President Hoover Acts 23

“It has long been agreed by both business men
and economists that this great field of expenditure
could, by acceleration in time of need, be made into
a great balance wheel of stability. It is agreed that
its temporary speeding up to absorb otherwise idle
labor brings great subsequent benefits and no liabilities.

“A very considerable part of our wage earners
are employed, directly and indirectly, in construction
and the preparation and transportation of its material.
 In the inevitable periods when the demand
for consumable goods increases and labor is fully
employed, the construction and maintenance can
slacken and we actually gain in stability. No one
would advocate the production of consumable goods
beyond the daily demands that in itself only stirs up
future difficulty.” The President further reported:
“Our railways and utilities and many of our
larger manufacturers have shown a most distinguished
 spirit in undertaking to maintain and even
to expand their construction and betterment program.
 The state, county and municipal governments
are responding in the most gratifying way to the
request to cooperate with the Federal Government
in every prudent expansion of public works. Much
construction work had been postponed during the
Past few months by reason of the shortage of mortgage
 money due to the diversion of capital to speculative
 purposes, which should soon be released.”
The purpose of the conference, the President
stated, was to systematize this movement in all