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PRESIDENT HOOVER AND THE OEPRffSSIOH
During the week of November 16, 1929 President Hoover called
a conference at the White House of prominent bankers, business men and
public utility executives, to make plane to save the country from the
effect of the stock market panic* This was immediately after the second
stock market spasm which drove prices down precipitately and created elann
all over the country* Those who participated in the conference weret
Andrew J. Mellon. Secretary of the Treasury
Robert P* Lagont* Secretary of Coolerce and former president of
the American Steel Foundries
C. Taylor. Chairman of the Financial Committee and dominating
facor in the United States Steel Corporation.
Walter C* Teagle. President of the Standard Oil Company of New
Jersey*
Matthew S. Sloan. President of the New lork Edison Company and
President of the National Electric Light Association*
Eugene G. Grace. President of the Bethlehem Steel Corporation
whose extraordinary bonuses and salaries running into millions taken without
the knowledge of stockholders or the public h^ve since attracted attention.
Alfred P* Sloan* Jr.* President of the General Motors Corporation
and one of the chief fttpportfOTf of the American Liberty League*
Piorre S* DuPont. Chairman of the DuPont Company which controls
General Motors* Mr. DuPont is one of tfoo chief financial supporters of the
American Liberty League*
Walter S* Giffprd* President of the American Telephone and Telegraph
Coopany*
Philip H* Gftdaden. President of the Chaaber of Commerce of Philadelphia, Vice-President of the United Gas Improvement Company and leader of
the public utility interest which conducted the fight against the Utility
Holding Company Bill*
l$Q8 ingeles, i'rmsidoat*
National Bank of Lop Angelesf ooe of President Hoover's rcast intimate
friends*
Chairman, Ckmeral Klectrtc Co» *ny.
. fcolley* President of the American B&dl&tor
Standard Sanitary Corporation*
* ?r«»id«nt of toe Ford fe*otor
J
L> Iwsaa\rJ4« Chairawua of S*&e* k Bovbuek*
E* J. KVLUC. President of the Oti« Steal Co&imxy9
ftilliaa Butterwort*u President^ Ch&tsber of CoaEerce of the
United State**
JuliLvfc H. Barnea. Chairsan of the bo^rci of the chamber of
Cownerce of t>it United States &od intiimt^ personal friend and business
associate of President Hoover*
A* %* Sh&w» Chicago, inticete persons! friend arid political
advisor of President Hoover*
0r« Juilug Kloiu. Assistant Seer^tary of
Honier l>« F»rguB> Preeideut* Newport News Shipbuilding
Also & few other Govtm^ent officials And busiriees
Immediately after the conference. President Hoover issued a
statement a&ytngt
"The developeent of coo^r&tive spirit Mnd
in the American business world w*« such that the business
of the country could *nd should asmuae resyoosibility for 11
the Kobilissation of the industrial etnd cornerci&l Agencies*
He further stated to the trass concerning the results of the
conferencet
•It was considered that the ebeorutlon of capital
on the atcx^c amrtse,^ had postponed much coaetruction and
that the flow of this capital back to Industry and
eosufteree vould now assist Tammmmd
-*-
It was the opinion that an indirect but very substantial
contribution could be made to the extension of credit for local building
purposes and for conduct of smaller businesses if the Brinks would freely
avail themselves of the rediscount privilege offered by the Federal Reserve Banks*
The meeting considered it was desirable that some definite
organisation should be established under a committee representing the
different industries and sections of the business community, which
would undertake to follow up the President1£ program in the different
industries*
Xt will b«? aot*4 froa the above quot* tiour- tht t ths ftmldi ^cd IfcMl
of industry ftnt banking all ngrctni th-f t the use tC ecpit&l and credit to
c^rry on «toek aarkrt ftpecul&tlon hud diverted ftotttdLal resource* trom industry,
eowMree And coD?t^uctlc»f the ejtt^irlon of credit for ioe*\i building ur area
and for conducting mmll buElnm f»
I t *111 *l*.o bf noted tfcftt & BKtton-td.de orgcnla&tleti gfrf fo
fofrc
frccr ••< \.
