| Show j 1 F L. L i 1 V j BASIC V NEW DEAL COMPLETED j I 1 ROOSEVELT R ASSURES J BUSINESS t J i Confidence Restora Restoration c IS And Widespread Recovery Reported By President I V Chief Executive Gi Gives g. g i Views in Lett Letter r to Publisher ii n By fly the Associated Press V HYDE HYUE PARK N N. Y Sept 6 i 6 V Pre President ident Roosevelt tod today y declared the new deals deal s. s basic b ic program had hadi l reached substantial completion and a a. a breathing spell for J Indus Indu 1 try is here heze very decidedly so V VV V He Hc asserted further f rth that at at this j moment conditions ns are Bre su such h as to I offer substantial and widespread d re e cover covery I V The presIdent president gave gaye his views view in aletter a a. letter to Roy W W. Howard oward publisher V 1 of ot the S Howard newspapers V who reported fears tears of business sine men men and asserted There ere Is need to to- to Jj undo the damage that has been done dana by r 1 int rs ot the iLl aL aLIn IJ M In perhaps his ls' ls most complete ex exposition ex- ex t ex-t 1 position J his administration r and andi j of Letters n on ni Page pale 1 7 1 his ideas re the V d drs clin n no magicians m t wand W aut do claim that we V 1 have helped that public confidence 1 which now offers s so S substantial sub sub- b a foundation f for r our r cry ery I i take it 11 it he wrote that weare we weare weare are are all not ot merely erel se seeking g but getting get get- ting the recovery of confidence not merely the confidence nce oC ofa small group but bul that basic confidence on the part Q of the mass V of ot f our in the soundness of ot our t co- co o- o oj j life lite and in the honesty honest and justice of the purposes of its ita economic eco economic eco rules and methods Howard discarded hostility from front J financial racketeers public exploiters ex ex- and the sinister forces spawned by special privilege but asserted that many business bUsiness' businessmen men meri of patriotism and sense of public service believed the we wealth Uh tax bill J 1 revenge on business and expected a recess from further experimentation tation tatton until the country can re recover recover recover re- re cover its losses Mr Roo Roosevelt evelt replied that he would disregard skeptics and those a actuated by A spirit of err p po political partisanship but he believed it a a duty uty to clarify our purposes to critics who are honest and nonpartisan nonpartisan non- non partisan and who are willing to discuss dis dis- I cuss and to learn Recovery Widespread d Informing Howard Howar V that the tho breathing spell ot of which he spoke j Is Is here the thi president nt stated I It is a so source r e of t great t satisfaction satisfaction i tion that at this nto moment e conditions o 1 are such as to offer further substantial substantial sub sub- j and wid re widespread pre recovery I Unemployment is is still with us us- us but it is steadily diminishing and our efforts to inee meet lt its pr problems bl ms are unflagging Mr Roo event dictated declared d the ne newly ll 1 en enacted n tax program i i based e upon a a. broad and just social and econom economic ic purpose Hits Upper Brackets tl He stated it il affects only those individual peo people who have incomes incomes' over A ye year r. r and rid individual estates state of decedents who leave over i I with adjustment of ot the r corporation tax to tb the gener generally i accepted fact tact that larger corporations corporations corpora- corpora 1 enjoying the e a advantages of ot c size over smaller corporations corporations' possess pos pos- j 1 seas sess relatively greater capacity to to pay a 1 To the report of Mr Howard that 1 i business men inca are arc convinced and and sincerely believe that the thi administration administration admin admin- has sidestepped broadening broaden broaden- l lOg ing g the tax base to the extent necessary necessary e essary es- es sary to approximate the needs of the thc situation the president re replied re- re plied piled The broadening of our tax base in hi the past few tow years h has b been eJ v ver very real reat What is known as consumers consumers consumers' taxes namely the invisible taX taxes s s' s I paid by people in every walk lk of life 1 l fall fail i relatively ly much more hea heavily t upon the p poor or man than on the rich man V t Consumers Consumers' Taxes Grow In 1929 consumers consumers' taxes represented t seated only 30 per cent of the th national national na na- I reve revenue ue Today they are 60 per cent and even with the passage e 4 Page PaC t r I k JoA BASIC PROGRAM SEEN AS ENDED Continued Irom Fast One of or the recent tax bill the proportion of or these consumers' consumers taxes will drop only 5 per cent