Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-09
BY MARK SULLIVAN.


business situation-a con-
sideration in which. now.
the arguments and statements need
not be tainted by politics. About pros
perity and the lack Of prosperity, and
the causes of the lack, there was, dur
ing the campaign, immense chatter.
Most Of it. from both sides, was irri-
back upon. The Democrats started out
to fasten blame for the depression on
the Republicans. The Republicans made
the mistake Of defending themselves,
or of counter-attack For the Repub-
licans that with strategic mistake
The depression had been with us for
o year. Everybody knew it was due to,
and a part of, worldwide conditions.
To blame any political party for 1t, or
to engage in argument based on the
theory that any political party was re-
sponsible, was unwiSe campaigning.
The Republicans arrived at a better
strategy late in the campaign, when
they said that the depression was upon
us, that 1t was worldwide, that we
must adjust ourselves to it, and that
so far as political action could help US,
probably the best plan was not to
change the crew at moment when the
boat was in the midst of a worldwide
combination of tidal wave and whirl-
wind. That argument, used by the
Republicans toward the end OF the
campaign, was more logical and APP
pealing than anything they had done
before.
Few Speeches Accurate.
To any one with experience or under
standing the mass Of the partisan
statements about prosperity during the
campaign were recognized as likely at
the best to mystify the people and at
worst to delude them. very small
number of the speeches made during
the campaign stand out as accurate In
fact and sound in thought.
Ex-President Coolidge was character
istically exact and restrained when ne
said that the worldwide recession IN
trade has been due to combina-
ton of causes which no one yet COM
prehends." Similarly, Secretary OF the
Treasury Mellon made one OF the gen.
timely elevated contributions to the
campaign when he calmly recited, out
of his own rich experience and mem
ory. that he has seen these world-wloe
depressions occur during the RepubA-
can presidency of Grant, the Deme-
cratic presidency of Cleveland, the
Democratic presidency OF Wilson, as
well as the Republican presidency OF
Ex-Gov. Alfred E. Smith was at once
fair and penetrating when he said that
the depression could not be blamed on
the Republicans, but that since the
Republicans had taken the credit Tor
nrnsuerity during the Coolidge admin
, istration. they must now accept the
blame for depression under the Hoover
| administration. Dwight MORROW n
New Jersey put the same tnougns Mso
an agreeable epigram when he said
that Il q political party accepts credit
: for the rain, they must also accept
, blame for the drought. Unquesttonably
, the Republicans did, with the blandness
. of a well fed cat, accept credit for pros
perity during the Coolidge administra-
ton. Unquestionably also the Hepuo-
licans were bound to be required 70 &C
cept blame for the depression during
the present administration.
Raw Material Available.
To get away from all that, to look
to the present and to the future, we
shall find good text in passage from
statement made by Calvin Coolidge
Mr.. Coolidge said, "Our people own
very large supply of cotton, copper,
wheat. petroleum and other raw ma
terials. They have heavy deposits OF
money in the banks The
raw materials are at hand for an era
of unprecedented prosperity. They
only wait for the people to come for
ward to utilize them"
| inherent in that statement from Mr..
Coolidge is the question that everybody
thinks about, the question when VIII
"the people come forward to utilize
them?" In other words, how soon will
American business and the American
people get busy and start back toward
normal?
In the many answers attempted to
| f11uf n1racfiOV1 fhQ uOrd HrOnfldpnCe"
recurs It is said there is lack OF con-
fidence," that business will not again
attain full momentum until "confl-
dence" returns.
Confidence in what? About what
particular detail of business or of the
universe is there this lack Of confidence
that restraints men from going ahead
into q new momentum OF activity?
If we can find just what 1t is that
the people lack confidence in, we shall
at least make progress toward finding
the answer to Mr.. Coolidges question.
It cannot be lack of confidence in the
banks; nobody dreams of doubling the
integrity of the banks. There have
been actually fewer bank failures dur
ing the depression than during the
prosperity that preceded it.
Game Resembles Poker.
The specific thing in which the people
lack commence can De lQenGlLeo, IL we
will permit ourselves for a moment to
, consider the analogy between, on the
one hand, business, and on the other
hand the American card game called
poker. without being too meticulous
in detail let us take the similarity for
granted. Picture six or eight men about
a table. with their chips, playing fast
and intently. Then consider the re-
semblance between that and q whole
nation engaged in business.
Let us look upon the country year
ago, before the depression began, as
having been engaged with high activity
in a game which includes chips. Each
of the chips had a fixed value. The
farmers chip, let us say, was corn,
and it was valued at q dollar. One
miners chip was copper; it was valued.
let us say, at 20 cents. An automobile
manufacturer had as one of his chips,
rubber, and it was valued at 20 cents.
Another farmers chip was cotton, and
1t was valued, let us say, at 20 cents
Among all these players, and many
others, including manufacturers of steel
and of scores of other commodities,
the game was fast, the volume of activ-
ity great. Business, during the Sum-
mer months of 1929. just preceding the
beginning Of the depression, went with
q speed and volume never before dupli-
Gated in America. Everybody played
the game with Confidence" Then
} something happened which destroyed
the confidence"
CONFUSION in Values.