Washington, Apr. 15.
RESIDENT Roosevelt today shifted the recovery drive into high gear by outlining new proposals for submission to Congress with drafts of the U.S. $4,512,000,000 lending and spending programme and the U.S. $39,000,000,000 potential credit expansion plan.
It was reported that a seven to-one favourable ratio pre~ vailed in the 700 communications on the President's proposals received so far, In addition to plans for further White House messages, it was revealed that' Government agencies are working at top speed to translate into action all the phases of the recovery campaign. The Security Exchange Commissi ion was already at work drafting new securities registration requirements to lessen the cost and simplify the flotation of securities by small enterprises.
The President said he would leave} te Congress the question of whether to combine all requited legislation into one omnibus bill. He declined to indicate whether he would seek continued authority personally: to approve all Public Works Administra tion projects on which Congressional attacks are expected.
He said he would shortly issue' two messages, one on tax exemption of future Government securities, ud on monopolistic business practices, He added that he also considered recommending taxation on the salaries of local, state and federal officials Mr, Roosevelt said he was pressing for" tax revision this session on the basis of the Sixteenth Constitutional Amendment which says that incomes} shall be taxed from whatever source derived, section, thinking Americans ° must insist on common effort, on common endeavour and on common faith in each other," the President pleaded.
He reiterated his faith in democracy and free speech, contrasting It with the ideas of those who "contend that democracy is doomed to failure.
"The western hemisphere " good neighbour" policy must s0 strengthen Jie American public that eventual unity of our relations will prevail," Mr, Roosevelt said.
"Can that good neighbour' message be accepted and practised in our national life? If we accept that high and splendid "road. to free democracy, It will give a successful answer to the fears and questionings which trouble the minds and souls of men and women the world over—United Press.
Objectives of Programme Reviving tactics of 1993 in the New Deal's second great "pump primin campaign, President Roosevelt yester day proposed to Congress a US$4,512,- (000,000 programme of lending, spendings and_eredit expansion, The President's message said the general objective of the programme Was to Snerease the national income from the present US$56,000,000,000 a year to US$80,000,000,000:
The plan was divided into three general categories; maintenance of relief expenditures; expansion credit, and revival of the public works programme. Additional funds were asked for certain New Deal recovery agencies, Congress was asked to pass logislation permitting the use of approxi mately US$1,400,000,000 of *sterilized" gold and allowing relaxation of Federal Bank requirements,
Text read from the printed page and cleaned; old type leaves the occasional error.