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We cannot have stabilization by wishful thinking. We must take positive action to maintain the integrity of the American dollar. A national service law which, for the duration of the war, will prevent strikes, and, with certain appropriate exceptions, will make available for war production or for any other essential services every able-bodied adult in this Nation.
We have been reorganizing this program to make it a more effective, efficient instrument and that process will continue this year. But free world development will still be an uphill struggle. Government aid can only supplement the role of private investment, trade expansion, commodity stabilization, and, above all, internal self-improvement.
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.
We cannot have stabilization by wishful thinking. We must take positive action to maintain the integrity of the American dollar. A national service law which, for the duration of the war, will prevent strikes, and, with certain appropriate exceptions, will make available for war production or for any other essential services every able-bodied adult in this Nation.
Fatigue often enough is present not because of the work done but because the STIMULUS TO WORK HAS DISAPPEARED. Monotony is an enemy of character. Variety, in its normal aspect, is not only the spice of life; it is a great need. Stabilization of purpose and work are necessary, but a standardization that stamps out the excitement of variety is a deadly blow to human happiness.
On the philosophical level, it is the question as to what is the proper solution for remedying our current catastrophic situation. On one side the Pastites wish to correct the root of the problem by stopping its realization in the past, the Futurists, however, would venture into the future and brings its stabilization and completion back.
Careful investigation and constant study prove that in the matter of foreign exchange rates certain of our sister Nations find themselves so handicapped by internal and other conditions that they feel unable at this time to enter into stabilization discussion based on permanent and world-wide objectives.
We will permit only those wage increases which are clearly justified under sound stabilization policies; and we will see to it that industries absorb cost increases out of earnings wherever feasible, before they are authorized to raise prices. We will do that, at any rate, except where the recent amendments to the law specifically require us to give further price increases.
One very important result is the stabilization of foreign currency, making exchange assist rather than embarrass our trade.
Legislation was enacted to provide unemployment insurance protection to some four million additional Americans. Stabilization of living costs and the halting of inflation protected the value of pensions and savings. A broad program now helps to bring good homes within the reach of the great majority of our people.
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