Evening Star Newspaper, July 5, 1932, Page 29

IE EVENING STAR, WASHINGTON, D. C., TUESDAY, JULY 5, 1932. B-13 |conltrucf.lm and stimulate the recovery | These loans are to be made for perlods |ness. But these are not normal times | ployment would be & God-send, what help restart e e A it i e vy Tt Taer [ Y s S Wovwy which must be met, and can only be |in any event. Certainly the Federal| “We shall resume employment to met by herolc and extracrdinary meth- | Government can do no less in helping | check and counteract the spiral of de- ods. The justification for these pro-|to carry its share of the national | pression. For employment breeds more posals is the plight of the Nation. H}ur%;n. Sodesal - ‘;mvla}‘menl. ‘There is no greater force “The leral construction T am | for recovery thai b i Meabysiet From Fuiil imitvace tacranme Tn tha Trestat Lin tiger 1o o N USRI W T come now to that Dart of our pro- | heavy burden of taxation. The cost| «The American &k gram of rehabilitation, in which the of the construction Wwill be met With | yet admitted defear o succumabed 10 Pederal Government directly takes the g"_""","’ “a‘“"‘l_h;“:’h"‘;!e;* amortized | despair. We have the resources, the initiative in providing _employment. | o g That course i Swinently Proper, | T aenna (he energy not anly 1o check The bill makes provision for a Pederal | since the mprovements are of & DEr- | (o a Hisner ever ot ootk OUT Deople construction program of $325,000,000, | manent nature and constitute capital have ever known. o‘;’;”m' ‘V;l“:ln we Out of that amount $120,000,000 is to | investments. to deal with the men:’" ate task be advanced to the States for highway | _“What results can be expected from |The relief and construction mor e by’ construction. ‘The Federal Qovern- | this legislation? 1In answering that 3 g omrmdg B ment is to be reimbursed for these ad- | question I desire to emphasize an ex- give A; esigned lever to vances by making deductions from fu- | ceedingly important provision which | Start until fts own great noti stand & ture Pederal highway grants to the | prescribes that wherever practicable 10 |can be brought fnte viive,Sirength States. The balance of the $325,000,- | one shall be employed more than 30 | again. I repeat the ho iCius Action 000 is to be expended upon the con- | hours & week upon projects prosecuted k e ovie e coy e struction of Federal buildings, river | under the bill. That increases the em- Amging: newe et 1 s and harbor improvements, flood control | ployment possibilities of these projects ruction bill I t ; the relief and other Federal projects which have | by 60 per cent. Taking that into con- 'pmgr;‘ “’ ‘come & law been long ago investigated and ap- ¥ m of rehabilitation proved by Congress and the President, sideration, it is estimated that about 2,000,000 men and women will be given and the plans for which are in readi: employment _ directly in construction ness so that work may start promptly after the bill is enacted into law. and indirectly in the factories, mines “In order to make additionally cer- and railroads which are engaged in the preparation and transportation of mate- tain that there shall be no unwarranted Federal construction and no waste of rials. That, however, is only the im- mediate effect of the program. Of public funds, the bill leaves to the even greater importance is the effect President and his executive depart- ments, wherever that course is possi upon the economic life of the colintry when these 2,000000 men use their ble, the selection of the individual proj ects out of the Government's author: newly acquired purchasing power to buy food, clothing and an endless num- ized construction program. In other words, ‘we shall build now., when em. T terest and amortiza- | th truction Finance Corpora- Sould mot meet It e Business | tion. eut of that sum $100,000,000 is |of agriculture and industry, the bill |not exceeding five years. ir 3 | sell their merchandise vailable to the President of the | provides for loans by the Reconstruc- | “The suthority of the Reconstrue- m‘:‘;{;‘:‘z’:ywthetr debts, and fore- ?!ln‘l‘fed‘l States, and is to be disbursed | tion Finance Corporation for these pur- | tion Finance Corporation to make any losures and bankruptcy joined the \by him in the form of gifts or loans, as poses in the following manner: | of these loans will expire on January Sorees ot Gestruction. When debts be- | he prefers, through such agencies as he | _“Primarily loans are to be made to |22, 1933, unless the President extends ame ncollectable banks and other ' shall designate. The President is given | finance the construction of self-sup- | the time, which he may, but not beyond financial institutions were compelled, | complete power to use this mercy fund | porting projects undertaken by States, January 22, 1934. T rcer to meet the demands of their | wherever it will do most good in Teliev- ) municipalities and other public bodles, | “Two special provisions are made for depositors, to reduce the amount of |ing human distres: {by limited dividend housing corpora- | agriculture. The first of these is that their loans even to their solvent cus- | «The remaining $200,000.000 is to be tions engaged in the elimination of | loans may be made by the Reconstruc- tomers. The business man who could | gpnortioned among the States in pro- | slums, and by private corporations en- tion Finance Corporation to help finance i | not get credit at the bank was in turn « e However, | gaged in the construction of bridges, | the exportation to foreign markets of the Object Is to Boost Demandft gt crect o M Mok ations. ‘and portion Lo thelr Dop ecure its portion | tunnels, docks, = viaducts, waterways, | sccumulated farm surpluses where— more men were let out to join the o tnis fund r must certify | canals and markets devoted to public |and only where—such exports will not for Goods and Labor, He |srowing army of unemployed. o e und use. Loans for the purposes which I adversely affect the world price of the Says in Forum. WAGNER EXPLAIN Sulled " Deeds m have mentioned are entitled to a pref- | commodities. The second provision is Tlustration Given. -sme Al cerry int at the rate of | erence under the bill. They may be |that the Reconstruction Pinance Cor- “Each succeeding step aggravated a | State Will CATY THTTL e repaid to | made for a period of 19 years, or for | poration is given authority to create |bad condition. Each turn quickened }n‘e” s St ctios more than 10 years if the borrower is | regional agriculture credit corporations | the slide down the toboggan of depres- o RECOMTTT a State, municipality or public body | to make loans to farmers. sion. That is the viclous spiral which { (o8, CRETY o0 and the loan is effected through the «How large a fund is available for has been whirling the country steadily | JARSL0 VI sale of bonds to the Reconstruction | this program? At the present time the dnwn\?'ard !mm the abyss of suffering | juer's period o Finance Corporation. Reconstruction Finance Corporation has and stagnation. ‘A few illustrations will serve to show Must Be Fully Secured. a maximum strength of $2,000.000,000 In the bill T am discussing we have in- precisely how that condition has af-| iph) “All of these loans' must be fully |creased its borrowing power by $1,800,- oo 1 ¢ Toschs |Eifity ias for- ¢ secured, and will be so secured, since | 000.000. 50 that a total of §3.800000.000 Nation, of its farms, mines and fac- Cnl;]unurmi';L :?‘; o and must be able to pay its construc- | for the original purpose of the Recon- ‘!urles. For every hundred cars that ::rwmnnr}“dr% o tion cost out of its income. struction Finance Corporation act. were in that train in April, 1928, there iy “In addition the Reconstruction “I am fully aware that these are were 97 cars in April, 1929, 88 cars in Finance Corporation is authorized to extraordinary remedies. Some of the April, 1930, 72 cars in April, 1031, and make loans to help finance any agri- | provisions I have mentioned would be only 57 cars in April, 1 . cultural, industrial or commercial un- unthinkable in normal times. Under ‘These figures reveal the continued dertaking and to relleve unemployment | ordinary circumstances I would be the constriction of ~American business. where the borrower gives full and ade- | first to oppose the principle that a gov- Forty-three of that ndred-car train quate security for the loan and cannot | ernmental agency like the Reconstruc- are today empty and idle because the | obtain funds on reasonable terms | tion Finance Corporation should be per- factories that used to momp:::ll: mitted to make loans to private busi- merchandis e e y closed. The men who worked in those factories are idle. Their families are in desperate need. With these figures, we begin to understand how it happens | that in 124 cities alone more than a million proud American families are, according to official reports, eating the bread of charity. “About four million people normally look to the construction industries for | a living. In 1929 we did more than nine billion dollars’ worth of construc- tion. For 1932 we have less than three billion in prospect. That decline alone accounts for about 2,000,000 men out of work “Employment in the factories has steadily declined until four out of every ten men thus normally employed are now out of jobs. It is conservatively | estimated that altogether there are in the United States today more than 10,000,000 wage earners ready and eager to work, but unable to find a place to earn their