Evening Star Newspaper, October 15, 1936, Page 16

By tne Assoctated Press. CHICAGO, October 135.—The text of President Roosevelt's speech here last night follows: Four years ago I dropped into this city from the airways—an old friend come in a new way—to ac- cept in this hall the nomination for the presidency of the United States. I came to a Chicago fight- ing with its back to the wall—fal tories closed, markets silent, banks shaky, ships and trains empty. Today those factories sing the song of industry—markets hum with bustling movement, banks are secure, ships and trains are run- ning full. Once again it is Chicago as Carl Sandburg saw it—"the city of the big shoulders”—the city that smiles, And with Chicago a whole Nation that had not been cheerful for years is full of cheer once more. On this trip through the Nation I have talked to farmers, I have talked to miners, I have talked to industrial workers—and in all that I have seen and heard one fact has been clear as crystal—that they are part and parcel of a rounded whole and that none of them can succeed in their chosen occupations if those in the other occupations fail in their prosperity. I have driven home that point. Message of Confidence Held Out to Business Men. Tonight I give the same message to the business men of America— to those who make and sell the processed goods the Nation uses and to the men and women who work for them. To them I say: Do you have a deposit in the bank? It is safer today than it has ever been in our history. It is guaranteed. Last October 1st marked the end of the first full wear in 55 years without a single failure of a national bank in the United States.” Isn't that on the eredit side of the Government’s account with you? Are you an investor? Your stocks and bonds are up to five and six year high levels. Are you a merchant? Your mar- kets have the precious lifeblood of purchasing power. Your customers on the farms have better incomes and smaller debts. Your customers in the cities have more jobs, surer Jobs, better jobs. Didn’t your Gov- ernment have something to do with that? Are you in industry? Industrial earnings, industrial profits are the highest in four, six or even seven years. Bankruptcies are at a new low. Your Government takes some credit for that. Freight and Passenger Traffic on Railroads Mounts. Are you in rallroads? Freight loadings are steadily going up. Passenger receipts are steadily going up—have in some cases doubled— because your Government made the railroads cut rates and make money. Are you a middleman in the great stream of farm products? The meat and grain that move through your yards and elevators have a steadier supply, a steadier demand and steadier prices than you have known for vears. And your Gov- ernment is trying to keep it that way. *Some people say that all this re- covery has just happened. But in a complicated modern world recov- eries from depressions do not just happen, The years from 1929 to 1933, when we waited for recovery Just to happen, proves the point. But in 1933 we did not wait. We acted. Behind the growing recov- ery of today is a story of deliberate Government acceptance of respon- sibility to save business—to save the American system of private enter- prise and economic democracy—a record unequaled by any govern- ment in history. What had the previous adminis- tration in Washington done fot four years? Nothing. Why? For a very fundamental reason, That admin- istration was not industrially- minded—nor agriculturally-mind- ed—nor business-minded. It was a high finance-minded—manned and controlled by a handful of men who in turn controlled, and by one financial device or another took their toll from the greater part of all other business and industry. Not All Busines Men and Bankers Are Malefactors. Let me make one simple state- ment. When I refer to high finance I am not talking about all great bankers, or all great corporation executives, or all multi-millionaires —any more than Theodore Roose- velt, in using the term “malefactors of great wealth” implied that all men of great wealth were “male- factors’ I do not even imply that the majority of them are bad citi- zens. The opposite is true. Just in the same way, the over- ‘whelming majority of business men in this country are good citizens and the proportion of those who are not is probably about the same pro- portion as in the other occupations and professions of life. When I speak of high finance as & harmful factor in recent years, I am speaking about a minority which includes the type of individual who speculates with other people’s money—and you in Chicago know the kind I refer to—and also the type of individual who says that popular Government cannot be’ trusted and, therefore, that the control of business of all kinds and, indeed, of Government itself— should be vested in the hands of one hundred or two hundred all- ‘wise Individuals controlling the purse strings of the Nation. High finance of this type refused to permit Government credit to go directly to the industrialist, to the businessman, to the home owner, to the farmer. They wanted it to trickle down from the