DEPRESSION IN AMERICA
“MUST REINFORCE CREDIT” PRESIDENT HOOVER’S PLAN LOANS FOR HOMES SCHEME OPPOSITION TO THE DOLE By Telegraph—Press Assn—Copyright. Rec. 5.5 p.m. Washington, Dec. 8. The President, Mr. Herbert Hoover, in his annual address at the opening of Congress outlined the efforts made to meet unemployment and other emergencies of the depression.
“We must put some steel beams in the foundations of our credit structure,” the President said. He drew attention to the huge deficits in Government finance and recommended the establishment of a group of discount banks throughout the country to make loans on homes, thus encouraging home building, and the creation of a reconstruction finance corporation with authority to issue its own debentures and aid a variety of businesses that were in difficulties due to the depression. President Hoover expressed opposition to a direct or indirect Government dole for unemployed and blamed the unemployment in Europe to this cause.
Any general congressional revision of the tariff, the President said, he would oppose.
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Taranaki Daily News, 9 December 1931, Page 7
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165DEPRESSION IN AMERICA Taranaki Daily News, 9 December 1931, Page 7
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