The Guardian And Evening Star, with which is incorporated the West Coast Times WEDNESDAY, MARCH 8, 1933. THE PRESIDENTIAL ADDRESS.

Hokitika Guardian, 8 March 1933, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times WEDNESDAY, MARCH 8, 1933. THE PRESIDENTIAL ADDRESS.

The inaugural address of the President of the United States was a leng'ouy one, and given, as the called, in a serious strain. There was a good deal underlying the dissertation, intended for both home .and ibr,feign .cousumpEiun'. Even a-s Mr Roosevelt spoke, the banking crisis seemed to- be deepening and becoming more and more widespread. The news published side by side with the words of the address, also indicated that there was then a general banking moratorium over the States, so thfit the who’-e pqiuntity. is now involved in a financial caUstrophp. Tiff 3 President recognises the situation palls for immediate action, and the ivyecial session of Congress will be hurried for that purpose. The problem of an equitable adjustment i@ a most difficult one, and the development at such a time, will make more difficult still the handling of the other problems facing the President and'the country. At the same time, the occasion will also help to precipitate action for a form of currency which may threaten die gold standard as a chief security. The occasion may also create an Dconomic dictatorship’, as is hinted at mi the cables, if Congress moves too slowly in the matter. The situation s being fully realised that America if : n for a long period of serious concern -e-fore the economic machine can work moothily again, it is hot known of ouiune yet, what the run ton the banks means. One authority said it was am unthinking attempt of the niblic.to withdraw forty 'billion dollars at once, and he added that it warimpossible ! No doubt the banks have been speculating (or gambling) in I securities with depositors’ money, and lenses have occurred. This has come to be realised hence- the run which became 'general r.s it was found the banks, great and small, had all been trafficking in the same insecure .busincti®. Mr Roosevelt moralised on the conduct 6-f American banking hr the effort to got rich quickly, and evidently realised the cause of the trouble. But as he rightly says, rthe occasion op Js for actliopj, ; a-nd tjhit is now the chief task of the President. This critical -situation to hearth and home will make more difficult still a favourable settlement to the allies with regard to war debt,? and the matter of reparations from .Germany. The President in his address referred to respecting the neighbour who regards his obligations, and respect the «moity of h’s agreements, and this might mean a 10-t—or little. It depends how the President is prepared to sum up the effect of the general world situation, and the supreme difficulty keeping to obligations and agreements incurred under very differing circumstances from those of to-day. Also, the main factor of differing currencies from those times when the debts were incurred, and the toll of adverse-ex-change -since paid. "We know th-a-t these ■ circumstances add to the difficulties of the problems to be handled, and make Mr Roosevelt’s 1 task supremely hard to handle, having regard also to his own country's present plight. -Mr Ibocbeve.lt di-a-? his kle/alsi, ,aiud ■he has the confidence of the people. It is possible for him to go far, but it must he along a new route which it is hoped will afford some hope, also,’ to the world at large as to the possibility of retrieving the general condition of stalemate now prevailing.