This compares with the rate of about $275 million per annum prior to the depression.

So that the Federal Government will in the next calendar year be expanding from the rate of about $250 million in nondepression period to about $700 million in depression period.

The result of which is to impose this sum upon the regular budget and in effect increase emergency relief by that amount.

Less than two million represent new items.

Prosperity cannot be restored by raids upon the Public Treasury.

The test of the value of such relief is the ability to pay wages between now and the end of the fiscal year, and I therefore urge that this estimate be given early consideration.

Programs now authorized will carry it to still larger figures in future years.

I think everybody is agreed that if we can do that for $2 1/2 million it is a wise expenditure on behalf of bad feeling (?).

We can save a very large amount on construction cost.

The total amount of currency issued is $5,065 million.

In the meantime, the income has increased beyond all of the anticipated estimates, and we have come to that very handsome result if nothing happens to us within the next 15 days.

It is the intention of the law that these contracts should be used in such fashion as to upbuild and strengthen the merchant marine both for the present and the future.

I propose to promulgate the tariff increases which were recently recommended by the majority of the Tariff Commission on linseed, milk, cream, and window glass.

The first result of the plan, if put into operation, would be a gigantic gift from the government and the public to the dealers and manufacturers and speculators in these commodities.

On the contrary I am convinced that it would bring disaster to the American farmer.

It is not proposed to pay the debentures of subsidies to the farmers, but to the export merchants, and it seems certain that a large part of it would not be reflected back to the farmer.

Seven years of experience under the tariff bill enacted in 1922 have demonstrated the wisdom of Congress in the enactment of that measure.

No governmental agency should engage in the buying and selling and price fixing of products, for such courses can lead only to bureaucracy and domination.