»t <mee to got ca^it&i i>fcci*i into Industry to rrovla*- for the oajtonai-jn af
for
und for th« ec&duct of
A comadtt«« r&prmuwntin* U»e rfifferwit ina\ij-trl*f,
this pli»«
to etrry
to be
oi
of r4ln« to
econonie
th* >hit« Home It
situation and
Tho _
•O I t we* egrood that the
a g<«u*rtl aonfer-jact ol butinoog ssen to
would bo &ak«d to appoint &Q oxjcutlv*
to
of the
She iitaMlloK i*n<i
>«bich wcuXi mrvm in
r. conference Ml h*Xd ix Ifogiiin^t&n on Dectaibt^r 5> 19*9 Mrf 0pOMi ty
tbe Pre«lvi«-nt» I t *K» ett«n>'ied by r>bout fourfturi.ir»dburin M M«E& *ho h&4 b««fi
iaritwi fr«i «H ov^r t&4 country ^»d a long c«rle& of optiadftlc reports W.J to
the #ff«ct thrt the* butinA^e 01 Z&L country urns Jxmdr«ont*lly 9Otmd9 th»Ht ther«
w»n no fntrpluc rtoefc* on hi:nif thit th& railrotd&p utiliti^.? :md othtre
to ep«od l«rj:« t\ni« of sonny ^na th: t «T»rything «&o «di right* ?7#tid«ot Boor»r
delivered the opening
body r«pr«#«fitf th« !n<iu#trist» of th^ United St* t- ;••
Zou h*Te b#«n in-rit*d to crefctft « taipor^ry TjMilli ion lor the
of pyetfcmsticfelly vpreAUiAg into Industry t i & wftoie th©
.lc;i h*Vf bfern t- ktn by gooc or aur leading indSufttrieE J&
thv #ffeet or UK
sad
6fter th« bre-ak by *om& rtviut-tlon in th* dee^nd for luxuri
necorrltloe fron tho»c KOO act with loce»-;. But tft# lnrgc i l f
court©, would9 by feeding -cm i&*mF*lw*r9
American alnd i& ;rcMae to rrvert to r viaus occ£.Alr4ia
•uch Ions ab'l« to orge*ni»o to «««t tuch it
<»r# polc^ntif.l difil—X%iog vdileh tMMi b# cured
If ^# could do i>o9 th» acrtiet doscrii/tion of th«
ttabliitgr of -TUT T#f»t organ!ax of proctaetlon *ii- distribution, t<*Achtd >ith the tight of the future of the dbit«d Tt> t* •»
*ould cura i t Inetnntrly • T^e. Cfttre X'or «uci^ gtom^ iffor ttB<»ploy»€»t its to find jobs,•
*«itii
Pr#eld«tit
th# banking r itu? tlon t ti»&t
d«r«l fUronre- ^rnt«^ ^nMM
?ould not r<Mtec« vafot Hu^ that
cttbility of
-5voluntary organisation industry should extend construction <md other work. Continuing
he
• I t i e to a&fc* tide aorrjufit flyptoaatlc i s a l l br. ache? of
the industrial world th&t M are h*«rt* — Ufe.t is- this t&4$k. 2 biUciK
that «ith the greet back logr fid oh tfft «JLrs>* dy &fe??ur©a by th«; *ubllt
s e n d e e institutions *n<i the gov*-rziiMsatal rorke you w i l l b& tfcfei t o
build up the eoBrinaetior* and a&lnt--:n«ne« ^c&lvltle* for 1930 to &
higher l r v e l th&zi tbur-.t oi* 19*9* «ia ti^:t i s %hat *e require,
"Another of the gr*t»t balaaee A i t l i of ft. b i l l t y i« «or
foreign tr»<4«« But in etlauletlng our <ne;?orts *f ibould b« a»:inly
interftfted in dev^loisait >-ork &bre^d buch cut rond«« fend u t i l i t i e s ,
which lnere«i«e t!» et?«ndf-rd« of living al' people £&d th\is tat incr*ua»d
desi&nd for good* fro© every nation, *or v* gtin in prosmrlty by *
proeperousi worlu, not bj dlffpl&cing otbt .
