It seems to me that it is heartening to know that the SQUALUS, once given up as lost, rose from the depths to fight for our country in time of peril.

One more story, that I heard only this morning:

This is a story of one of our Army Flying Fortresses operating in the Western Pacific. The pilot of this plane is a modest young man, proud of his crew for one of the toughest fights a bomber has yet experienced.

The bomber departed from its base, as part or a flight of five bombers, to attack j.a.panese transports that were landing troops against us in the Philippines. When they had gone about halfway to their destination, one of the motors of this bomber went out of commission. The young pilot lost contact with the other bombers.

The crew, however, got the motor working, got it going again and the plane proceeded on its mission alone.

By the time it arrived at its target the other four Flying Fortresses had already pa.s.sed over, had dropped their bombs, and had stirred up the hornets' nest of j.a.panese "Zero" planes.

Eighteen of these "Zero" fighters attacked our one Flying Fortress.

Despite this ma.s.s attack, our plane proceeded on its mission, and dropped all of its bombs on six j.a.panese transports which were lined up along the docks.

As it turned back on its homeward journey a running fight between the bomber and the eighteen j.a.panese pursuit planes continued for 75 miles. Four pursuit planes of the j.a.ps attacked simultaneously at each side. Four were shot down with the side guns. During this fight, the bomber's radio operator was killed, the engineer's right hand was shot off, and one gunner was crippled, leaving only one man available to operate both side guns. Although wounded in one hand, this gunner alternately manned both side guns, bringing down three more j.a.panese "Zero" planes. While this was going on, one engine on the American bomber was shot out, one gas tank was. .h.i.t, the radio was shot off, and the oxygen system was entirely destroyed. Out of eleven control cables all but four were shot away. The rear landing wheel was blown off entirely, and the two front wheels were both shot flat.

The fight continued until the remaining j.a.panese pursuit ships exhausted their ammunition and turned back. With two engines gone and the plane practically out of control, the American bomber returned to its base after dark and made an emergency landing. The mission had been accomplished.

The name of that pilot is Captain Hewitt T. Wheless, of the United States Army. He comes from a place called Menard, Texas--with a population 2,375. He has been awarded the Distinguished Service Cross. And I hope that he is listening.

These stories I have told you are not exceptional. They are typical examples of individual heroism and skill.

As we here at home contemplate our own duties, our own responsibilities, let us think and think hard of the example which is being set for us by our fighting men.

Our soldiers and sailors are members of well disciplined units. But they are still and forever individuals--free individuals. They are farmers, and workers, businessmen, professional men, artists, clerks.

They are the United States of America.

That is why they fight.

We too are the United States of America.

That is why we must work and sacrifice.

It is for them. It is for us. It is for victory.

September 7, 1942.

My Friends:

I wish that all the Americans people could read all the citations for various medals recommended for our soldiers and sailors and marines. I am picking out one of these citations which tells of the accomplishments of Lieutenant John James Powers, United States Navy, during three days of the battles with j.a.panese forces in the Coral Sea.

During the first two days, Lieutenant Powers, flying a dive-bomber in the face of blasting enemy anti-aircraft fire, demolished one large enemy gunboat, put another gunboat out of commission, severely damaged an aircraft tender and a twenty-thousand-ton transport, and scored a direct hit on an aircraft carrier which burst into flames and sank soon after.

The official citation then describes the morning of the third day of battle. As the pilots of his squadron left the ready room to man their planes, Lieutenant Powers said to them, "Remember, the folks back home are counting on us. I am going to get a hit if I have to lay it on their flight deck.

He led his section down to the target from an alt.i.tude of 18,000 feet, through a wall of bursting anti-aircraft sh.e.l.ls and swarms of enemy planes. He dived almost to the very deck of the enemy carrier, and did not release his bomb until he was sure of a direct hit. He was last seen attempting recovery from his dive at the extremely low alt.i.tude of two hundred feet, amid a terrific barrage of sh.e.l.l and bomb fragments, and smoke and flame and debris from the stricken vessel. His own plane was destroyed by the explosion of his own bomb. But he had made good his promise to "lay it on their flight deck."

I have received a recommendation from the Secretary of the Navy that Lieutenant John James Powers of New York City, missing in action, be awarded the Medal of Honor. I hereby and now make this award.

