morning of March A. Several hours before adjournment finally ct^me snow began falling so that by 2 a. m. there was a foot and a half of snow on the streets. "Of course there were no taxis then and the hacks had long since disappeared from the streets. I re­ member'distinctly tliat; It was 4 a. m. biefore 1 finally cobnected with enough street cars td reach home. As a result of that storm, many persons who had traveled thousands of miles to Washington for the inauguration, and who had happened to leave the city the night before to visit friends, never did get to see the ceremonies because they were unable to sectire transportation back to the capital. : Bnt a Bandfol There. "Mr. Taft deUvered his hiaugural address the next day, before but a sc^t^red handful of people who braved the weather to hear It. The parade was bedraggled and offered (Coatlaaai oa ra«e 4» CoL 4) MUSTACTflCKLY CONGRESS WILL BE CALLED INTO! SESSION SOON FOR A SOUND CURRENCY Money Must Be Adequate, However, New Presi- ; dent Declares Washington, Mar. |4. (AP). Pre.sident Roosevelt, in a momentous inaugural addre.Ks immediately after taking, hi^ oath today, told the nation he would ask for war-time powers if nece.ssary to meet the national emergency. ; The newly inaugurated president said he -would call the n^w congress into special session to carry out his planned attack on the crisis, saying "we must act and act quickly," but he did not reveal when the session would be called. of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies In the e^ctent to which we apply social values more noble than mere monetarj- profit. A Lesson May Come. .- "Happiness lies not in the mere possession of money; it lies in the i joy of achievement, in the thrill of creative effort. The joy and moral ^timxilaiion of work no longer must be forgotten in the inad chase of evanescent profits. These dark days will be worth all they cost us if tliey teach, us ihal our true destiny is not to; bo ministered unto but to minister to ourselves and to our fel- fcowmcn., ; "Recognition of the falsity oj material wt'alth as the standard of success goes hand in hand with the rtbp.iidonment of the false t>ellef that puhlic office and high political IJosltlon :are to be valued only by the standards of pride of place and personallprofit; and there must be an end tb a conduct in banking and in business which too often has given to « .sacred trust the likeness of callous and selfish wrongdoing. Small wonder that confidence lan- gtiishes,';for it thrives only on honesty, on honor, on the sacredness of obligations, on faithful protection, oil unselfish performance; without them it can not hve. TRestoration calls, however, not for changes in ethics alone. This nation asks for action, land action now. J'Our ntreatest primarj- task iS' to put people to work. This is no un- face it wise- Airiong the policies outlined K^<=,SSu^^it can be ac- • bjirthe nation's new leader" wa^ jcqmpushed in part by du^t re- that "there^must be provision jciiuitlhg-by the government itself, fpr an adequate but sound (jtrtating the task as we would treat currency." •the emei'gency of a war. but at the same, time through this employment accomplishing greatly needed rpi'f^jccts .to stimulate and reorganize ' ithe use;of our natural resources. Reorganization Must Come. The text of President Roosevelt's inaugural address follows: "I am certain that my fellow Americans expect that on my indue- ; tion into the presidency I wiU ad- f ••jTnnd in hand with this we must dress them with a candor and a • fra.nkly Jrecognize the overbalance of decision which the present situation ; P^P^J^^'P" in our industrial centers ^^°J!~^Wr,Mv fh» f?r .n ' redistribution, endcavor to pro- This is pre-enunently the time, . , j ^f.„_ „<• tu T J to speak the truth, the w-hole truth. j}?°^^yf:}%^^%°J ^^^J'^i?'' frnntiv nnri hniHiv Mnr r,P«i w best fitted for the land. The ita.^k can oe helped by definite ef- ;forts, to jraise the -values of agricul- great nation wiU endure as it has t^'.'^L^ T^,^^.'^ aad, by enga.^ng on a national scale endured, will revive and will prosper. ipower to purchase the output of my fhro belief that the only thing we have to fear is fear Itself—nameless, unreasoning, unjustified tetror which paralyzes needed efforts to convert retreat Into advance. In every dark' hour of our national life a leadership of frankness and vigor has met with .that .imder- standing and support of the people themselves which is ejjsentlal to victory. I am convinced that you will ~' r/". n ",'7 i our citi(;s. It can be helped by So first of aU let me assert ;,preventmg realistically the tragedy of jthe growing loss through lotp- iclosure. ;of our small homes and •o.if farms. It be helped by in- l«i.':tence that the federal, state and nocff.X go?enmicnt.s act forthwith on thi.i dcmrinrl that their cost be dras- tlcSHy reduced. It can bo helped by the' unifying of rellf^f activities w-hlch tcday are often .scattered, un- ecrinomlcal and unequal. It can bo kVIAJ. * mil «.VlATAiiW«U I.11UI. Will I .1. 