11
All of these effortc haft gn© ffiii —*- to
and to XfRBOYc? th* fear of
coneludedt
*Xou r p r t r « t the bueinore of the United Stetfiftf imdertaking through y<Mr o%m vQluntary fectlcm ta eootribut' KOB«thing very
definite to the &dthacea<mt of etfebility «»ud jjro^re.M^ i c our economic
l i f e •** Aad t h i s i s not dictation or Interference by the government
i?ith bitsineee* I t is. & r€-^#rt fro» the Go^-rea«nt that you en
In prudcrt Mueurt. e to &olvt « n^tiorul problsa **;-* Beyond tni« f a
grc«t rc6i»on»lbiltty for st&bllit> .iid /ro#oerf ty r^sts Kith the
people,•
I t * i l l b€ noted th«*t i t fc«e ^ro otfd thftt iht bustiacpii intr.-rf>ttc of
country vere to be orgi*ni^ed lsModi&tcljr on • netion-«cide b<Aaie to cooi^n te >lth tfte
&22££B&SBik 1» ov<»roo«in^ th% e f f e c t s of t«he ^tock oarket panic «*nd r.TeYontin, une«pioya<ftit» A resolution *&r* introtiucfrid «-jid pes^^ed providing) in feccor-^ nee nlth the
plane of the Vidt^ House Coof&rfc&ce, for th* ap^ointa*nt of e co^asdttee to c^rry forward this v.-ork. The reeolublon ep^ciflceXly ct< t»a tjsut Julius S« S*.ra4fi( iiitlaiatc
tttd ^er^onal .friend hnd former burin*- fs «c«oclat« of the fTc^ldcsit# ohuuld naas the
i
tfoct j*r«yl,tieflt« Chi Uier adjaiirn»»-nt
g
cxi tht? following eo«ixtiitt«H«$
Slbari U. Carp<mt^rf Berxy Ch£&dl^r9 Charles Chancy, £tut\rt •« Crejier,
Fieorre 6* du?ont# KeJLt&r S. Gifford, Coma^liuc f# Kelley 9 Thcxtt* •
Lfcaont* John G« Lonedi U , George Eor&ee Lorlr»«r, Alv v, Mfccaulcy, Leids
£• Pler^on, Henry £• Robinj»cxi9 Peul fhou:, Jt*-p Simpmm, f i l a r H»
£tr*«o t l^rron C» Teylor, *xltt r C« Toegle f David *3dtcoab, Cl«r^tice f(«
l o o l l e y t»na. Owm Dm t
A *cetln£ of thi^ cospiitte* AAS held In ^&hin/'Cac9 J&nut ry *3 f 1930 for the
purpoee, *f announced by fe U i l l e t i n i«^u<c! on JamiM? 18, •of a^.ralrlne c*refuliy
the condition of bualnc-0« i i i t nsnttered 193O# dot^rnlriin«; trade *m& in<tu«trial situation is requiring further e p e d a l Att«ntion 9 ana fonttil&t.ln# cmarsae of action to deal
with such
The Betting via attended bpt •§*•?•« 0utt**r*Qrtfcf r;r<^nt«r f
Cheney, Cramer, duPont, Gifforu, Kalley, Tho«*i£> R« I*eaotit, Secretary of
Robert P# Laaont, Loned*le» Lorla^r, t*i€reon9 Shaup, !«ylor 9 Teagla 9
Oven D. loung.
