| Show Eccles Lauds I New Deal in S. S L. L Address Alphabetical Agencies Called Cornerstone of New Era President Roosevelt's new deal dealand dealand dealand and his alphabetical agencies were hailed the cornerstones for fora a new as era by Marriner S S. x y T Eccles assistant t to to- to r. r the secretary o of the United States f treasury treasur in la an ad address p hundred a and dress n d ii professional to business several i f c lead leaders rs at the Hotel Hotel Ho Ho- tel Utah Thursday noon x 4 The meeting was the spon sponsored ored by Kiwanis club and r j the chamber of commerce f Mr Eccles denounced denounced de de- c charges h arges that the adminis- adminis l ration is 35 tending Marriner Eccles Ecclesto to destroy the he profit system and capi capi- capi We all know that capitalism t had gone out of the window before President dent lent Roosevelt took office and as asar asfar asfar far ar as the profit system is 3 concerned statements for the last year show more more black ink than for the previous four our years Thi Th would indicate the new system is helping rather than destroying the he profit system Mr Eccles said Cites Building Advantages Ad Discussing the federal housing howing act Mr Eccles cited the advantages of immediate construction of homes with funds from Irom federal agencies mortgage insurance and the modernization modern modern- and repair of homes already built President Roosevelt has indicated that housing plans are among the most important elements in his program program pro pro- gram Mr Eccles said It would be je childish to refer to recovery first and reconstruction later The security of Americas America's citizens he ic explained depends upon peace in inthe inthe inthe i the homes location of homes near where employment can be obtained and upon safeguards against elements ele dc- ments which cannot wholly be elim dim mated Should the people expect less than adequate housing food clothing and insurance against old age and unemployment unemployment he asked To give the people eople e these there is to preserve capitalism To give them less than that is to destroy destroy detroy de- de stroy troy capitalism If capitalism cannot provide what the he people expect and require then Continued on Pate Pare Eight EGGLES ECCLES LAUDS ROOSEVELT ERA Workings of New Deal Are Praised in Address by Assistant Secretary i Continued from rare Pare O One e we cannot revert to the orthodox economIc economic eco ceo system of 01 the past but must go goIn goIn In the other direction he said Mr Eccles pointed out that Great Britain has assisted in the construction construction construe construe- tion of private homes and andis andis andis is launching a year five-year program to eliminate slums He discussed at nt length the conditions conditions condi condi- faced b by r the federal government during the last year and the efforts which have been made to promote recovery recovery re re- covery Conditions confronting the admin when it took office required different treatment than had been given by the previous administration he be said We were facing chaos It required bold intelligent leadership to save the country from conditions 1 now prevail in Europe It was necessary to preserve individual individual in in- liberty individual initiative and economic and social well veil Relief ReUel Considered First FirstIn FirstIn j jIn In the past year relief relic measures designed to bring about recovery have received reech-cd first consideration Without governmental effort to provide necessities necessities for the unemployed there would have been far more suffering Mr Eccles pointed out that tha the nation nations nation's nations nation's na na- na- na tion's tion 05 banking system is in need of immediate aid i if the money s system stem is to function If It any class should appreciate and support the work of President Roosevelt Roosevelt Roosevelt Roose Roose- velt it is the bankers banker he declared Mr Dir Eccles explained the operations of the Home Owners Owners' Loan corporation corporation corpora corpora- tion the farm arm credit administration and nd the Reconstruction Finance Finane corporation corporation cor cor- p ration in relieving debtors I 1 Up to Younger Men MenThe MenThe The underlying philosophy of or the new new deal recognizes that the greatest greatest great great- est problem facing the country is that of distribution he declared Older members of ot th the business fraternity did a 1 marvelous job lob in creating creating creating cre cre- the most efficient production machinery the world has ever er known It now falls on the younger men to preserve for lor future generations the benefits of this production system with the addition of an nn efficient method of distribution i Mr Eccles explained that he represented rented the treasury on the committee which assisted in framing the housing bill There is no reason to believe this program will not be well adminIstered administered administered adminis adminIs- he said It will have the support support sup sup- port Ort of all classes ses It will insure an additional billion dollars in loans and produce from to 20 additional wealth The mortgage insurance division dision is Js isa a 1 phase which will not be very effective tive until next year he hc said id but added that it will eventually provide a mortgage mort gage gaga instrument heretofore I unknown in this countr country What is iff la lacking he asserted is isa a along long term loan The present mortgage mortgage mort mort- gage problem is the most serious financial fi financial fi problem facing lacing the nation to to- day Its solution will throw some frozen assets into circulation t Predicts New Construction Building and loan companies Mr Eccles told the group arc recognized as a most important clement element in the financial fi fl field neld He predicted a sound financial setup would be provided for lor forby forby lorby by the government with high interest rates Promotions b by pressure high lial salesmanship arc are a thing of the past he said Mr Eccles predicted that eventually new construction would come back into the picture There is a sound economic demand for new building and construction work he said Paul F. F Keyser president of ot the chamber of commerce presided and A. A O. O Hewlett vice president of the Kiwanis Kiwanis Ki Ki- wanis waris club was chairman Charles L L. Smith president of the Utah Bankers' Bankers association introduced Mr Eccles Included in the thc audience were rep representatives representatives rep rep- of civic organizations city state slate and church officials Among the special guests were Senator WitHam Wit V Liam Ham H H. King Representative J. J Will Robinson and arid Secretary of State Stale Milton Milton Mil Mil- ton H. H Welling who represented Governor Gov Henry H H. Blood |
