HOOVER, Herbert. Typed letter signed ("Herbert Hoover"), as President, to Herbert S. Crocker, Washington, D. C. 23 May 1932, [ With :] Typed letter signed, in secretarial hand ("Herbert Hoover, T. J. J.") to Richard S. Parker, 21 May 1932. Together 7 pages, 4to, on White House stationery. "THE BACK OF THE DEPRESSION CANNOT BE BROKEN BY ANY SINGLE GOVERNMENT UNDERTAKING" A remarkable, lengthy defense of Hoover's handling of the depression, addressed to his fellow engineers. "The back of the depression cannot be broken by any single government undertaking," he begins in this long rebuttal to the American Society of Civil Engineers' who had called on 19 May for a massive public works program financed by government bonds. In six closely argued, single-spaced pages (totaling more than 2,000 words), Hoover tries to knock down the idea that the government can borrow and spend its way out of the slump. "The vice in that segment of the proposals made by your society and others for further expansion of 'public works' is that they include public works of remote usefulness; they impose unbearable burdens upon the tax-payer; they unbalance the budget and demoralize government credit. A larger and far more effective relief to unemployment at this stage can be secured by increased aid to 'income-producing works.'" Rather than adopt Congress's misguided plan to allocate $132 million to state governments for highway construction, Hoover points to the wiser policies of the Reconstruction Finance Corp. Through its loans to struggling companies like the Pennsylvania Railroad, the government was stepping in to "make available otherwise timid capital." But it was a loan, and every cent would be returned to the public till. This constituted a wise "investment operation," Hoover argues, and not the reckless squandering of public funds on dubious boondoggling. Looking at the disastrous economies of Europe, he could see only the evils of red ink. "It brought the governments of certain foreign countries to the brink of financial disaster." Together 2 items . (2)
HOOVER, Herbert. Typed letter signed ("Herbert Hoover"), as President, to Herbert S. Crocker, Washington, D. C. 23 May 1932, [ With :] Typed letter signed, in secretarial hand ("Herbert Hoover, T. J. J.") to Richard S. Parker, 21 May 1932. Together 7 pages, 4to, on White House stationery. "THE BACK OF THE DEPRESSION CANNOT BE BROKEN BY ANY SINGLE GOVERNMENT UNDERTAKING" A remarkable, lengthy defense of Hoover's handling of the depression, addressed to his fellow engineers. "The back of the depression cannot be broken by any single government undertaking," he begins in this long rebuttal to the American Society of Civil Engineers' who had called on 19 May for a massive public works program financed by government bonds. In six closely argued, single-spaced pages (totaling more than 2,000 words), Hoover tries to knock down the idea that the government can borrow and spend its way out of the slump. "The vice in that segment of the proposals made by your society and others for further expansion of 'public works' is that they include public works of remote usefulness; they impose unbearable burdens upon the tax-payer; they unbalance the budget and demoralize government credit. A larger and far more effective relief to unemployment at this stage can be secured by increased aid to 'income-producing works.'" Rather than adopt Congress's misguided plan to allocate $132 million to state governments for highway construction, Hoover points to the wiser policies of the Reconstruction Finance Corp. Through its loans to struggling companies like the Pennsylvania Railroad, the government was stepping in to "make available otherwise timid capital." But it was a loan, and every cent would be returned to the public till. This constituted a wise "investment operation," Hoover argues, and not the reckless squandering of public funds on dubious boondoggling. Looking at the disastrous economies of Europe, he could see only the evils of red ink. "It brought the governments of certain foreign countries to the brink of financial disaster." Together 2 items . (2)
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