HOOVER’S TWELVE POINTS.

Timaru Herald, Volume CXXXVI, Issue 19093, 27 January 1932, Page 8

HOOVER’S TWELVE POINTS.

RELIEF FOR EVERYBODY. NON-PARTY PROGRAMME. I President Hoover has tendered to I Congress what he terms a non-party | programme, a portion of which is now j being put into effect by the Govern- ; ment, the remainder to be implement- j ed by legislation, for the cure of pre- j vailing depression. He says he believes , the United States can, within itself. * achieve a large measure of recovery' from present economic weakness, re- | gardless of disturbing foreign infiu-t ences, and that, by employing to the, utmost its own recuperative powers, it l can contribute to better conditions, not alone within its own borders, but in J other countries as well. The President summarises his 12point. recovery programme, which | would, he declares, benefit no particular class. It is as follows: (1) Provision for distress among the unemployed by voluntary organisations, i in co-operation with the President’s j unemployment relief committee. (2) Organisation of employers to prevent discharging of employees and to retain workers on part-time basis when conditions do not warrant full time for complete staffs. The Federal Government's contribution to be the continuation of its huge construction undertaking through the- winter at a spending rate of £12.000,000 a month. (3) The farmer to be financially assisted through larger powers and capital granted to the federal land bank system. Relief for Mortgagors. (4) Creation of a system of home loan discount banks to assist urban and agricultural home owners in difficulties in securing renewals of mortgages. By restoring normal functioning of country banks, building and loan associations, home construction would be accelerated at the same time that relief was accorded to owners now under pressure from mortgage-holders. (5) Development of the plan to secure early distribution of depositors of closed banks and thus relieve distress among great numbers of depositors and business men. (C) Enlargement under *..il safeguards of the discount facilities of Federal Reserve banks to bring into existence a more adequate credit system. (7) Creation of a reconstruction finance corporation to furnish necessary credit otherwise obtainable under existing circumstances, and so give confidence to agriculture, industry and labour against further paralysing influences and shocks, but more especially by reopening credit channels “which will assure the maintenance and normal working of the commercial fabric.” Assistance to Railways. (8) Assistance to all railroads by protection from unregulated competition, and to the weaker ones by formation of a credit pool, and by the security of railway bonds, held by insurance companies, savings banks and other benevolent trusts, thereby protecting the interests of the family and promoting the recovery of the railroads. (9) Revision of banking laws, the better to protect depositors. (10) The safeguarding and support of the banks through the new National Credit Corporation, which had given additional confidence to bankers and extended their capacity to make loans to commerce and industry. (11) Maintenance of public finance on a sound basis by drastic economy, resolute opposition to enlarge federal expenditure, temporary increase of taxation. (12) Maintenance of the American system of individual initiative and individual and community responsibility.