UNEMPLOYMENT.

Press, Volume LXVII, Issue 20415, 9 December 1931, Page 11

UNEMPLOYMENT.

♦ PROBLEM IN UNITED STATES. PRESIDENT OPPOSES DOLE. FINANCIAL SCHEMES RECOMMENDED. (united press association--bt *L*CTRIC TELEGRAPH—COPTRIGHT.) (Received December Bth, 5.5 p.m.) WASHINGTON, December 8. President Hoover, in bis annual address at the opening of Congress, outlined the efforts made to meet unemployment and other emergencies in the depression, and added: "Wo must-put some steel beams in -the foundations of our credit structure." Tho President drew attention to the huge deficits in Governmont finance and recommended the establishment of a group of discount; banks throughout the country to make loans on homes, and thus encourage home-building, and the creation of a Reconstruction and Finance Corporation with authority to issue its own debentures and aid a variety, of businesses that are in difli' cultics due to depression. -He expressed opposition to a direct or indirect Government dole for the unemployed, and blamed unemployment in Europe as a contributory cause. He was opposed to any general Congressional revision of tho tariff. [A cablegram from Washington, dated November 14th, reported:—President Hoover ha 3 announced that he will recommend to Congress the establishment 'of a chain of twelve privatelyfinanced home loan discount banks with a capital of 150,000,Q00 dollars, and a credit value of 1,800,000,000 dollars. By this means it was hoped to prevent a repetition of tho present fconditions by relieving the strain upon sound financial institutions as well as farm and home owners and place institutions londing on mortgage in a position to assist the revival of homo construction and to support loan instifutions in. the promotion of home ownership.]