The Tribune from Scranton, Pennsylvania • Page 4

THE SCRANTON IlEPDEUCAN. YUESDAY, JUJflE 16, 1931 Text of President's Address INDIANAPOLIS, 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 MX fotmd in our new tariff commission the creation of a tribunal open to every Interested party empowered and ready to deal with any variations from this principle. They found a tariff without discriminations among nations. They recommended universal adoption of similar principles.

Indeed, such a course would greatly modify tariffs in general. It would promote the commerce of the world by removing discriminations, preferences, and uncertainties. But it Is not my purpose upon this occasion to discuss the relations of our many economic problems to the problems of other nations. I am not unmindful of our responsibilities or our vital Interest In their welfare. The very our own house in order; to restore our own domestic prosperity.

It is from increases in our reservoirs of economic strength that has and must come our contribution to the development and recovery of the world. From our prosperity comes our demand for their goods and raw A prosperous United States Is the beginning of a prosperous world. With industry as well as agriculture we are concerned not merely in the immediate problems of the depression. From the experience of this depression will come not only a greatly sobered and more efficient economic system than we possessed two years ago but a greater knowledge of its weaknesses as well as a greater intelligence in cor As a result they have taken profitable export markets from the American farmer. There have been complaints from older "na tions who import a portion of their food products and export another portion.

Yet these nations look upon their own agriculture as a way of life and as vital to their national security, and have long since adopted protective tariffs against the special farm products of the United States. We do not reproach them, for we, too, look upon a healthier agriculture as indispeneible to the nation. The growth of our industrial 'population will ultimately absorb the production of our farmers, but our agriculture was attuned to the export business and is of necessity passing a prolonged crisis in its shift to a domestic Our in some of our tariff rates; that is inherent in any congressional revision. But we have for the first time effective machinery in motion' through a tariff commission with authority for any necessary rectification. And that machinery Is functioning.

An analysis indicates that the large majority of these foreign complaints are directed against added protection we have given to agriculture. I believe that some of these countries do not realize the profound hardship which they themselves with no malevolent purpose have imposed on the American farmer, Improved machinery, the development of refrigeration, and the cheapening of sea transportation have created for them great resources from their virgin lands and cheaper labor. tariff had proved so low that our farmers were being crowded even from the domestic market in many products which by use as diversification they can substitute to take up the slack in export business. From that condition we have given him protection, and we stand upon it. In this connection I noted with Interest that the International Chamber of Commerce in its recent meeting in Washington in effect recommended to the world the adoption of this method of the American tariff, although it was not referred to by name.

Our visitors found the American tariff act unique in the field of tariff legislation, as it defines the principle of our tariff by law. That is the difference in cost of production at home and abroad. They pression on a broad highway paved with courage. I I I I The text of the president's addressf fnHowjs: serve system, the banks, the farm loan and farm board system, we nave 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 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 nrst service to tnem must be to place (conunuea on Page Five) suffering and social disorder.

We are maintaining organized co business place and every cottage door hi our land. I propose to discuss it and the policies of the government in respect toit. 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 eration with industry systematically to distribute the available work so as give Income to as many families as Divisible. We have reversed the traditional pol Icy in depressions of reducing tures upon construction work. We are must build a better safeguarded ays tern. We have come out of each prev maintaining a steady expansion of ul ious depression into a period of pros nerity greater than ever ibefore. We timatsly needed construction work in co operation with states, municipalities and industries.

Over two billions of dollars is being expended, and today a '2ft mqmh. shall do so this time. As we look beyond the horizons of our. own troubles and consider the events million men are being given direct and in ntner lands, we Know mat ine main indirect employment through tnese en causes of the extreme violence and the long continuance of this depression larged activities. We have sustained the people in 21 states who faced dire came not from within but from outside the United States.

Had our wild speculation; our stock promotion with 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 its infinite losses and hardship to in nocent people; our loose and extravagant business methods; and our unprec mm edented drought, been our oniy disasters we would have recovered months 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 ago. A large part of the forces which have swept our shores from abroad are the malign inheritances in Europe of the levels than before. We, are holding down taxation by exclusion of every possible governmental expenditure not Great war its nuge taxes, its mounting armament, its political and social instability, its disruption of economic life by the new boundaries.

Without absolutely essential or needed in in crease of employment or assistance to the farmers, we are rigidly excluding immigration until our own people are wm employed. The departures and deports 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 u(9dlr tions today actually exceea arrivals, we are maintaining and will maintain sys tematic voluntary organization In the monetization of silver in certain coun community in aid of employment and tries and a score of more remote causes care for distress. There are a score oi have all contributed to dislocation, other directions In which co operation Some particular calamity has happened is organized and stimulation given.

