Decatur Daily Democrat, Volume 27, Number 286, Decatur, Adams County, 3 December 1929 — Page 6

PAGE SIX

ANNUAL MESSAGE URGES HARMONY FOR NEW SESSION (CONTINVRD FRUW Ftr.K OKBI conditions growTng~ out of the expansion of chain bunking. It. Reorganisation of the Federal Radio Commission ae a permanent agency of the government. 10. —A beginning on reorganization of the government departments, including concentration of the prohibition enforcement machinery in the department of justice. Coupled with his specific recommendation for invigorating the federal prohibition enforcement machinery, the president again pointed to the nation’s need for better law observance generally. “1 have been gratified at the awakening sense of this responsibility in our citizens during the past fewmonths. the chief executive said, “and gratified that many instances have occurred which refute the cynicism which has asserted that our system could not convict those who had defield the law and possessed the means to resist its execution. These things reveal a moral awakening both In the people and in officials which lies at . the very foundation of the rule of law." “Our laws are made by the people , themselves; theirs is the right to ( work for their repeal; but until re- , pealed it is an equal duty to observe them and demand their enforcement. t "We can no longer gloss over the ; unpleasant reality which should be made vita] in the consciousness of j every citizen that he who condones or traffics with crime, who is indifferent to it and to the punishment of j the criminal, or to the lax perform- ( ance of official duty, is himself the < most effective agency for the break- . down of society.” t Prohibition received more space in s the message than any other topic. t "We are not only at peace with all ( the world, but the foundations for | future p ire being substantially ; strengths d. the president declared . in summarizing out international re- , lations. The Kellogg-Briand pact has ] raised a “great moral standard” un- < der which “a new world outlook” has , been inaugurated. 1 Emphasizing that the senate reservations of 1026 had been realized < through the Hirst-Root agreement, , the president declared he would sub- , mit the world court protocol with a ; special message “at some time w-hen ■ it is convenient to deal with it.” < “Our adherence to the international , court is, as now constituted, not the j slightest step toward entry into the i league of nations,” he said.

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Appointment of a special commission to study conditions in Haiti is suggested as a step, toward “some more definite policy than at present.’’ In China and Nfcaraugtia, the only other foreign countries In which the United States Marines are on duty, the president hopes to reduce the forces as rapidly as possible. “In a large sense," he declared in listing the foreign detachments, "we do not wish to be represented abroad in such manner." To further improve relations with South America the administration program looks to strengthening of our diplomatic representation in that region. '.‘lt is my hope to secure men long experienced in our diplomatic service, who speak the languages of the people to whom they are accredited.” several nominations of this calibre soon will be sent to the senate. Again pointing out that the United States budget for purely military purposes "is in excess of those of the most highly militarized nations of the world," the message recommended consideration by congress of a program to curb the "continuously mounting outlay. "To preserve internal order and freedom from enroachment Is the first purpose of government,” the chief executive declared. “Our army and navy as at present constituted are ample for this purpose." Our combined military expenditures for 1914 were $267,000,000. against $730,000.000 anticipated for the current fiscal j ear. A summary of the message on-other major problems follows: Government Finance The finances of the government are in sound condition. The public debt on June 30, this year, stood at $16,000.000,000, compared the maximum in August, 1919, of $26,596,000,000. In the budget to be submitted the total appropriations recommended for the fiscal year 1931 are $3,830,445,231, as compared to $3,976,141,651 for the present fiscal year. We cannot fail to recognize the obligations of the government in support of the public welfare but we must coincidentally bear in mind the burden of taxes and strive to find relief through some tax reduction. Every dollar so returned fertilizes the soil of prosperity. “I recommend that the normal income tax rates applicable to the incomes of individuals for the calendar year 1929, be reduced from 5, 3. and I>4 per cent, to 4. 2. and % per cent, and that the tax on the income of corporations for the calendar 1929 be reduced from 12 to 11 per cent. It is. estimated that this will result in a reduction of $160.000.(MKI in income 1 taxes to be collected during the cal-

DECATUR DAILY DEMOCRAT TUESDAY, DECEMBER 3, 1929.