You and I are "the folks back home" for whose protection Lieutenant Powers fought and repeatedly risked his life. He said that we counted on him and his men. We did not count in vain. But have not those men a right to be counting on us? How are we playing our part "back home" in winning this war?

The answer is that we are not doing enough.

Today I sent a message to the Congress, pointing out the overwhelming urgency of the serious domestic economic crisis with which we are threatened. Some call it "inflation," which is a vague sort of term, and others call it a "rise in the cost of living,"

which is much more easily understood by most families.

That phrase, "the cost of living," means essentially what a dollar can buy.

From January 1, 1941, to May of this year, nearly a year and a half, the cost of living went up about 15 percent. And at that point last May we undertook to freeze the cost of living. But we could not do a complete job of it, because the Congressional authority at the time exempted a large part of farm products used for food and for making clothing, although several weeks before, I had asked the Congress for legislation to stabilize all farm prices.

At that time I had told the Congress that there were seven elements in our national economy, all of which had to be controlled; and that if any one essential element remained exempt, the cost of living could not be held down.

On only two of these points--both of them vital however--did I call for Congressional action. 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. It means that the farmer and the city worker are on the same relative ratio with each other in purchasing power as they were during a period some thirty years before--at a time then the farmer had a satisfactory purchasing power. One hundred percent of parity, therefore, has been accepted by farmers as the fair standard for the prices they receive.

Last January, however, the Congress pa.s.sed a law forbidding ceilings on farm prices below 110 percent of parity on some commodities. And on other commodities the ceiling was even higher, so that the average possible ceiling is now about 116 percent of parity for agricultural products as a whole.

This act of favoritism for one particular group in the community increased the cost of food to everybody--not only to the workers in the city or in the munitions plants, and their families, but also to the families of the farmers themselves.

Since last May, ceilings have been set on nearly all commodities, rents services, except the exempted farm products. Installment buying, for example, has been effectively controlled.

Wages in certain key industries have been stabilized on the basis of the present cost of living.

But it is obvious to all of us that if the cost of food continues to go up, as it is doing at present, the wage earner, particularly in the lower brackets, will have a right to an increase in his wages. I think that would be essential justice and a practical necessity.

Our experience with the control of other prices during the past few months has brought out one important fact--the rising cost of living can be controlled, providing that all elements making up the cost of living are controlled at the same time. I think that also is an essential justice and a practical necessity. We know that parity prices for farm products not now controlled will not put up the cost of living more than a very small amount; but we also know that if we must go up to an average of 116 percent of parity for food and other farm products--which is necessary at present under the Emergency Price Control Act before we can control all farm prices--the cost of living will get well out of hand. We are face to face with this danger today. Let us meet it and remove it.

I realize that it may seem out of proportion to you to be over- stressing these economic problems at a time like this, when we are all deeply concerned about the news from far distant fields of battle. But I give you the solemn a.s.surance that failure to solve this problem here at home--and to solve it now--will make more difficult the winning of this war.

If the vicious spiral of inflation ever gets under way, the whole economic system will stagger. Prices and wages will go up so rapidly that the entire production program will be endangered. The cost of the war, paid by taxpayers, will jump beyond all present calculations. It will mean an uncontrollable rise in prices and in wages, which can result in raising the overall cost of living as high as another 20 percent soon. That would mean that the purchasing power of every dollar that you have in your pay envelope, or in the bank, or included in your insurance policy or your pension, would be reduced to about eighty cents worth. I need not tell you that this would have a demoralizing effect on our people, soldiers and civilians alike.

Overall stabilization of prices, and salaries, wages and profits is necessary to the continued increasing production of planes and tanks and ships and guns.

In my message to Congress today, I have said that this must be done quickly. If we wait for two or three or four or six months it may well be too late.

I have told the Congress that the administration cannot hold the actual cost of food and clothing down to the present level beyond October first.

Therefore, I have asked the Congress to pa.s.s legislation under which the President would be specifically authorized to stabilize the cost of living, including the price of all farm commodities.

The purpose should be to hold farm prices at parity, or at levels of a recent date, whichever is higher. The purpose should also be to keep wages at a point stabilized with today's cost of living.

Both must be regulated at the same time; and neither one of them can or should be regulated without the other.

At the same time that farm prices are stabilized, I will stabilize wages.

That is plain justice--and plain common sense.

And so I have asked the Congress to take this action by the first of October. We must now act with the dispatch which the stern necessities of war require.