Hoover, Herbert

$495.00

1932 White House TLS praising a California lawyer and GOP civic leader for his work heading state chapter of a national effort to fight money hoarding to strengthen the economy

Description

Type: Letter
Description: (1874-1964) Mining engineer in North America, Europe, Asia, Africa and Australia1 895-1913, Secretary of Commerce 1921-28 (Harding-Coolidge), President of the US 1929-33 (Republican), his administration most noted for The Great Depression.

TLS as President on 9 x 7 blue printed “The White House/Washington” letterhead, May 6 1932, to John G. Mott, Los Angeles. President Hoover relates to Mott his “warm personal appreciation” for Mott’s work as California state chairman for the Citizens’ Reconstruction Organization. He states that the “…hoarding situation has been fraught with the most serious perils to the financial stability of the country, and thus to the entire economy of the Nation.” The CRC “has turned back this menace” and Mott deserves “the gratitude of the country for a signal service to the whole people.”

In a March 6, 1932 radio address, President Hoover acknowledged a “patriotic program” to combat the Depression, stating: “The battlefront today is against the hoarding of currency, which began about 10 months ago, and with its growing intensity became a national danger during the last 4 months…[and] had grown to enormous dimensions and had contributed greatly to restrict the credit facilities of our country, and thus directly to increase unemployment and depreciate prices to our farmers…I believe that the individual American has not realized the harm he has done when he hoards even a single dollar away from circulation. He has not realized that his dollar compels the bank to withdraw many times that amount of credit from the use of borrowers. These borrowers are the local merchants, the local manufacturers, the local farmers, and their borrowings are the money they use to buy goods, to pay wages and the cost of keeping their business going. One hoarded dollar deprives some wage earner of at least some part of his pay. Multiply this…by nearly 1-1/2 billion of idle money now hidden in the country, and you may get somewhere near a true picture of the enemy of our national security that we vaguely call ‘hoarding’.” Hoover announced the formation of The Citizens Reconstruction Organization [CRC] which “…is seeking the support of every voluntary organization and every individual in the country to bring out of hoarding these great sums of money which have been withdrawn from the active channels of trade during this past 10 months. They have summoned the leadership of thousands of public spirited men and women.”  Chicago newspaper publisher, Col. Frank Knox, later 1936 GOP VP candidate with Alf Landon and FDR’s WW II Navy Secretary, was put in charge of the national CRC.

John G. Mott (1874-1942) Prominent pioneer Los Angeles attorney, partner in LA law firm of Mott & Dillon, later, Mott, Vallee & Grant, leader in civic and Republican circles. He died In the midst of an impassioned plea in behalf of tax reductions for charitable institutions, collapsing in the assembly room of the LA Board of Supervisors

Condition: Very good, tiny tape stains at lower left and top right corners

 

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