A at*tenant w*e lamed fey the Mmmitt&c fvjfttr the meeting th»*t the "figurae
for industry e a s i n g the eVitua of production uid eoD«u»ptlon up to
4 l l encouraging* end thfct *tb# current situation I s f&vor* ule*. I t «M also
that the coswitte* g»*» I t s a/ppr©v*l of ...Tibbie ^ »4 ublic eons-tructlon 9 Wpt&r**
b*tt«ment« # • t c « 9 fiction "by busi&e*r. men to t/ronot«> th& pl&eirc or oiKierc-9 continued
•Mhaage of infonMKtioo aaong busia^f; aon concerning coureer of ^ctloa wtm tabulation of reports on the condition**
60 fur nn any inforar-ti'.* wag given out or was Inter *&de m b l l c 9
executive coajsaitte*j which w^« t o adirl^fe with the Pr«*idcjnt and work ^ith Mm held no
idth hia end th^r«5 wt* no Action oa hia part to further c * n y f o r t r d
of the butineef of the country to dm I ?;Ith th«; ,«»ituition* Thlir
atending his aacertion but & KM veeica before, on Dcet-mc^r 5P thet *yhe curg^ ^or : ueh
atoyjfa ^a action* and hie. nmiouncoa«at fron the- Wiite- Rou^^ en Kovt^nb^r 16 th«t &
a c m i t t e * of this ?ort »*xe to i>* •at^bllahed to c- rry for*#.r(j vigorouf; atfli to combat
the pitufction which bt-?i dfcvcioped A«d which ^-•: t ccoxMing to hi? atAt»«r»t of
D»e««ber 5 before the Confer*>nc«! t o "qoo^erfctc ^Itufch^j^ovc-rpia^it in prndant sie*
to aolv# & n«ttion«l problem* 4
So t*v ft© the bualnbi^c inters-eta of the country w r e lnioits-.d or wsy further
informction WAS a&de public 9 thir axecvtlTe coemittce with »hlch the Pr^f-idant w&a go*
ing to work to fi^ht p«nlc v de^ret-isicfi end UIK^I loya^nt, pcy* r af tr ffl*jj|r In©tc»cdf a
aeriee of reports en buaine^s condition* were letsuod from ^siontii to eonth u n t i l
of 1931 «heu they
they began t i t h optimistic (Aig^«i^tlona9 but by M&rch 1930 i t w*$ nece&e&ry
to report "that the %o%t,l? of export tr&da in the f i r e t two sontha of 19J> showed a
noticeable f e l l i n g off froa valuer In the f i r s t two aonths of lmat yeuri & oonaiderebla
portion of the dacro^ee9 ho«ergr 9 i» to be found in cotton and gre*in$9 »a to which
the conditions t*rc c e l l Uior**n» Declines in totfcl* of «x^)erta v^re feisaoct e<;ufell«d
by Jsclinee in t o t a l s of
In reriaving develOiJtentg up to th&c t i e 9 i t BM in Murch rt;iortc^ thi t
•the r«;*orta froa the vurloue i&duetri«& indict t« thfot the lauortiance IfclU u >on conjftruction aa an inf iusne© In reatoring ludurtrlnl bnli^nce h^e not b&m
Th@y siios? tiifct for & revival of conrtrufitian In t i g B^nUTold form* & f l r « t
1© adequate «ad rentonably priced credit*"
(ROTE) The above i e of lnt^r s t in view of UMP
aubaaqu€snt un«lllinenHc>» to una«rt*ke ccmpr^Uenalve i^Ablic «ork and
i t a f a i l u r e for nearly thr^a y«^ra to do finything toward prrritMf
for th# financing of building*
Th# report* eontinuad ^te^sdlly ts©r*#* fr<a wemth to acmth
Mot one of thaa reoortea any factf sr xirureg cancern
ih«» frwj?id«nt of the Unit* d St&too took no .further vigorous
t o aa# th*t the bualn^sa of the m t i , n w&a oreiml^d to coab^t i
and uneaployaent*
She prop*f«iKi»
p
w«e Merely i&Io ^
at the beginning hel
the stock Murkrt up in the
coral t i t l Tor
p
to
«hicb w*s «*et up to «*$fmr& th« courtly th&t s l l
to f&ds out of *2:l*t«nce« It? ro$«?~colorf*; *#•
d, of courte 9 to crette tht ?entia«nt which ut
of 1930» fcBft the President
I I r-.. ; Ji-u'.iblo 144
|
l
the org&nlcad *ork tb^t wte nec«$**%ry to ;>roduee re;ult£»
During the w*r tinder the Couneil a/ fil«-Mon«l i&f€»&& (s»d
gov«nuMnt) tvery induntry in the count ry9 U-rgc and MUI11 9 «M com ict^ly
to eoop«rbte with th«- gortrTuwfit in production ^sid In ft-rryi&t. rorw&r4 K«» M N V H «
The work of th^&o hun4r»de of coraltte*9 in *very industry ^na every c i t y istf
