Show TIIE THE PRESIDENT URGES confidence BEFORE the american bankers association so president hoover placed himself definitely on the side of 0 confidence in american business lie ile gave little comfort to those who have attacked him heretofore for taking nhat they called a pollyanna Polly annit attitude because he expressed aiss assurance urance that tile the nations economic structure possessed sufficient strength and resiliency to prevent tile present readjustment from becoming a major business disaster such as the country has known in the past says the christian science monitor A ackmon c lodging that national production and consumption have slowed down donn to 85 or 00 90 per cent or of normal mr bir hoover points out that tile income of 0 a large part of our people L Is not reduced by the depression hut but it ls Is affected by unnecessary fears and pessimism the result of 0 Is to slacken the lie consumption or of goods find and discourage enterprise recognizing thus that much of tile the difficulty is due not to lack ot of money but to disinclination inclination dig to use it I 1 I 1 the president shows how the bankers can help not alone by supplying freer credit but by supplying freer confidence tile the period of slackness lie ile told then them will be shortened largely to the degree that you feel fed can prudently by counsel slid and specific assistance instill into your clients from industry agriculture and commerce a feeling of assurance the president is not ref refusing to face facts lie Is merely asking that the facts tic te hopefully interpreted in so tar far as justified ile he has already taken the lead in fit a grent great national effort to set in motion the forces of recovery and stabilization by promoting vast governmental anti anil corporation construction programs to provide employment and in fry inducing em employers plovers to reel keep up wages mages lie has performed an inestimable in the present erne gency never before lias has the drop in a business busIne qs cycle been so well uell provided with shock absorbed ab rs 11 sir mr hoover is facing the facts and lie he etious that the necessity in ili any confidence Is one of 0 the primary facts in any economic equation lie ile knows that men will u ill move more quickly along the lines I 1 which will improve business it if they believe it can be improved and lie recognizes izes that just now partisanship is putting a premium on pessimism in in this connection lie he said there are a few folks in business busine gs and several folks in tile the political world who resent tile the notion that things will aill ever get better and who wish to enjoy our temporary misery certainly there x hilll in be general approval of 0 his refusal to encourage that sort of enjoyment there may be less general approval of 0 certain reasons the president cites for ills his confidence con lie he attributes present difficulties which lie he rightfully describes as florid wide mide very tery largely to over production of raw materials chiefly outside the united states yet tet among econ it Is today widely recognized that 0 overproduction Is usually merely another 10 nord rd for there may be some bonie raw materials the world could not consume in ili larger quantities if it possessed the money to buy them iut but that Is not generally the case whole nations fire arc existing today little above the starvation level and even een in relatively prosperous america there are millions of homes where consumption Is limit limited c d to the barest necessities some readjustment of our economic system which would give to such hordes of potential consumers a larger in the profits ot of production would provide a n reservoir of 0 buying which would I 1 absorb filce the amount or of raw materials today Is called overproduce cioll mr hoover believes bell cies we have largely solved the problem of 0 how to secure consumption to absorb increased production ile he says that solution hns been attained by sharing the savings in production costs betheen labor capital and the consumer through increase dwares and sahir salaries fes to the lie borker and decreased prices to tile the consumer the president clearly envisages the solution but many eco will disagree alth fill his belief hat fiat it lias has been so lar far adequately applied or lias has largely solved soiled the problem the present situation itself itsek indicates that a much inucci mole moie drastic application I 1 Is needed |