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$e favor reduction i f Federal expenditures* belftftdSI i f the budget, and r e t i r e a e i i t iff t h e •fctteMhl debt s^s rapidly u | | w&>,i@ possible by continuation of the improvement in baeiaetse f and the fcttau&l national incomfiv -shlch U already MPt than tw b i l l i o n s of d o l l a r s greater UHM la 1931*. Th® l a s t Etpublle&n M a i n l y t r a t l a a mad« « tragic f&lXure o^ l t » a t t e a p t e to balance UHI Iniiiget because of fftllure to «dopt effoctlve MMMPii t o atop the ruttoun deflation which r e s u l t e d l a & shrinkage of the tt&ticoal Incone by %®r& then oae^islf f thus d iap the source t f PiiMMi aeceaaairy t o bal&ace ih& budget* By U M constructive ?mmm?m through which tbe ^ i r t n t t l l hu« revived business tttft&fitpj supplied restored the incomes and buying-pover of wm people» I t b&& established tiie onXj souM aod stir© m®ans hf which the buiigdt tea be brought Into b&lftno'e • • ! debt redaoed* Absusdonaent ©f these polio lea- of fuarJ&flMmt&l r e s t o r a t i o n wribft jeop&rdise the recovery evidea-ced in csverj pJw->s# of the n a t i o n ' s l l f e « BASKZXG AID C08WS8GT fc'e Indorse the MMMiwy policiee by which the Adninlsitr^tios aade the d o l l a r the soundest jssmey l a the world today, c r e d i t war* never more Th# We pledge coatinaa&ce of policies th&t m&m for an hoaest providing Justice alik© for debtor and creditor, toad an •qult&bX* lationshlp between prices of agricultural and Industrial prodiietiu f• approv© <eontinu&fice of the discretionary power Tested la Executive to &$£&&& the iollw* Is the Interaatloo&l markets so lo®g as the Interests of Aaerie&n producers and w<»*ker8 can be put la peril bf excessive depr«clatiou of forelga ei»T6fieie8» It 1® easeatl&l that th« United States be par«|Hir©d to act p&mptlj and •£ftetlvaly to meet whatever eoatingeacles may arise In the international aKmetiiy »4,tuatiott» f• favor st&bllisatlcni of woriiS curreaeles tiader cosdltloa^ whleh will protect the interests of Anerlo»a *griculttire? Industry and tr»%d«f and paroaota the Interaatlmal excJ3i®3flg© of goodg aad aarvi««s« f # oppose a return to thai tr^rpe of gold atasd&rd whtcli vo-old again mke Aserlean agriculture and iadugtry helpless ag&lnst a ^cxrld-wlde fall la prices* put the Aaerleaa dollar &t a competitive diBadv^atage with depreciated WVIfltfcN abroadf or #xpote the satloti1® r»»erv«« to raids fur the benefit of private hoarders aad International speculatora» Such a course would invite a r^ourrence of mtionul disaster such Ml we experienced uwder the forsmr gold standard that has broken do»a throughout the world* Wm oppose any resort to the printing pre@©ee# We pledge comUkiaed adherence to the policies by vhiohth* Desocr&ti« Administration rescued the b»xUclng and ourreacy system from the worst collapse ia all history e&ci restored that system to greater strength and stability than m a r before, Ve indorse the policies by which banker control orer the atones eyat^a hsis bees replaced by control through a public body representing the public internet, F«ar the first tiase in our history deposits of the great sans of oar oitisem h&¥@ b@eu ns4e aecare &gala«t loss* We pledge a eoutinuaace of coordinated monetary a M fiscal policies that will &void the twin evils of iafl^tion and deflation and thas proaote the orderly economic progress essential to enduing prosperity.
@FedFRASER