ill the option wee ceotr* i i t c d in the Council of K* tlo&xl Der«n«e and the ^w
IndtiPtries Bo*rd in H«phin^torif raid thf orgfenis*.ti^i thu^ t t i up n&g koat
j^oing to attain Mr objeetiv§'£-;. I t ***• j u t t ruch an arK«.nl4«.tioB *a> thlp 9
and ;**«hcd without l e t u;> by the^ov^rnacnt lt««Xf 9 vhleh wu* called for in
f u l l of 1%*)*
y
lin«f.- th* t f.o»t of the twutineei: aan who
It
to %t-sxdn/ton for ih«* oosfe-rr-seft oi D«c«-«b«r 5» X929 aaint^iiiod should be
»*t up i/M»di.-'tftly« Zn8t^o.d9 thr conception of Preifident ^oov<..r Mi that * handful
of ouptain* of induftry orl^in^lly in untied to e : v l w , 1th hia hut ntYer id>
* publicity ^regrf« wer« sufficient to acet the =itufetlon«
As & r<rrult of the t o i l i
the nhole hutiiaeet ^itu&tlcei wik«
to
coa reiu»siv;Xy eloeg
to drift mA the futile
flrat
out*
In the goring of 1932* at the ia8ti4ic» of rose ejf the bunUie^* «cn in Mow York,
* eoaaitto* w^e foraoci for the J»#^ York fmimrol R*e«rv^ d i s t r i c t to ce« what e;>uld
bm done to improve the credit citu. lion by 4 roa^tinf M V ejctwtfiv* u#e of
in oth&r directiori** I t wc« fu^t^ted to Mr* Hoover tii.,! riail^r eoianitte#«
b«- foTB«4 in the ot&tr Reserve didtrlctr &nd he ianoiiit. tt l y gnw?r#d &t till*
Rd I t ««< announcod with A rrott hlar«» of trimp^tEi in July lmft thi I the
Another grt«.t constructive
Running true to ions, he calle-i «notu-r ^n runoe. 0r» Au,u:t 14
glv«n out in which tb* ?r«ffld«iit c-«id9 "1 hwrt c«.ll«d • n&tion*l
for *U4rust 26 of th*: bu#in* &t *~nd in^iuc triAl eoaialttecji of the twelve
ill s t r i c t r for Uifc :,iur>--o< ^ of or^unlain*£ e conc^rt^4 ^pogr >% of
project.*- «h»r€ itflB&ii i.ccoa:-M?hMSts i?> lNMtiUMM§ agriculture and
em be »ttain«d 9 *nJ ?dli cooruinAt* the nobllizftticm of
lnttruaiiqatsllti©f to th*t end.
I ennoimci-'d ih*.t ,:;rollaln< rj conT»rst;ti a t N f l ij\ p
•CJn
h«*de of the g o v e n a m t im$~ni»entsliii©t »ad prlT&t^ groups in
Republi
and indurtry AS to t;uch » pvejfltttp ieji ihr t at a lat«r tiae I i^uld
of & canf#rinc<» ?®r « ^or^ d»finlt« itveXftpejeBt of tb«»-e id«';g» Tht &r*«;-« of
«ind definite,- action h&ir« b^en furtb*r fex.^iored b> infonuil j j i i a clone b e f
»
of T rioue group** -iftd ia<iuctri»e
t
-
„
r- »ro^«Rtin^ tbm f*dmnl Rt.**rr*:. dlttrlati
aon© »<«&£ sgo, Z have u&k*& th* cbulrmm oi UM I e.*88ltt«?e*sf tog«tu V
*ith the gov^mstsnt otiftotalf s«nt • *it# t o a#-t irs ' w.'ftin uon ox* dt^ btior: tk«?
for the ur ©: e of pfftllBiBftSy preparation of th? ;ro;,r.ia of th*? or
&•*».fcT«thifi attt^swrnt of f^f^ L lui> ^,93;' with his rtettatate oi' th# ff
;»ur--o.->• 5J« tb** ;>hit« Hou^e tli UMBl of ^cmab> r 1 9 ^ ariJ Mic cor.* {*?*&£* 11 ;
>: ^ceafbf.r 5* I ^ S * (i^or i-tknxui VXh t^mo\mc»»€nt i5«© Set. lark Tfcots, Auust 1
3
5)
Th« aecon<l conf*T^iicet m^rly three y*»r3 oftof1 the f i n i
u»«tabled or; August 26th an<l appointed tftyVlr* : or^.-^i^tiyti e<.^aBitt#e to "coo: cx**W
with th*' cofi»^.itte*« 0fffaaj4>o4 1» the F*4er-.l M , ^ W : dirt'ict^". Th*i-« coaaitt«o»
included practieaiHy ev* xy ^lao oo *hc fir&t conaitte« appointed V Cheimaii Bfcns; f
Pr@---i4tsnttf airtctioB in Deooibar 1>- ?• 2b* cieira«in of the n«w
oosadttft€ KMI Henry M« Koblntfon of Lor A£t;*les9 OBOtlMf1 ;^rffonal friend
a of 1 9 3 *
I t tt^.ac i t * fir.«t NftVt DRly Ifeet »Ml^lteAicef.iiiy> October 3Othf
reported .jxro^r^it r i n fccelating ^iiitrc-ggv/d aortgagcf^l "i« lo«^tirig Into
of i5a&ll bu.ir.orc«i£% *»in 1 '• c-v.t*nainf of ec.lt;»l ©
end ix^ c.rrj'in^ on "JP such I
asoimt df highly
ati&l c^n
*
I t also ripoViod t h ! t the Kork ecwa&itt^fi *i* K<*& JTur.ctlcning OB & nation**!
