HOOVER WANTS TO PAY HIS WAY

Manawatu Times, Volume LV, Issue 6866, 24 May 1932, Page 7

HOOVER WANTS TO PAY HIS WAY

Must Balance Budget • TWELVE-POINT RELIEF PROGRAMME United Press Association —By Electric Telegraph—Copyright. Received Monday, 9.5 p.m. WASHINGTON, May 22. In a lengthy letter addressed to Air. Charles Parker, president of the American Society of Civic Engineers, answering a letter urging a bond issuo to finance public works construction, President Hoover vigorously reiterated his opposition to such measures to relieve the depression. Political circles regard the letter as a direct answer to the recent Congressional agitation, for example, Speaker Garner’s proposal to raise a huge sum. At tho same time the President urged tho adoption of a twelve-point relief credit programme to solve unemployment, including early balancing of the Budget and expansion of credit through existing machinory. He declared: “The back of the depression cannot be broken by any single Government undertaking. It can only bo dono with the co-operation of the banks, industry and agriculture in conjunction with the Government.” He stressed the difference of “non-produc-tive works” such as the public construction of buildings, etc., compared with “income-producing works” financed by the Reconstruction Finance Corporation. Ho. was of opinion that the expenditure of great sums of money on public works would place too heavy a burden on tho taxpayers in proportion to the number of men employed which he estimated would be relatively few.

Socialist. Candidate for U.S. Presidency Received Alonday, 11.14 p.m. NEW YORK, Alay 23. A message from Milwaukee states that Norman Thomas, of New York, has been nominated as tho Hocialist candidate for President of the United States. His campaign, he told tho Socialist National Convention at Milwaukee, would be relentless war against (he Republican and Democratic parties and against tho “kingdom of poverty.” James Mauror, of Pennsylvania, who for 1G years has been president of the Federation of Labour, is named as the party’s candidate for Vice-President.