shall be decreased to the end that such total decreases shall balance such total increases as authorized and provided herein: And provided further, That the Secretary of Agriculture is hereby authorized and directed to make, promulgate, and establish rules and regulations for carrying into effect the policy and provisions of this subsection."
TAX LAWS AND BUSINESS CONDITONS
Mr. GIBSON. Mr. President, Vermont is made up largely of small communities, many of which are built around some small industry which takes care of the employment situation of its immediate vicinity. When anything occurs to disturb the local industry, the whole community is affected. Most of our towns or villages are in deep trouble owing to the present business slump.
In association with the junior Senator from Massachusetts [Mr. Lodge], I ask unanimous consent that there may be published in the Congressional Record a telegram from Mr. V. C. Bruce Wetmore, of Bondsville, Mass., which portrays a condition with respect to his community strikingly similar to the situation in a large number of Vermont towns.
There being no objection, the telegram was ordered to be printed in the Record, as follows:
I own half interest Boston Duck Co., Bondsville, Mass. Up to August we had 500 employees, now have 4 watchmen. Only industry in the town. Employed young and old; in fact, anyone who lived in the town who could walk to mill. Whole town asking me when can expect to put them to work. Fine community working in mill for three generations. Our surplus all spent. Can't go any further without orders. How, under present conditions as brought about by this administration and present tax laws which affect the entire country, can I expect to put them back to work?
V. C. Bruce Wetmore.
GOLD AND SILVER LEGISLATION
[Mr. Pittman asked and obtained leave to have published in the Appendix of the Record a letter written by him to Edward A. O'Neal, president of the American Farm Federation Bureau, in reply to certain inquiries made by Mr. O'Neal relative to gold and silver legislation, and so forth, which appears in the Appendix.]
DISABLED AMERICAN VETERANS OF THE WORLD WAR
[Mr. Johnson of Colorado asked and obtained leave to have printed in the Record an address delivered on November 8 by Mr. Maple C. Harl, national commander of the Disabled American Veterans of the World War, which appears in the Appendix.]
BUSINESS CONDITIONS IN AMERICA—WHAT IS THE MEANING OF THE "RECESSION", SO-CALLED?
Mr. LEWIS. Mr. President, I beseech the Senate to give me its audience for a few moments. I desire to submit some suggestions on a subject aside from the pending bill.
Mr. President, I put the query to this honorable body: What is the matter with America, and what is the matter with the people?
This morning from the press we read that the New York stock market—to take but a single barometer—has fallen precipitously for many weeks; that throughout the East uncertainty and general fear prevail; and that the belief prevails that this major recession has been caused to no small degree by the New Deal policies in general, and the tax laws of the Roosevelt administration in particular. It is said that this belief has become so general that for the first time since 1930 there appears to be a majority in Congress disposed against the administration and in behalf of the businessman. How can anyone be for the businessman and not be for the President? The President has constantly announced his advocacy of the business of the businessman.
Mr. President, I call to the attention of the Senate this statement. I invite you to consider also the fact that a statement of a similar nature comes now from San Francisco, Calif. I so read. I ask my colleagues, What does it mean that there should be in difierent parts of our country at this particular time such a concurrence by chosen voices in the denunciation of their own country? There is a union of these agencies in a condemnation of the administration of their Government. All this is, in such unison as we are now having it, disclosing for its purpose an intention to depress the confidence of our people in our own country, and evidently to drive the Members of this honorable body and their colleagues in another body to some purpose of those who are the authors of the system and inaugurated the conspiracy.
Mr. President, I invite the attention of my honorable colleagues to the fact that last night, in one of our great cities of the Republic, there arose a voice ostensibly in behalf of what are defined as manufacturers; another voice in another city raised up in behalf of what was said to be the expression of economists; and, in another part of the United States, a voice in behalf of what was said to be peace and confidence. We observe, sir, that each of these assailed their country on the same ground. These spokesmen attacked the administration for the same purposes. Each charges in similar phrases to each other that the country is falling into dismembered fragments. It is announced that the finance of the banks is frustrated and the credit of the country assailed to echo through the world. The standing of our country is so diminished by accusation as to leave it unworthy of the confidence of an American.
Mr. President, one looks in vain to find a justification for this sort of thing. We note we must feel that the manufacturers and finance are misrepresented. I again ask, Where in truth is this country? How in truth does it stand?
I concede, sir, that, in the ordinary mutations of business and commerce in all seasons, and daily, stock markets rise and fall; but behold this country as it stands as to honest material of just speculation on exchange! Our credit in finance today is greater than that of any other country on earth. Our standing before the world in credit is the very highest. Business in our land is prosperous, barring one or two instances, such, for example, as the decrease for a while in the demand for steel as building moves slowly and, if you please, something of a decadence in the -construction or selling of automobiles, caused by war, of nations decreasing export sales.
If you please, sir, turn about you. see the spectacle! Tile vaults of the banks are stifled with money. Our national credit is so high that on but day before yesterday the bid for the bonds of the Nation in a new Treasury finance exceeded by 15 times the necessity. These bonds pay but 2½ and 1½ percent.
At this time we behold, sir, seven great nations of the world tendering us their securities bearing from 5 to 7 percent, while the great commercial bodies all around us of an industrial nature—in many respects of the highest class—heretofore yielding splendid profits, tender their securities bearing from 5 to 7 percent. Yet our people demonstrate their confidence in the administration here in government; in the Treasury and its securities, in such manner as you have seen from time to time, particularly during the past few days, giving their preference and their confidence to the securities of the United States.
Sirs, there must be some reason behind these assaults which seem to come from so many quarters, so very far apart geographically, and yet seemingly of the same consistency, and almost of exactly the same language. Surely, Senators will have interest enough to ask themselves the question, "What is the purpose of this? Is it the hobgoblin of deranged minds?"
In one instance we are told from the East, "It is the Roosevelt tax laws." In another instance we are told, "It is the New Deal measures." In still another instance we are told, "It is the general policy of the administration."
What particular policy do these gentlemen refer to that has adversely affected the credit of this country? What particular thing do they assert has decreased, if you please, and demeaned the credit of the National Treasury? The President accedes to the business demand of the power companies, and to reducing and abolishing the taxes claimed to be burdensome. Business, finance, and agriculture are now in full cooperation. Is not that the state of completion of full confidence, trust, and success?