I t t4iod thr^t "th* awrtcase situt-«ioB 9 both urb&r*fe*utf*t.r»f h^n be«n
I t dcclarrd thut •rith the f*ot fiading ,i»ae of itr i«ork
y
eoapl«rttf i t appeers tfeat fc rcl&tiv€ly —nil pvrcantftg* report pofefioni credit
ii; acuities.*
All of ti.iCf i t i*lll he ob««nrtdf It the M M thing a i l ov»^r
after di interval of thr^e jcrre*
I t Is work Uw*t i f n*c«p8«-.ry ^nd f I t i h l i but i t v*ouli b >holly
to begin a l l ov^r agein i f th# ?r«^id«it oi tht United St&teo
not ffcttoi utterly in soy oiOQJOAiO effort to organic* t.n<i Ke*t th*?
d in tfco f a l l of LfQf«
or Qrtobt-r ?.nh r^**5"1 m
ovi>r 1t;
thm
««c*>nd confffr^nea ff»« »«»* Xork
W S EKSKJISXBXLin IDE TBS GP
the sl&i& of Prasktait Hoover &»4 aeeratary SEill*. tfefct thmir o«n
%«nt of govanuMiit Is* not rtspooelbl* for «hst ha* hlppMti t c tha
eoantr/, tut on tb« oth&r hand tbrt i t l i the wiekae foreigner »h© i s to
hl*m«9 in M
Th© u&so «llfci m a put famvl If th# Republican s&slnlrfcr&tion »i
cjifficuiti&e of 19*0 «*nd 19*1 oeeurrml* fh# Pr««id»Qt90 Canf*r#iio© 0*2
of «hieh H^rb^rt iMfv-r mis ehatlnMtrs, opfln«d in Sffc«hi»gton oa
Mkf If 1* ?r@gldw*t Harding in hia *eit^r«»» tptt
in no wia« ?>*&iLikr to th-s tfejtt??d SiKt*9«
which wr- ?,r« faalia
laheritaac^
•
p which i^0
0 if;d'4^t rial
h<3Ut |!i«
ia«Ma
ifpr\d,p
nof.» on
published SprtflHMMt Ms%i«i Office V?"l)
Pr»sid«tit Jifilag w«nt aa to say that "'wito th« world lmrolT«ii
I s no tt^eftrm for any of th# ^orld froa the VttXlifl ^»^ d«pr«*fcsi3>af* ar;& h#
tstfct there MM ao hof>® «ixefi:"»t t o go ttr<mgh Itryd'ittlon, cl«.fiationf *tc«
taking'account ^f tfelafl i t a # | ftad tiui .**ob«r o-jnta«spl«tion of things to
f
bt ftMtj *
^@ riftdiaf of ftr* grc»ua~ wwi ih« 0|>#Bj» ^yuntjj and ani^ rd.
