Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-05
A National Economic Council.

Business own national economic
council Is proposed in an exhaustive re-
port made by the Committee on Con-
tinuity Of Business and Employment of
the United States Chamber of Com
merce. The national council would be
purely an advisory body. But 1t
would have important functions. For
example, 1t would be called upon to
adopt plans to balance production
against consumption, stabilize employ
ment and wages, guide foreign trade
policy, and give opinions on foreign
debts. credit and finance, agriculture
and transportation. At first glance, It
looks like a large order.
However, the plan outlined by the
committee report has been carefully
worked out and will be submitted to
the 100000 corporate and individual
members of the United States Chamber
of Commerce. And If the referendum
is favorable to the recommendation,
doubtless steps will be taken to set up
and start the machinery required.
The proposal of the Chamber OF
Commerce Committee bears some re-
semblance to the recommendations ad-
vanced not long ago by Gerard Swope
president of the General Electric Com
pany. Mr.. Swope'S plan, however, con-
tains measure of compulsion, while
the Chamber Committees plan seeks
voluntary action by American business
in carrying out the project. And while
Mr.. Swope's plan would definitely give
the Federal Government a directing
hand in the operation Of the plan
the Chamber Committees plan looks
to control by business itself, with the
Government kept fully informed.
The report of the Chambers Commit
tee indicates that the leaders Of Ameri-
can business are thinking along de-
cidedly progressive lines in their search
for plans that will prevent future de-
pressions such as that in which the
country has been enmeshed for the
last two years. This report condemns
manipulative speculation and, urging
action by the exchanges to prevent It
demands more stringent regulation Of
credit, suggests industrial planning BY
companies and trade, indorses unem.
ployment reserves and voluntary unen
ployment insurance and urges gradua
decrease in hours of labor and increas.
in wages. The plan, If It could bt
worked out, looks to minimizing violent
fluctuations in prices and to q more
equal distribution of wealth and to the
maintenance of high standards of living
But that is not all of the recommen.
dations of this Chamber Committee. It's
report supports American leadership In
international disarmament and urges
modification of the antitrust laws. Sc
far as the present unemployment emer-
gency Is concerned, the committee turn.
its back on a Federal dole and calls fol
private, community and State relief
funds, central registration Of the I'M
employed and the speeding of public
works.
The notifications Of the antitrust
laws proposed are along two lines. 1t is
recommended that business concerns be
permitted to file trade agreements to
equalize production to consumption and
thus avoid the perils Of large SURPRISES,
and, secondly, it Is proposed that busi-
ness be permitted to obtain rulings in
advance of the formation of mergers
from Government body as to the
legality Of the contemplated combina-
items. Both these proposals may be
assailed by the opponents of any in
fringement of the antitrust laws. The
equalization of production to consump-
ton may be desirable, but the danger
Of so limiting production as to affect
injuriously the ultimate consumer al
WAYS turks within such a plan.
The report Of the Chambers Com
mittee has been carefully prepared and
forms a document of value in the pres
ent hunt for methods to lift the coun-
try out Of depression and to insure
against similar depressions in the
future.