Statement on Approving the First N.R.A. Code.

I have just approved the Cotton Textile Code, subject to certain modifying conditions, clarifying, but not greatly affecting the proposals as submitted.

Many significant circumstances attend this result:

Child labor in this industry is hereby abolished. After years of fruitless effort and discussion, this ancient atrocity went out in a day, because this law permits employers to do by agreement that which none of them could do separately and live in competition.

In the eyes of the whole public, there was a great conference among the leaders of our industry, labor and social service, presided over by Government. It considered the most controverted question in the whole economic problem—wages and hours of labor—and it brought that question to a definite conclusion. It dealt with facts and facts only. There was not one word of accusation. And most remarkable of all it arrived at a solution which has the unanimous approval of these conferring leaders on all three sides of the question at issue.

I know of nothing further that could have been done. I can think of no greater achievement of cooperation, mutual understanding and good-will.

It would be unfair to omit a word of commendation of this great industry. It has proved itself the leader of a new thing in economics and government. That took faith and courage and patriotism of the highest order. It has its reward in the result it has achieved and the example it has given.