top, through the intricate arrangements which they controled and by which they ‘were able to levy tribute on every business in the land. Wanted Government to Keep Hands Off Market. They did not want interest rates to be reduced by the use of Gov- ernment funds—for that would af- fect the rate of interest which they themselves wanted to charge, They did not want Government super- vision over financial markets through which they manipulated their monopolies with other peo- ple’s money. And in the face of their de- mands that Government do noth- ing that they called ‘“unsound,” the Government, hypnotized by its indebtedness to them, stood by and let the depression drive industry L2 THE EVENING STAR, WASHINGTON, D. C, THURSDAY, OCTOBER 15, 1936. —__——__—___——_——_————_—-——_—_—-———_———‘____—'—— Roosevelt’s Speech on Checking Economic Power President, in Chicago Address, Expresses Belief in Individual Initiative Up to Point When Menace to Society Begins. ¢ HIGHLIGHTS OF ADDRESS By the Associated Press. CHICAGO, October 15.—President Rooseveit's address last night in the Chicago Stadium, where four years ago he was nominated for the presi- dency, was highlighted by the follow- | ing excerpts: “The train of American business is moving ahead.” “Mind® you, it did not get out of the ditch itself, it was hauled out by your Government.” “Some people say that all this re- covery has just happened. But in a complicated modern world recoveries from depressions do not just happen. The years from 1929 to 1933 when we waited for recovery just to hap- pen proves the point.” “I believe, I have always believed, and I will always believe in private enterprise as the backbone of economic well-being in America.” “Behind the growing recovery of today is a story of deliberate Govern- ment aceeptance of responsibility to save business—to save the American | system of private enterprise and eco- nomic democracy—a record un- equaled by any government in his- tory.” “That (previous) administration was not industrially-minded—nor | business-minded. It was high finance- | minded—manned and controlled by & | tration which saved the system of | the black.” | their hearts fluttered.” | been In our history.” handful of men who in turn con- trolled and by one financial device or anotber took their toll from the greater part of all other business and industry.” “It was this (present) adminis- private profit and free enterprise after it had been dragged to the brink of ruin by these same leaders who now try to scare you.” “lLook at the advance in private business in the last three and a half years; and read there what we think about private business.” “Today for the first time in seven years, the banker, the storekeeper, the small factory owner, industrialists can all sit back and enjoy the com- pany of their ledgers. They are in “Some of these people really forget how sick they were. But I know how sick they were. I have their fever charts. I know how the knees of all of our rugged individualists were trembling four years ago and how “The people of America have no quarrel with business. They insist only that the power of concentrated wealth shall not be abused.” “Do you have a deposit in the bank? It is safer today than it has ever New means and methods of trans- portation and communications have made us economically, as well as politically, a single Nation. Be- cause kidnapers and bank robbers could ‘in a high-powered car speed across State lines it became neces= sary, in order to protect our peo- ple, to invoke the power of the Federal Government. In the same way speculators and manipulators from across State lines and regardless of State laws have lured the unsuspecting and the unwary to financial destruc- tion.. In the same way across State lines there have been built up intricate corporate structures, piling bond upon stock and stock upon bond—huge monopclies which were stifing independent business and private enterprise. People’s Government At Washington Sole Protection. There was no power under Heaven that could protect the peo- ple against that scrt of thing ex- cept a people’s Government at Washington. All that this admin- istration has done, all that it pro- poses to do—and this it does pro- pose to do—is to use every power and authority of the Federal Gov- ernment to protect the commerce of America from the selfish forces which ruined it. Always, month in and month out, during these three and a half years, your Government has had but one sign on its desk—“Seek only the greater good of the great- er number of Americans.” And in appraising the record, remember two things. First, this administra- tion was called upon to act after a previous administration and all the combined forces of private en- terprise had failed. Secondly, in spite of all the demand for speed, the complexity of the problem and all the vast sums of money in- volved, we have had no Teapot Dome. We found when we came to Washington in 1933 that the busi- ness and industry of the Nation were like a train which had gone off the rails into a ditch. Our first job was to get it out of the ditch and start it up the track again as far as the shops. Our next job was to repair it—the broken axles, which had gotten it off the road; the engine, which had been worn down by gross misuse. What was it that the average business man wanted Government to do for him—to do immediately in 1933? Accomplished Demands Made By Business on Government. 