This administration he continued contin contin- tied came into power pledged to a avery avery ayery very considerable legislative pro pro- gram It found the condition of the country such as to- to require drastic and reaching far action Duty and necessity required us to move on a abroad abroad abroad broad front for more th than n two years It seemed to t tie the e congress and to me better that not only business but the public generally might know those modifications in the conditions conditions conditions condi condi- and rules of economic enterprise enterprise enterprise enter enter- prise which were involved in our program This basic program however has now reached substantial completion completion com corn and the breathing spell of which you speak is here here very very decidedly decidedly decidedly de de- de- de so I do not not claim that government alone is responsible for these definitely better circumstances But we all know the very great effect of the saving of banks of farms of homes the building of at public works the providing of ot relief for the destitute destitute desti desti- tute and many other direct governmental governmental govern govern- mental acts for the betterment of conditions Recovery Hennery Reform Inseparable In t the e large Mr r. r Roosevelt wrote the th depression w was the culmination culmination cul cut of f unhealthy ho however ev r In Innocent innocent In- In arrangements f in fn agriculture agriculture ture in In bu business iness and in finance Our legislation was remedial and as s s such ch it would serve no purpose purpose pur pur- pose to Ito make a doctrinaire lre effort to distinguish between that which was addressed to recovery and that which waS was addressed to to reform The two in an effort toward sound and fundamental recovery are In In- separable 1 actions were In m with the basic economic purposes which were set et forth three years cara I IV ago V Welcomed by Party President I Roosevelt's statement 2 was wa greeted gladly by leaders of ot his party Disagreement as to the value o of the administration program in business business busi busi- ness improvement however was expressed by opposition leaders lead rs Assertions similar to o the pr presidents president's presidents president's sl- sl dents dent's had already been made by some of those familiar with his ideas but they appreciated that thai more public attention would be paid by bYe word fr from m the president himself himself him him- self than what they had said It was noted that th the s stock ock market market market mar mar- marI I ket moved quietly higher at the tho i start today I Snell Raps New Deal i If It hadn't been for tor the tho new deal recovery would now be much further advanced remarked Representative Rep ReP-i Snell the Republican leader at Potsdam N N. Y He shared the view often expressed expressed ex ex- pressed by some of ot his his' colleagues previously that business improvement improvement improvement improve improve- ment of ot late has been in spite of the tho new deal rather than on account account account ac ac- ac- ac count of ot it Republican Independent supporters support support- ers of the new deal to the ext extent nt represented b by Senator Norris o of Nebraska considered the Roosevelt position unanswerable It states the whole question he said Everybody has got to admit admit admit ad ad- mit it was a terribly ly difficult thing the president had to meet I think he ho has met it remarkably well Next Session Minor Months ago capitol capit l Democratic quarters reminded Mr Roosevelt and his congressional c chiefs decided ed d all major majol objectives In R a a legislative legis legis- way should be reached at the session just ended They agreed the next session coming in election year should simply clean up comparatively comparatively com corn minor odds and ends We stayed in session seven lIeven and anda a half months Speaker Byrns said recently so we co could ld get everything everything everything every every- thing done that we thought ought to be done immediately My understanding understanding understanding under under- standing is that outside of N R Rand A and the usual appropriations bills there will not nol b be much legislation next session In other words O our l big legisla big tive tive job is abo about t done j New Law Not Necessary Necessary- Most patty party chiefs did n not t consider consid consid- er the presidents president's the session request for some BOme legislation next session to preserve some of N R It A Aas Aas Aas as a a. desire for Ii a n new w law fleece fleece- They said congress already had approved N R A and was waa ready to extend it when m n the supreme preme court handed down its Ib invalidation Uon tion decision |