We purpose to go forward with these major to nearly every country in ine worm, and the difficulties of each have inten activities and policies. We will not be sified the unemployment and financial diverted from them. difficulties or ail tne otners. as eitner By these and other measures which the cause or the effect, we have witnessed armed revolutions within the we shall develop as the occasion shall require, weishall keep this ship steady 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 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. lation of the world, I do not at all minimize the economic Interdependence of the world, but I would be remiss If I did not pay trib ute to the business, industrial, labor, despite this the potential and redeem' and agricultural leaders for their re ing s.trength of the United States in the face of tills situation is that we are markable spirit of co operation. Tneir action is magnificent proof of the fundamental progress of American institu economically more self contained than any other great nation. This degree of "Reach for a LUCKY instead" tions, of our growtn in social ana eco independence gives assurance that with the passing of the temporary dlsloca tions and shocks we can and will make nomic understanding, of our sense of responsibility, and of human brother hood. a large measure of recovery irrespec Uve of the rest of the world.

We did Permanent Gains Made Leaders of industry have co operated so with even worse foreign conditions in an extraordinary degree to main in 1921. Exported Five Billion tain employment and sustain our standards of living. There have been We can roughly indicate this high exceptions, but tney represent a small degree of self containment, our aver par cent of the whole. Labor has age annual production of movable goods co operated in prevention of conflict beiore tne aepression was about nity billion dollars. We exported yearly in giving greater effort and consequent.

ly in reducing unit costs. We have had about five billions, or 10 per cent. Tne freedom from strikes, lockouts, and dis. world disruption has temporarily re duced our exports to about three and order unequaled even in prosperous times. We have made permanent What is the effect of irritation upon tho throat? Here are the exact words of a noted authority retained by us to study this question.

He writes? "First, the vocal chords, on account of gains in national solidarity. our people can take justifiable pride one half unions, in otner woras, tne shrinkage of foreign trade by one and one half billions amounts to only 2 or 3 per cent of our total productivity. Yet as a result of all the adverse forces our nroduction has been reduced by, very that their united efforts have greatly reduced unemployment which would have otherwise been our fate; it is heavy but proportionally it is less than one roughly, ten or twelve billions. This half that of other industrial countries, Great as have been our difficulties no sharp contrast between a national shrinkage of, say, $12,000,000,000 and a loss of $1,500,000,000 from export trade is an indication of the disarrangement man can contrast them with our ex periences in previous great depressions or with the condition of other important of our own internal production and consumption entirely apart from that industrial countries without a glow of pride in our American system and confidence in Its future. their delicacy of structure, would be the first tissues to give indication of irritation, evidenced by the huskiness of the smoker's voice, the result of re laxed tension and slower vibration resulting from aecreasea sales aoroaa.

Some of this enlarged dislocation is also due to the foreign effects upon While we are fostering the slow but prices of commodities and securities positive processes of the healing of our Moreover, the repeated shocks from do. economic wounds, our citizens are ne cessarily filled with anxiety, and in litical disturbance and revolution in foreign countries stimulate fear and their anxiety there is the natural de hesitation among our business men. mand for more and more drastic action These fears and apprehensions are un by the federal government. Many of their suggestions are sound and helpful necessarily increased by that minority of people who would make political capital out of the depression through magnifying our unemployment and Every suggestion which comes within the proper authority and province of the executive is given most earnest losses. Other small groups in the bus' consideration.

We are, of course, con' iness world make their contribution to fronted with scores of theoretical pan aceas which, however wen intended, distress by raids on our markets with purpose to profit from depreciation on securities and commodities. Both would inevitably delay recovery. Some times, people black with despair; have groups are within the Taw; they are 1 I 1 lost faith in our American system. They demand abrupt and positive change equally cuiiuenuieu uy uur puuuu uu business opinion; they are by no means helnful to the nation. Fear and apprehension, whether Others have seized upon.

the opportunities of discontent to agitate for the adoption of economic patent medicines from foreign lands. Others have indomitable confidence that by some of the vocal chords. The next site of irritation would be the tissues adjacent to the vocal chords comprising the larynx, therefore the general focal point of the irritation would be. in the voice box represented externally by the Adam's Apple." So Consider your Adam's Applo. Do careful in your choice of cigarettes.

