HOOVER POLICY.

Auckland Star, Volume LXIII, Issue 237, 6 October 1932, Page 7

HOOVER POLICY.

CAMPAIGN SPEECH.

PRESIDENTIAL FIGHT.

Twelve-Point Programme Given

At lowa Meeting

ECONOMIC TROUBLES OF U.S.A.

(United P.A.—Electric Telegraph—Copyright.)

NEW YORK, October 5.

The President, Mr. Hoover, opened his re-election campaign last evening, when he* gave a lengthy address at Des Moines, lowa. He outlined the economic difficulties of the last three years, and proposed a 12-point programme for the rehabilitation of agriculture.

Mr. Hoover made the startling statement that last winter, at the height of the Budget difficulties, when gold was. pouring to France and other countries, the United States missed going off the gold standard by two weeks.

Administration leaders admittedly arc concerned over the reported increasing strength of Mr. Franklin Roosevelt, the Democrat candidate for the Presidency in the West. Mr. Hoover decided to launch his campaign at Des Moines for (several reasons. One was that lowa is his birthplace, and appears to be the focal point of agricultural disaffection, as evidenced by the recent strike of fanners. "Straw" polls indicate tnat Mr. Roosevelt so far is running ahead in public sentiment, but, in spite of intimations that there might be an unfriendly reception for the President (which resulted in an unusual mobilisation of secret service agents and policemen), he was received with great acclaim by ,„ crowd estimated at 100,000. About 10,000 invited Republicans listened to the speech and applauded it enthusiastically. "Farm Protest" Staged. Prior to Mr. Hoover's arrival a "farm protest" was held, several thousand farmers marching through the streets of Des Moines carrying banners showing lists of the prevailing low prices for agricultural products and shouting jibes at the President.

Discussing the gold withdrawals and public hoarding Mr. Hoover said: "Never was our nation in greater peril." He attributed its ability to meet the situation to Republican coolheadedness, which, he said, had rejected every counsel of weakness anS cowardice in spite of suggestions made to him of an unlimited liquidation issuance of paper money and the suspension of payment of ment issues, and even a dictatorship. Any one of these would have produced panic in itself.

With reference to gold drains, Mr. Hoover said these had at one moment reduced the amount of gold the United States could spare for current payments to a point where the Secretary of the Treasury informed him that unless they could put into effect some remedy they could hold to the gold standard only two weeks, because of inability to meet the demands of foreigners and their own citizens for gold. Credit Expansion Laws. Such an eventuality caused the banks and money interests to stare the perils straight in the face, and 'foreboded moral and eocial chaos with years of conflict and derangement.

The President then explained the credit expansion legislation, to -which he attributed the turn in the tide of depression last July. Foreigners had returned gold to the amount of 275,000,000 dollars, and hoarders had trotted back to the banks with 250,000,000 dollars.

Mr. Hoover emphasised the "terrific effects of shocks from abroad," naming the suspension of the gold standard by Britain, the. recurring financial crisis in Germany, etc. He scoffed at the oftrepeated opinion that things could not be worse.

Features of the President's farm programme included a promise to repeal the price stabilisation provisions of the Farm Marketing Act, and a recommendation that any annual payment of foreign debte be used for the specific purpose of securing an expansion of foreign markets for American agricultural products.

Other proposals dealt with the maintenance of high protective tariffs on farm products, the reorganisation of the tax and credit extension systems, and internal improvements, such as inland waterways.

He promised the participation of thp. Government in such measures as would ensure world stability and the expansion of agricultural markets, also the promotion of good will and disarmament. He promised to appoint a representative of agriculture to attend the forthcoming World Economic Conference.

The speech is considered by the Republicans to bo a complete answer to Mr. Roosevelt's campaign to date. The Press throughout the country featured Mr. Hoover's utterances regarding the gold standard..