SLUMP IN AMERICA

Hokitika Guardian, 6 January 1932, Page 1

SLUMP IN AMERICA

PROPOSAL FOR RELIEF. PRESIDENT PRESENTS POLICY. (United Press Association. —-Ry Electric Telegraph.—Copyright.) WASHINGTON, January 4. President Hoover, in a surprise spewial message to Congress, to-day urged immediate action upon, his emergency economic programme. He declared: “The need lor action is even more evident than when it was first laid before Congress. We can and must replace the unjustifiable fear in the. country by confidence.” Enumerating measures requiring immediate attention, the President said that they were designed to check the further degeneration of prices arid values, to fortify us against shocks from world instability, and to unshackle the forces of recovery. The measures include the strengthening of the land hank sysla 111. the creation of half a billion dollars reconstruction finance corporation, the creation of a home loan discount bank system, and a reduction of Federal expenditure. LOWERING OF TARIFF. THE DEMOCRATS' TENDENCY. WASHINGTON. January 4. TlieDe mocratic Senate House Policy Committee agreed on tin* Tariil Rill, to be brought up for the sanction of the House, probably on Thursday. The Rill does not touch the rate .structure of the tarifl. hut sets out the policy the Democrats will follow in tile event of their capture of the Senate and House in the full elections The tariff proposal carried provisions authorising an International Economic Conference, to be called b.v the President, to promote the lowering of international walls; also il would provide for a Tariff Commission to made recommendations t,o Congress instead of to the President, few changes in the duties. The Rill embraces a provision for the creation of a Consumers' Conm il lor the Tariff Commission, ami looks to a lowering of duties as Lhe result of l-lie proposed International Conference).