1. Stop deflation and falling prices—and we did it. 2. Increase the purchasing power of his customers who were indus- trial workers in the cities—and we did it. 3. Increase the purchasing power of his customers on the farms— and we did it. 4. Decrease interest rates, power rates and transportation rates— and we did it. 5. Protect him from the losses due to crime, bank robbers, kid- napers, blackmailers—and we did it. How did we do it? By a sound monetary policy which raised prices. By reorganizing the banks of the Nation &nd insuring their deposits. By bringing the business men of the Nation together and encouraging them to pay higher ‘wages, to shorten working hours, and to discourage that minority among their own members who were engaging in unfair competi- tion and unethical practices. ‘Through the A. A. A, through our cattle-buying program, through our program of drought relief and flood relief, through the Farm Credit Administration, we raised the income of the customers of business who lived on the farms. By our program to provide work for the unemployed, by our C. C. C. camps, and other measures, greater purchasing power was given to those who lived in our cities. Meney Put Out Began To Find Way to Trade Channels. Money began going around again. ‘The dollars paid out by Govern- ment were spent in the stores and again to the factory; and spent again to the wage earner; and then spent again in another store and shop. The wheels of business began to turn again; the train was back on the rails. Mind you, it did not get out of the ditch itself, it was hauled out by your Government. { And we hauled it along the road. P. W. A, W. P. A, both provided normal and useful employment for hundreds of thousands of workers. Hundreds of millions of dollars got into circulation when we liquidated and home financing through the Federal housing program. Hun- dreds of millions more in loans and grants to enable municipalities to build needed improvements. Hun- dreds of millions more through the c.c.c I am not going to talk tonight about how much our program to provide work for the unemployed meant to the Nation as a whole. ‘That cannot be measured in dollars and cents. It can be measured only in terms of the preservation of the families of America. Bu' as far as business goes, it can be measured in terms of sales made and goods moving. The train of American business is moving ahead. Cars Must Be Loaded Evenly to Prevent Damage. But you people know what I mcan witen I say il was ciear that if the tram is to run smoothly again the cars will have to b | loaded more evenly. We have made | a definite siart in getting the train | loaded inore evenly. in order that axles may not break again. For example, we have provided a sounder and cheaper money market and a sound banking and securi- ties system. You .business men know .how much legitimate busi- ness you lost because your custom- ers were robbed by fake securities or impoverished by shaky banks. By our moneiary policy we have kept prices up and lightened the burden of debt. It is easier to get credit. It 1s easier to repay. We have encouraged cheaper power for the small factory owner to lower his cost of production. We have given the business man cheaper transportation rates. But above all, we have fought to break the deadly grip which monopoly has in the past been able to fasten on the business of the Nation. Because we cherished our system of private property and free enter= prise and were determined to pre- serve it as the foundation of our traditional American system, we recalled the warniag of Thomas Jefferson that “‘widespread poverty and concentrated wealth cannot long endure side by side in a de mocracy.” Businesses Being Absorbed In Era of False Prosperity. Our job was to preserve the American ideal of economic as well as political democracy, against the abuse of concentration of economic power that had been insidiously growing up among us in the last 50 years, particularly during the 12 years of preceding administra- tions. Free economic enterprise wes being weeded out at an alarm- ing pace. During those years of false pros- perity and during the more recent years of exhausting depression, one business after another, one small corporation after another, their re- sources depleted, had failed or had fallen into the lap of a bigger com« petitor. A dangerous thing was happene ing. Half of the industrial cor- porate wealth of the country had come under the control of less than 200 huge corporations. That is not all. These huge corpora- tions in some cases did not even try to compete with each other. They themselves were tied together by interlocking directors, interlocke ing bankers, interlocking lawyers, This concentration of wealth and power has been built upon other people’s money, other people’s busie ness, other people’s labor. Under this concentration independent business was allowed to exist only by sufferance. It has been a men= ace to the social system as well as the economic system which we call American democracy. There is no excuse for it in the cold terms of industrial efficiency. There i5 no excuse for it from ~ ADVERTISEME) “STUBBORN RHEUMATISM Most of the aches, pains, stiff- ness, soreness and lameness of stubborn rheumatism, neuritis and rheumatic gout are caused or ag-| gravated by excess uric acid. | This being the case, one out- standing, swift and safe prescrip- tion, as any modern druggist will tell you, is Allenru Capsules—little green, easily swallowed capsules that are powerful yet harmless. 