DEPRESSION IN AMERICA.

New Zealand Herald, Volume LXVIII, Issue 20901, 17 June 1931, Page 9

DEPRESSION IN AMERICA.

REVIEW BY PRESIDENT.

OTHER COUNTRIES BLAMED.

INHERITANCE OF THE WAR. DECLARATION OF POLICY. By Telegraph—Press Associntion —Copyright. (Received Juno 16, 8.15 p.m.) NEW YORK, Juno 15. In a, remarkable address at Indianapolis this afternoon tlio President, Mr. Hoover, who was speaking before the Republican Editorial Association, in dealing with the depression, laid tho blame for American conditions upon other countries of the world and decried tho critics who demand a fivo years' plan, like Russia's, for the United States.

"Tho main causes of tho extreme violence and long continuance of this depression." said the President, "came not from within, but outside the United States. Had our wild speculation, our stock promotion, with its infinite losses and hardships to innocent people, our loose and extravagant business methods, and our unprecedented drought, been our only disasters, wo would have recovered several months ago. " A large part of the forces which have swept our shores from abroad are the malign inheritances in Europo of the Great War." Opposition to the Dole. The President emphasised that America was more self-contained economically than any other great nation. Tho underlying forces of recovery wero asserting themselves. Ho outlined the remedial steps to bo taken by his Administration. Mr. Hoover spoke against the dole, and against intimations from abroad that tho American tariff should be revised, and continued with tho assertion that America had her plan, namely, to provide for an increase in population of 20,000,000 in tho next 20 years, and for their happiness and well-being. The President declared unequivocally for individualism, against a dole from the Federal Treasury, against Government ownership of public utilities, for protective tariffs, against Government interference in business, and against ramification of Government control in the lives of citizens. Duty of the Government. "The exacting duty- of tho Government in these times," he said, ' is by tho uso of its agencies and its influence to strengthen our economic institutions, by inspiring co-operation in the community to sustain goodwill, and to keep our country freo of disorder and conflict, by co-opera-tion with the people to assure that tho deserving shall not suffer, and by tho conduct of tho Government to strengthen the foundations of a better and stronger national life.

"Theso have been the objectives of my Administration in dealing with this, the greatest crisis the world has ever known. I shall adhere to them."

In these words Mr. Hoover gave the rallying cry of tho Conservatives in the politics of the United States, and of tho Hoover Republicans in the Presidential campaign which lie thus inaugurated a year in advance of the national conventions.