Show presidents PROGRAM in 0 statement glen outto out to the press dress on december 11 1031 1931 pica bent nut hoover sald in my recommendations to congress and in the organizations created during the past lew months there Is a definite program tor for turning the tide ot of deflation and ur th vis ic country upon the road to recovery this program liaa has been formulated fitter after consultation with leaders lead era of every branch of 0 american public life ot of labor ot of agriculture of 0 commerce and ot of industry Indu atry A considerable part of it depends on voluntary organization A part of it requires legislation it la Is a non program I 1 am interested ed in its ita principals rather than its deta details Als I 1 appeal tor for unity of 0 action tor for its ita consummation the malor major stops steps that wo we must take are domestic the action needed Is in the home field and it Is urgent while re establishment of sta stability bu abroad to la helpful to us ua and to tile the world and I 1 am confident that it to Is in n progress yet wo we must depend upon ours olvea dIves it if we devote ourselves to those urgent domestic questions we can make a vory large measure massur ot of tre recovery covery irrespective of foreign influences fluen ces i that the country may get program thoroughly in mind I 1 review its major parts instas alongi 1 Povl Pov slon islon tor for distress among the unemployed by voluntary org organization aniz and united action ot of local auth 1 gitles in cooperation with the prest proal i dents unemployment relief organization whose appeal tor for organization and funds has met with a response unparalleled since the war almost every locality in the country hao haa reported that it will take taho care of ital its own in order to assure that there I 1 will bo be no failure to meet pro problems blemel as they arise the organization will continue through the winter I 1 2 our employers axe are organized and and will continue to give part taio time work instead of discharging a portion os of their employees this plan la Is affording help to several million people who otherwise would have no resources the government will vill continue to aid unemployment over the winter through the large program of federal now in procesa pro gesa goss tills thia pegram represents an expenditure nt at the rate of over a month 3 the ot of the federal land bank system in the inter est eat of tho the former farmer 41 4 assistance to home owners both agricultural and urban who are la in difficulties in securing renewals LIS of mert mortgages gages by strengthening the country banks anil and building and loan associations ciati ons through tho the creation of a system of home loan discount banks dy BY restring these theao institutions to normal functioning wo we will see sao a revival in employment in new construction G S development of a plan to assure early distribution to deposit depositors tress amongst millions ot of smaller depositors and smaller businesses 4 C the enlargement under full safeguards ot of the discount facilities ot of the federal reserve banks in tho the interest of ol a more adequate credit system 7 the creati creation ort for or the period of the emergency ot of a reconstruction construction Ho finance corporation to furnish feces esary credit otherwise unobtainable under existing circumstances and so give confidence to agriculture to industry and aad to labor against further influence and shock but more especially by the reopening of credit channels which will assure the maintenance and normal forking of the commer clai fabric 8 to all railroads by protection from unregulated coln competition poti and to the ha weaker ones by tile the formation ot of a credit pool na as au authorized thor by the interstate commerce commission and by other measures thus wording affording security to the bonds hold held by our insurance companies our savings banks and other benevolent trusts thereby protecting protect lne tho the interest of ovary every family and promoting tile the recuperation of at the railways 0 9 the revision olour banking laws eo 60 As bettor better to cate nale guard the depositors j 10 the anta guarding and support of banks through the national credit association which has alre already oldy given great confidence to bankers and extended their ability to make mahe loans to and industry 11 the maintenance of 0 tho the public finance on a sound bound basis a by drastic economy b resolute opposition to the enlargement ot of federal expenditure pend iture until recovery c e A temporary increase in taxation so BO dis that the burden may be borne in pro proportion potion to ability to 0 pay par amongst all groups and in such a fashion as aa not to retard 8 1112 12 tho the maintenance ot of the american system of individual initiative and individual community responsibility ibi lity tho broad purpose ot of this program la Is to restore the old job instead ot of create a made job to help tho the worker at tho the desk as well as tho the bench to restore their buying power for the farmers products produces in fact turn the process of liquidation and deflation and start tho the country forward nil all along tile the line tills this program will affect favorably every man woman and child not a special class or ani any group one of its purposes pur posea it to start the flow of credit now Im by tear and uncertainty to in the detriment of every manutau manu man tac business man and former farmer to reestablish normal functioning Is the need of the hour |