1 J • .1 . * again give that support to leader- I'^^'f'' national planning for ship in these critical days. "In such a spirit on my part and on yours we face our comnjon difficulties. They concern, thank God. only Viaterial things. 'Values have shrunken to fantastic levels; taxes have risen; our ability to pay has fallen; govenmient of all kinds is faced by serious curtailment of income; the means of exchange are frozen In the currents of trade; the withered leaves of industrial enterprise lie on every side; farmers find no markets for their produce; the savlrigs of many years in thousahds of fa|milies are gone. Many Are Jobless. "More Important, a host of unemployed citizens face the grim problem of existence. ancJ an equally great number toll with little re- ancf .supervision of all forma of transportation and of conununlca- tldris and other utilities which have n d«?finlLely public character. There Art- marly waj-s in which it can be helped, but It can never be l^lped merely ivj^ talkina about it. We must acf '.inri; act quickly. KinDlly, In our progress toward a resumption of work we require two safeguards against p. return of th^- 2vils of. the ofd order; there must be; a strict supScnision of all banking' and credits and Investments; there mljst be an end to speculation with ot.^er people's money, and there rr >jtst be pro\-islon for an ade- qUnXe biit SG -jnd currency. i"iher-' are the lines of attack. T sh<i;H rs-csently urge upon a new cofl•src£^] in special session detailed turn. Only a foolish opiimlst can ! ynpas'ires for their fulfillment, and deny the dark realities of the mo- ! i^'^H. seek the immediate asslst- ment. "Yet our distress comes from no I failure of substance. We are strick-> en try no plague of locusts. Compared with the perils which our forefathers conquered because they believed and were not afraid, we have still much to be thankful for. Nature still offers her bounty and hiunan efforts have multiplied it. Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply. "Primarily, this is because the rulers of the exchange of mankind's goods have failed through their own stubbornness and their o'vm incompetence, have admitted their failure and abdicated. Practices of the unscrupulous money changers stand Indicted In the court of public opin- idh, rejected by the hearts and minds of men. "True, they have tried, but their efforts have been cast in the pattern of an outworn'tradition. Faced by failure of credit they' have proposed only the lending j of, more money. Stripped of the Ittte of profit by which to induce ouri people to follow theh: false leademilp they have resorted to exhortations, pleading ^arfully for restored confidence. Tbeyv^ow only the rules of a generation of self-seekers. They have no'vision, and when there Is no vision the people perish. "The numey changers have fled from their high seats in the temple ur,ce of. the several states. iHcome Balance Outgo. ' /Throiigh this program of action we address o-virselves to putting out ov:n naitional house in order and -rnkking income balance outgo. Oui ihtt'i-nrtional trade relations, though vastly important, are in point of tinic nnii neces.sity secondary to the establishment of a sound national ecopomy. I favor as a practical policy the puttin-ti of first things ifirat. Ijshall sppre .no effort to restore -B 'orld trade by international e:cbipomfc readjustmem, but the ej ^crgency at home cannot wait on. (.iliai aceomplishment. "The basic thought that guides tbe-sfe specific-means of national recovery is not najTTowIy nationalistic. iV is thu insistence. ECr-aULlrst consideration, upon the Interdepend- ep,c0 of the various elements In and, parts of the United States—a rec- <^ition'of the old and permanent-,- liy! important manifestation of the AmericaJi'splrit of the pioneer. It is the way to recovery. It is the Immediate way. It is the strongest assurance, that the recovery will en- 'durc.', - ^'In trie field .of world policy I ^oiild d^dic^'thls nation to the pol^y ol the good neighbor — the neighbor who resolutely respects himself^nQd because he does so, respects the iHgljts of others — the n^ib'hbor who respects his obllga- ; ;(C«iibine4 on Pa^4, Col. tl

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