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Updated: June 17, 2025
The lives of millions of veterans and war workers will be greatly affected by the success or failure of our program of war liquidation and reconversion.
Within the framework of the wage-price policy there has been definite success, and it is to be expected that this success will continue in a vast majority of the cases arising in the months ahead. However, everyone who realizes the extreme need for a swift and orderly reconversion must feel a deep concern about the number of major strikes now in progress.
On May 28, 1945, in asking the Congress to raise the ceiling on benefits for civilian unemployed to not less than 25 dollars a week during the immediate reconversion period, I suggested that the Congress also consider liberalizing veterans' allowances. Elsewhere in this Message I reiterate my recommendation with respect to emergency unemployment compensation.
They found, while there had been much exaggeration on the part of the reformers, that some hundreds of the peasantry had, by various powerful temptations, been led to change their former religion. The bishops received back some of the converts, and a jubilee established among them completed their reconversion. The Hon. Mr.
Financing World War II left us with a tremendous public debt, which reached 279 billion dollars at its peak in February, 1946. Beginning in July, 1946, when war and reconversion financing had ended, we have held quite closely to the sound standard that in times of high employment and high national income, the Federal Budget should be balanced and the debt reduced.
Equalizing of business opportunity, under full and free competition, must be a prime responsibility in the reconversion period and in the years that follow. Many leading businessmen have recognized the importance of such action both to themselves and to the economy as a whole. But we must do more than break up trusts and monopolies after they have begun to strangle competition.
And that program requires consideration in connection with the Budget, which is the annual work program of the Government. Since our programs for this period which combines war liquidation with reconversion to a peacetime economy are inevitably large and numerous it is imperative that they be planned and executed with the utmost efficiency and the utmost economy.
The conditions upon which the working of a well conceived dynamo machine must depend were next alluded to, and it was demonstrated that when losses by unnecessary wire resistance, by Foucault currents, and by induced currents in the rotating armature were avoided, as much as 90 per cent., or even more, of the power communicated to the machine was realized in the form of electric energy, and that vice versa the reconversion of electric into mechanical energy could be accomplished with similarly small loss.
On the contrary, the record of economic stabilization during the war and during the period of reconversion has been an outstanding accomplishment. We know, however, that nothing is as dangerous as overconfidence, in war or in peace. We have had to fight hard to hold the line. We have made strenuous efforts to speed reconversion.
That he did return to the communion of the Church of Rome is certain. The date of his reconversion, as far as we know, has never been mentioned by any biographer. We believe that, if we place it at this time, we do no injustice to the character either of Wycherley or James. Not long after, old Mr. Wycherley died; and his son, now past the middle of life, came to the family estate.
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