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Phones—NAt. 9791-9792 = Free Deliveries the point of view of the average investor. ‘There is no excuse for it from the point of view of the independ- ent business man. Have Always Believed Private Enterprise Backbone of U. S. I believe, I have always believed, and I will always believe in private enterprise as the backbone of eco- nomic well-being in America. But I know, and you know, and every independent business man who has had to struggle against the competition of monopolies knows, that this concentration of economic power in all-embracing corporations does not represent private enterprise as we Americans cherish it and propose to foster it. On the contrary, it represents pri« vate enterprise that has become & kind of private government which is a power unto itself—a regimen- tation of other people's money and other people’s lives. Back in Kansas I spoke about bogey-men and fairy tales which the real Republican leaders, many of whom are part of this concen= trated power, are using to spread fear among the American people. You good people have heard about these fairy tales and bogey= men, too. You have heard about how antagonistic to business this administration is said to be. You have heard all about the dangers which the business of America is supposed to be facing if this administration continues. The answer to that is the record of what we have done. It was this administration which saved the system of private profit and free enterprise after it had been dragged to the brink of ruin by these same leaders who now try to scare you. Fever Charts Show How Sick America Was. Look at the advance in private business in the last three and a half years and read there what we think about private business. ‘Today for the first time in seven years the banker, the storekeeper, the small factory owner, the ine dustrialist, can all sit back and en- joy the company of their ledgers. They are in the black. That is where we want them to be; that is where our policiés aim them to be; that is where we intend them to be in the future. Some of these people really for- get how sick they were, But I know how sick there were. I have their fever charts. I know how the knees of all of our rugged in- dividualists were trembling four e OPEN EVERY NIGHT e years ago and how their hearts fluttered. They came to Washing- ton in great numbers. Washington did not look like a dangerous bu- reaucracy to them then. Oh, no; it looked like an emergency hos- pital. All of the distinguished pa- tients wanted two things—a quick hypodermic to end the pain and a course of treatment to cure -the disease. We gave them both. And now most of the patients seem to be doing very nicely. Some of them are even well enough to throw their crutches at the doctor. ‘The struggle against private mo- nopoly is a struggle for, and not against, American business. It is a struggle tc preserve individual en- terprise and economic freedom. Believes in Individualisgn Up to Point of Menacing Society. I believe in individualism. I be- lieve in it in the arts, the sciences and professions. I believe in it in business. I believe in individualism in all of these things—up to the point where the individualist starts to operate at the expense of soci- ety. American business men do not believe in it beyend that point. We have all suffered in the past from individualism run wild—so- ciety has suffered and business has suffered. Believing in the solvency of busi- ness, the solvency of farmers and the solvency of workers, I believe also in the solvency of Governe ment. Your Government is solvent, The net Federal debt today 1s lower in proportion to the incoms of the Nation and in proportion to the wealth of the Nation than it was on March 4, 1933. In the future it will become low- er still because with the rising tide of national income and national wealth, the very causes of our emergency spending are disappear- ing, Government expenditures are coming down and Government ine come is going up. The opportunie ties for private enterprise will cone tinue to expand. The people of America have no quarrel with business. They insist only that the power of concen- trated wealth shall not be abused. We have come through a hard struggle to preserve democracy in America. Where other nations in other parts of the world have lost that fight, we have won. 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