wiy—-. 11 IfctM are | r>trt of the ia«vitf.bX«9 esJ h« ^?ho ihinki tK-©y
alisht h^va b*j*m AToi..tri by thin plan or t h a t , or t h i s poliov or th&t9
of thi» isMtflfttlMMl r©irtioneJii7 or th#«t# only lH(p & dtluaion
M l i a««ik?a .for a sa.ff»
OTpiimitli »*» t h s t tfa® world wt»« to bie«« 9
tb&t w# could d«> notbia^ to avoid i t f thfct I t >e« fata 9 and w r pttpiit »uat tak«
th# eooaac;jaoe*s9 h# *t.l»o follo«#<i tb« iai^# OOUT^MI vhlob 'mov&r pursuai wh©n h«
hie V&ahingtoa ooarnrqne* ta* Dac«ab#r 9 9 Lfi ^ 9 Hrf assured th« nation in
tb# ea'&a words which So-over mployihj th&t
d
*
l
hr.ve bstlAai th« M#rief. tf te-cln/ -un thu ftmdatssntnle of
industrial* rnd polities 1 Ufa which 3HM3» U^ whst «r® .Rr«, sad
tb.# t«a.'ia r«*fitlr«» ao raa&jcla£ :.c?w# f# are incoutettabl^ aounUa ^#
ar« eoiiatituti^iiillj strong*
re amrmlf ^•pVWMMd after the
(S
7| h« o r t P
)
of Co«a«re«) on th«» Muffio d ^ a t th«
g also lii»lst*4 that i t *m» tb© vorld *a.r whlrh vaa to t&aae In If8
Ha aaldi
aur «n«stploya®nt &ri^«c fro-s the ftflfVMti of the
%rid *ar»* {
MUt)
-10-
on to d#eJUre*
^tierfe i s no ecffifiosaift f a i l u r e go t«yribi» ifl itft lr>jort ,|tg
nutterr A yjxliflg ^ d «mKJon^ tft y,^,rs.iff ^ye :i.egriv^d j ,
E
•What our p<K»pl« wish i s th» op W t a d t ^ to tarn thoir 1,1*iiy
ad, fena s.,;reLy lis 0 oowlry mitt U P wir«L5use» buratlA^ *itb
of ClwA| or elot-hiag, *i% i t s aini»« ea^-- t l * of ia<i#rinit#
i>ro<5«ction df fuel, with 3nffici#nt iMHdag for eoafsrt sa4 h«filth,
th# int«lli^9ocw to n»d aolutlan. filhaut i t a^
i s otioti to *«-.rlotia ebitrges of fallar#«* (Sum p^g1® i'9)
la lh#fcfeofvcMr» Hoover d«findd «x»atlv th« f&iiur© for vrhit^x he «ad hie
MM r»tf;>or.«ibl0t latf t h i s lr» the f&e# of t^e iav«?tl&?.tl-xui ^a*l
fc« Conf»r<mc* of which im.ff ehairtMQi l a 19ri» Th« ntfft«mwa%« froa
end Bot^r^r cuoisc eVo»v« w#re f*iit<mk! ejg ^a iatrcKl aetiow to th« rupori
n«tplojf»ent csaferesco, «-sd to *»£ifc*?*i»# tb»« tiMty w*m tdaeiKi in a box
dt the be&iiuJL&g •€ tho r®,xirl« I t ^«# t h i s flscwi r e p o r t , hgr tfco »«/ , (««• r>^ge
159) which H ^ M i i ^ c l th^.t i t »as ^o«teibX» ta ;nr*v«nt ttoa vi*">l<me# of b'v
eriit»s« I t eoidt
p in t h i s dirscti^r* has rs#uLt«d frrwi *» wi
drawn ftas ptrt •afc*ri^ne#« Th# or^ntioa of th«
f:*»#mwi »yt<tfl« i# * tnotabl* *»juu»:>i# ?>f American *cJr:i«v«a«ct
finii$« Ttet a*»&uur« nrrmt«d t h t e r i s i s &? 1% 3 freae ^ojge
into psaie* Hfviu^ dovis«d & a^thod i£ s i t i g n t i n g %'m stwirity if
eri*«$, w# MB irith .^o^j ,proi«j^et® of siaee#8B tun* our
^ffort^ to tii* furtluir or^Haa of
(See page 159)
Thi* *es tfe« fouDdatlM of the furt»a«r «tudi#s of
%
Chang** which folloiMK!! th« un«a?Xoj»flot eoiifer*mee of 1999« T!i* ehft,Ira«*» of
that Ctnmitttto on £e-;^>mle Ch&sgta V&II Herbert Snorer*
bo record »aow« t h n t , aXthc»ti|^K foXIj informed, msd LatiatWl;/ la
with the work avttr a »»ri«# of jwkT* before tb® Ptoek aerkc^t o r g / , he
to do ©&« «iaile thing felosg the ila*^ of the «e.raing« given l^r hi
or e>* * r e s u l t of
@FedFRASER