bread. Advocated Preparedness. ‘The aims of the relief bills passed by House and Senate and now in confer- ence to adjust differences were outlined last night by Senator Wagner, Demo- crat, of New York, sponsor of one of the measures, who spoke in the Na- tional Radio Forum, arranged by The Siar and broadcast over & coast-to- coast metwork of the National Broad- casting Co. Speaker Garner fathered the House legisiation. “First, we pro- pose to help relieve the desperate and irrepressible needs of the destitute so that no one in the United States shall have cause to go cold or hungry,” Sen- agner said | “Second, we propose to launch and finance a gigantic program of construc- tion. both public and private. And third, we propose to help finance agri- cultural, industrial and commercial un- dertakings, where credit for proper en- terprises cannot be obtained through normal banking channels, m Is to Boost Demand. ‘. nate object is to initiate a program which will create a demand for ‘commodities and labor. We hope there- by & > check the decline of pric When pric p falling private bus ness will res its normal activity without governmental assistance.” The speaker said he realizes that the relief program, contemplating expendi- ture of approximately two billion dol- lars, includes proposals “that would be | unthinkable in normal times” but he added, “these are not normal times or circumstances.” He also pointed out that the construction program will not entail additional taxation i Text of Address. The text of Senator Wagner's address s as follows Fellow citizens: During the past week & conference committee represent- ing the United States Senate and the House of Representatives have been at work upon & plan to adjust the differ- ences between the relief bills passed by each of the two houses of Congress. They have ‘agreed upon & program of relief and construction, which will now | a ng decuctions m future Fed- that State. we may_ person- where responsi- { distress, it that many the country e no longer able to g burden demand for hem. These nd it is there- of the Federal ) meet that emer- he man mis- the unmerited lot Just Think of It— The Star delivered to your door every evening and Sunday morning at 113¢ per day and S¢ Sunday. Can you afford to be without this service at this cost? Telephone National 5000 and de- lvery will start at once. relief has placed are days of emerg fore the sacred Government to hely gency and to mitiga ery which has been ber of other commodities. It is that | purchasing power to which we look to through the regular banking channels. W. D Moses & Sons NAt'1 3770 Inventory Sale This merchandise, as well as hundreds of other items, are the things we do not want ce a program of Mail or Phone Your Orders Please Note: Quantities in Some Cases Are Limited F St. at 11th o further proof, it seems to me, is necessary that the problem is and has been for a long time in the nature of a national catastrophe which dare not be left ta continue its fury unre- sisted. Our economic life is beset with creeping _paralysis, which, if not be returned to the two legislative bodies for final approval. It is my devout hope that before the week is over the bill will have been ratified by both houses checked, will destroy and demoralize the Nation. “This is not the first time that I speak of this problem. Long before the Nation was aware of any sign of ap- proaching depression I publicly advo- cated adequate preparedness to meet and signed by the President, so that | the depression fighting machinery pro- vided in the bill may be released for | sction at the earliest possible moment. | this very situation which has brought “I shall take this opportunity a: untold agony to our people. Since then forded to me through the courtesy of (I have repeatedly urged action along The Washington Star and the National | the lines now proposed in the bill I roadcasting Co. to state to you very |shall describe. I am convinced that concisely the problem we have been |now, at last, all elements of responsible trying to solve, the methods we hnve,pubuc opinion in this country have selected and the results we hope to |come to recognize the irresistible neces- achieve. In the course of my remarks |sity of taking such action. I shall make an earnest effort to state | “What do we propose to do? TFirst, #s simply as possible precicely the kind | we propose to help relieve the desper- of assistance whichi the farmer or busi- | ate and irrepressible needs of the desti- ness man, the States and municipalities | tute, so that no one in the United and primarily the man out of work can | States shall have cause to go cold or #xpect from the operation of the relief | hungry. and construction bill | and finance a gigantic program of