Full text of Marriner S. Eccles Papers : Outline of Speech, Box 74, Folder 10, Item 1

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I.

Introductory remarks

II.

Reference to Columbus Speech stressing need of compensatory
action if capitalism is to be saved.

III.

Capitalism can only be defended and saved if it produces re­
sults. It is on trial.

IV.

How can recovery be achieved?
A.

Laissez faire arguments - answered.
1. Need of more liquidation.
2. Reduce wages.
S. No legislation inimical to profits
and no interference with business.
4. Business will revive if left alone.
a.
b.

5.
B.

2.

V.

Example of England.

My own diagnosis of how spending is held up.
1.

C.

It has in the past.
Need far replacement and
repairs finally bring
recovery.

Not lack of confidence but in industry—
the existence of unutilized capacity,
and in building— the gape between rents
and costs.
Dispose of gold standard and unbalanced
budget arguments.

Pump priming theory— dispose of fear of inflation.

How can prosperity, once achieved, be maintained?
(Three point program— concentration upon taxation.)

VI.

Summary and conclusion.