National Affairs: State of the Union

The President . . . shall from time to time give to the Congress information of the State of the Union and recommend to their consideration such measures as he shall judge necessary and expedient.—U. S. Constitution.

Last week President Hoover sent his third State-of-the-Union message to Congress. It was a grave, thoughtful document, shot with hope. Clerks droned it out to a House and Senate which accepted it as the Hoover platform for next year's campaign. Contents:

Depression. "We find fundamental national gains even amid depression. We have witnessed a remarkable development of the sense of cooperation. There has been a notable absence of public disorders and industrial conflict. . . . The country is richer in physical property than ever before. . . . There has been a distinct gain in public health. Business depressions are but transitory. The Nation has emerged from each of them with increased strength and virility."

Foreign Affairs."We are at peace with the world. The rights of our citizens abroad have been protected. As our [economic] difficulties have originated in large degree from [foreign] sources, any effort to bring about our own recuperation has dictated the necessity of co-operation by us with other nations to restore world confidence. . . . The difficulties between China and Japan have given us great concern. ... It is our purpose to assist in finding solutions. . . ."

The Domestic Situation. "The community has cooperated to meet the needs of honest distress . . . [and] cushion the violence of liquidation in industry and commerce. . . . Our citizens have given a magnificent display of unity and action, initiative and patriotism. . . . Committees are now active at practically every point of unemployment. They have been assured the funds necessary which will meet the situation. . . . The Federal Farm Board secured higher prices to the farmer than would have been obtained otherwise. . . . The failure of a large number of farmers and of country banks was averted. . . . The time is ripe for forward action to expedite our recovery."

Credit. "Our self-contained national economy would have enabled us to recover long since but for the continued dislocations, shocks and setbacks from abroad. . . . Vast liquidation and readjustments have left us with a large degree of credit paralysis. If we can put our financial resources to work, I am confident we can make a large measure of recovery independent of the rest of the world. . . . Our first step toward recovery is to re-establish confidence. We must put some steel beams in the foundation of our credit structure. . . ."