con- “What is our problem? I know of no | struction, both public and private. And, ghorter way to describe it than to call | third, we propose to help finance agri- it the vicious spiral of depression. | culture, industrial and commercial un- When men lost their jobs they stopped | dertakings, where credit for proper en- buying. As buying was curtailed prices | terprises cannot be obtained through fell, profits disappeared and factories K normal banking channels. Qur ulti- reduced production. Recduced produc- | mate object is to initiate a program gion meant that more men were laid | which will create a demand for com- ©off and deprived of their wages, and in | modities and labor. We hope thereby Second, we propose to launch | turn more families curtailed their buy- ing. So the viclous circle continued. As it spread, a great apprehension be- gan to sweep through the country. The man who was at work was uncertain ow long his job would continue, and to help check the decline of prices. When prices stop falling private busi- ness will resume its normal activity without governmental assistance. “What means and methods does our bill provide to carry these purposes into | | | { [ | Small consisting of seven piece$ to take in inventory, therefore we have put prices on this merchandise that makes each an exceptional value. See the Inventory Sale signs in every department! $159 Dining Room Suite rtment suite, dining room or either walnut Buy Furniture on the Bank Interest Plan and Still Enjoy CASH PRICES Moses quality furniture can be purchased at cash prices by a convenient plan of payment with an almost nominal bank-interest rate. Below is an example of this wonderful plan: EXAMPLE: 1 dining room suite............$99 Payment at time of purchase..... 19 Balance ... s sembian O On yearly basis monthly payment.. 6.66 Plus first month’s interest. 40 Total first month’s payment....... 7.06 Bedroom Suite Special Consists of III‘JE dresser, roomy chest, double bed, and a very attractive dress- ing table, dustproof construction, hard- Interest figured monthly om monthly outstonding balance, at bomk wood interiors. Sale price interest rate. e, too, reduced his purchases. That | effect? | or mahogany finish. Regularly $159. Sale quickened the decline. Then home| “For the relief of destitution $300,- TR owners out of work found that they ' 000,000 is provided out of the funds of ‘WoopwaRrD & LoTHROP 10" L™ F awn 6 STaeers Cool, Colorful Cottons Felt Mattresses This mattress is guaranteed not to lump or Famous Spool Beds knot; all sizes; ordinarily sells $6.94 These spool beds are sturdy in construcpion with extra high head and foot, extra wide 2 ) |5 L , 7 > = e 3 =a base boards and extra large “ A / 4 $1 2.94 ; ) - et spools Single or double Solid Maple 3-Piece Suite sizes; walnut, mahogany or maple finish, formerly $24.50. This 3-piece suite for apartment living room or Summer porches is solid maple, with genuine lacquer finish, has removable seat and back cushions. Made to sell for much more, special...... for much more. (At the low price of an ordinary cotton s |y mattress.) frocks for women and misses. Printed voiles, seeded voiles, embroidered eyelet batistes and piques. Do have plenty of these comfortable little tub frocks this Summer. They are so inexpensive that you can have a fresh one for every day. INEXPENSIVE FROCKS, THIRD FLOOR $45 Governor nthrop Desk 29 Regularly $45—33 inches wide, three drawers, automatic slide. Attrace tive interior. Drum Table $2 3.70 So0l1id mahogany, beautifully matched crotch mahogany top. Regularly $57. Sheraton Desk Secretary $27.50 Regularly $39.75. ee drawers, three shelves, as illustrated, Walnut or mahogany finish. Windsor Chair braced, ma- 1. coloni- ortable 1 sdt $225 Bed-Davenport Suite (With Mattress) Solid mahogany frame, hair filled; flexible springs. This two- piece suite is very attractive in appearance. Selection of cov- $ erings; easily converted into a double bed. Complete with mat- tress. Regularly $225.. Pull-up Chairs Combined End Table and Maga- zine Rack $6.94 Attractive designs, wal- nut finish, selected hard wood base. Huge Wing Chair Chippendale style, all-hair filled, full webb construction Choice of tapestry covers. Indescrib- able comfort in its luxurious depths. Regular $39 Chest of Drawers 5 This chest with five roomy drawers, ma- hogany finish, hardwood in- terfors, Very special, . Box Spring and Mattress Suaranteed con- struction, regu~ larly $47.50. Both for 9.50 ENTIRE STOCK ORIENTAL RUGS Our immense stock of one of the finest selections of Oriental rugs, Reduced . . . of at- tractive ings. Moses' i guaranteed con- struction. Reg- ularly $21.75. cover- Sale Price which includes small scatter sizes, medium size, room size and extra large rugs. : Gl