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I know it's not popular to say it tonight but we have to act, not for the Mexican people but for the sake of the millions of Americans whose livelihoods are tied to Mexico's well-being. If we want to secure American jobs, preserve American exports, safeguard America's borders then we must pass the stabilization program and help to put Mexico back on track.

As a beginning there should be created a Federal farm board consisting of able and experienced men empowered to advise producers' associations in establishing central agencies or stabilization corporations to handle surpluses, to seek wore economical means of merchandising, and to aid the producer in securing returns according to the a14 of his product.

Hoover very early saw the advisability of an American centralization of the purchases for foreign export as an offset to this danger. He further recognized in such a coördinating centralization the possibilities of much good in the stimulation of production and stabilization of home prices.

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.

It had to be done with care to prevent dangerous disorganization, and some continued control was necessary during the winter and spring in order to carry out the agreements of price stabilization entered into between the Food Administration and the producers and handlers of certain commodities, as hogs, sugar, rice, and cotton seed and its products.

These two vital points were: First, taxation; and, second, the stabilization of all farm prices at parity. "Parity" is a standard for the maintenance of good farm prices. It was established as our national policy way back in 1933.

Knowing the impossibility of modification by act of Congress for any one or a score of lines without involving a long array of schedules, I think we shall go a long ways toward stabilization, if there is recognition of the Tariff Commission's fitness to recommend urgent changes by proclamation. I am sure about public opinion favoring the early determination of our tariff policy.

Another view, championed chiefly by Lenin, was that every delay, even the briefest breathing spell, would greatly help the internal stabilization and increase the Russian powers of resistance.

This possibility of a deflationary spiral in the future will exist unless we now plan and adopt an effective full employment program. During the war, production for civilian use was limited by war needs and available manpower. Economic stabilization required measures, to spread limited supplies equitably by rationing, price controls, increased taxes, savings bond campaigns, and credit controls.

Some of these changes are coming from readjustment in the coördination of industrial processes themselves. We hear much of standardization and stabilization. An economic technique and the control of fluctuating conditions might do much to increase the efficiency of industry in every way.