endar year 1930. Foreign Debts “The only indebtedness of foreign governments to the I'nlted States now unsettled Is that of Russia and Armenia. The total amount of Indebtedness of various countries to the United States now funded Is $11,579,465,885. The payments of the various governments to us on account of principle and interest for 1930 are estimated at a total of about $239,000,000. The measure of American compromise in these settlements may be appreciated from the fact that our taxpayers bre called upon to find annually about $475,000,000 in interests and in addition to redeem the principal of sums borrowed by the United States government for these purposes. > General Economic Situation The country has enjoyed a large degree of prosperity and sound progress during the past year with a steady improvement in the methods of production and distribution and consequent advancement in standards of living. The long upward trend of fundamental progress, however, gave a rise of over-optimism as to profits, which translated itself a wave of uncontrolled speculation in securities, resulting in the diversion of capital from business to the stock market and the inevitable crash. The natural consequences have been a reduction in the consumption of luxuries and semi-necessities by those who have met with losses, and a number of persons thrown temporarily offt of employment. Prices of agricultural products dealt in upon the great markets have been affected in sympathy I the stock crash. Fortunately, the Federal Reserve system had taken measures to strengthen the position against the day when speculation would break, which together with the strong position of the bank has carried the whole credit system through the crisis without impairment. The capacity which has been hitherto absorbed in stock market loans fori speculative purposes is now returning] to the normal channels of business. There has been no inflation in the prices of commodities; there has been no undue accumulation of goods, and foreign trade has expanded to a ( magnitude which exerts a steadying influence upon activity in industry and employment.

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Agricultural The agricultural situation is improving. Tile gross farm Income as estimated by the Department of Argiculture for the crop season 1926-27 was $12,100.0(10,0(10; for 1927-28 it was $12,300,000,000; for 1928-29 it was $12.500,ooo,00<>; and estimated on the basis of prices since the last harvest, the value of the 1929-30 crop would be over $12,650,000,000. The slight decline in general commodity prices during the past few years naturally assists the farmers’ buying power. The number of farmer bankruptcies is very materially decreased below previous years. The decline in land values now seems to be arretted and rate of movement from the farm to the city has been reduced. Respon- ’ slide farm leaders have declared that a large measure of confidence is returning to agriculture and that a] feeling of optimism prevades that in-j dustry. 'Tariff The tariff section of the message was almost entirely a transcript of the recommendations sent to the special session of congress on April 15, in which the president advocated a revision limited to those industrial commodities affected by changed economic conditions abroad since the enactment of the Fordney-M('Cumber ' bill. "No condition has arisen in my 1 view to change these principles stated at the opening of the special session. 1 am firmly of the opinion that their application to the pending revision kill give the country the kind of a tariff law it both needs and wants,’’ Mr. Hoover said. The flexible provisions pf the existing law. modified by the senate in the special session, should be restored to return the rate revision power to the president.

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Railways As a whole, the railroads never were in such good pnysical and financial condition, and the country has never been so well served by them. The greatest volume of freight traffic ever tendered is being carried at a speed never before attained and with satisfaction to the shippers. Efficiencies and new methods have resulted in reduction in the cost of providing freight transportation, and freight rates show a continuous descending line from the level enforced by the World War. “We have, however, not yet assured for the future that adequate system of transportation through consolidations which was the objective of the congress in the transportation act. Legislation to simplify and expedite consolidation methods and better to protect public interest j should be enacted. Electric Power Regulation The president urged reorganization of the Federal Power Commission to relieve the three cabinet officers who - now comprise the body of the extra duties involved, and the establishment of a permanent expert commission. “It is also desirable," he said, “that the authority of the commission should be extended to certain phases . of power regulation." "1 do not favor the operation by the government of either power or manufacturing business except as an unavoidable by-prodpet of some other major public purpose."

666 is a Prescription for Colds, Grippe, Flu, Dengue, Bilious Fever and Malaria. It is the most speedy remedy known.

Conservation ’ "Conservation of our oil and gas re- - sources against future needs a nationi al necessity." Departmental Reorganization This subject has been under consideration for over 20 years, it was , promised by both political parties in the recent campaign. I With this background of all pre- , vlous experience I can see no hope for the development of a sound reor-

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ganlzatlon of the governn, JT," congress be willing tn ~,, lnle *« authority over the problem to defined Principles) to th tlve, who should act upon a joint committee of <o Val n! the reservation of po WF * n r *Hh by congress within some linnL iod adequate f„ r its co n ,ld er it| Prohibition ’’ Preaident Un . ((.’OXTIXt F.l> OX l>\,