Don't rasp your throat with harsh irritants Reach for a LUCKY instead. their origins are domestic or foreign, are very real, tangible, economic lorces, Fear of lass of a job or uncertainty as to the future has caused millions of our people unnecessarily to reduce their purchases of goods, thereby decreasing legerdemain we can legislate ourselves out of a world wide depression. Such views are as accurate as the belief we can exorcise a Caribbean hurricane by statutory law. For instance, nothing can be gained our production ana employment, rnese uncertainties lead our bankers and the business men to extreme caution, and in consequence a mania for liquidation in recovery of employment by detour' ing capital away from industry and has reduced our stocks of goods and commerce into the treasury of the Unl our credits far below any necessity. All these apprehensions and actions check ted States, either by taxes or loans, on the assumption that the government can create more employment by use of enterprise and lessen our national ac tivities.

these funds than can industry ana commerce itself. While I am a strong advocate of expansion of useful puoitc works in hard times, and we have no desire to minimize the realities cf suffering or the stern task of recovery, we must appraise the other side of the picture. If we proceed sanity, we must not look only at trebled our federal expenditure In aid to unemployment, yet mere are limita tions upon the application of this prin. ciple. Not only must we refrain from robbing industry and commerce of its tne empty noie in tne nuaaie oi tne doughnut.

We must bear In mind at all times our marvelous resources in land, mines, mills, man brain power, and capital, and thereby increasing unem ployment, but sucn. works require long engineering and legal Interludes before they produce actual employment. Above courage. Over 95 per cent of our ami lies have either an income or a bread' winner employed. Our people are now all.

schemes of public works which have no reproductive value would re working Harder and are resolutely en gaged, individually and collectively, in suit in sheer waste. The remedy to economic depression is not waste but the creation and distribution of wealth. It has been urged tnat the leaerai government should abandon its system of employment agencies and should appropriate large sums to subsidize their establishment in other hands. I have refused to accept such schemes, as thev would in many places endow political organizations with the gigantic patronage of workmen's Jobs. That would bring about tne most vicious tyranny ever set up in the United States.

We have instead expanded our federal government agenetes wmcn are on non political basis. They are of far greater service to labor. overhauling and improving their methods and services. That is the fundamental method of repair to the wreckage from our boom of two years ago; it is the remedy to the impacts from abroad. It takes time, but it is going on.

Although fear has resulted in unnecessary reduction in spending, yet these very reductions are piling up savings in our savings banks until today they are the largest In our history. Sur. plus money does not remain idle for long. Ultimately it is the most insistent promoter of enterprise and 'of optimism. Consumption of retail goods in many lines Is proceeding at a higher rate than last year.

The harvest pros, pects indicate recovery from the drough and increased employment in handling the crop. Revolutions in many countries have spent themselves, and stability is on the ascendancy. The underlying forces of recovery are asserting themselves. For the first time in history the federal government has taken an extensive and positive part in mitigating the effects of depression and expediting recovery. I have conceived that if we would preserve our democracy this leadership must take the part not of attempted distatorship but of organizing cooperation in the constructive forces of the community and of stimulating i i i Unemployment insurance U7 hava hari nni nrnivisal AftP.r in.

other which amounts to a dole from the federal treasury. The largest is that of unemployment Insurance. I have long advocated such insurance as an additional measure of safety against rainy days. but only through LKJM LjJr I JLJ, private enterprise or through co tion oi industry ana isoor lueu. xae moment the government enters into this field it invariably degenerates into the dole.

For nothing can withstand the political pressures which carry gov ernments over this, dangerous border. The net results of governmental doles are to lower wages towara tne bare subsistence level and to endow the slacker. It Imposes the injustice of huge burdens upon farmers and other callings which receive no benefits. I every element oi liuuative aim scu reliance in the country. There is no sudden stroke of either governmental or private action which can dissolve these world difficulties; patient, constructive action in a multitude of directions Is the strategy of success.

This battle is upon a thousand fronts. Organized rta nMraiinn am prouo tnat so representative an organization as the American Federation of Labor has refused to approve such TUNE IN The Lucky Strike Dance Orches Ira every Tues dayt Thursday and Saturday evening over N. B. C. net works.

schemes. Including the use of Ultra Violet Rays Sunshine Mellows Heat Purifies Your Throat Protection anainst irritation anainst counh There have been some complaint I shall not detain you by long exposi from foreign countries over the revision of our tariffcand it is proposed that we ctn expedite recovery by another re tion oi tnese very extensive activities of our government for they are already well known. We have assured the country from panic and its hurricane of bankruptcy by co ordinated action between the treasury, the federal re vision. Notning would more prolong the depression than a cession if congress devoted to this purpose. There 1931.

Tti Amertem Totieee Mfm. are no doubt inequities and inequalities.