The Washington times., 1932-12-28

looked at industrial records instead, he might think
that it was odd for US to have summoned our legis
lature to pass essential laws during crisis He could
hardly reconcile the two sets of facts that in
crisis and that nothing was DONE
The Longest Nap
If he read the newspapers from 1929 on, as l have
just DONE he might have clue to our inaction. At
various periods since the market crash have all
crept under the coverets and insisted that everything
would be all right if allowed to sleep for
sixty days. This time the period is extended to 120
days but it is the same principle Everything will be
all right soon as Presidenelect Roosevelt is in
augurated
Of course, the Inauguration will change nothing and
nothing will be all right unless Mr.. Roosevelt is def
nitey hostile to the goingtoseep theory of curing de-
pressons. believe he is. l hope, little against my
wits that this the last time try to ourselves
by sleeping sickness. But action and intelligence will
be as welcome in 1888 as they would be now.
On the subject of intelligence have little test-
mony to offer I wish I could give names and dates
but cannot. of considerable influence wrote
to about hundred of the leading citizens of this
country, most of them of affairs, presidents of
corporations great manufacturers to them he outlined
solution of of the two three most urgent prob
lens of the depression. He asked them for opinions
invited their interest.
( Reckless Confessions
They answered. For them will say that the ques-
tion itself is difficult and that taking sides on means
a royal battle. If they had wished to out for
against they might still have preferred not to say
in a letter which might be used against them They
cautious. But far impressive than their
caution in taking sides their appalling reckless
in admitting that they hadn't the intelligence to
grappe with the question.
Letter after letter avowa of ignorance of the
fundamental economics of modern life Many of the
writers said they hadn't the fantest idea what ought
to be done in this crisis many of them added that they
did not think anyone had such idea, as the old
axiom had been changed to read, Ignorance loves
company, and they were unwilling to admit that any,
one knew more than themselves. few letters said
that of course proposal ought to be sudied
or two showed CLINT of interest. The rest were
apathetlc they written by men who believed that
fortunes made by fools like me- but only God can
make depression. They must have wept when
Alabama Judge handed down decision denying Gods
responsibility in the matter.
"NaturaI Course
To my mind business leaders who confess their
ignorance and do nothing to overcome it, and fold
their and say that things must take their natural
course are abandoning their high position and
titled to consideration. 1t is hard to believe that
they rose to their eminence and wealth with greater
minds than they have shown in protecting their wealth.
Some of them have been ingenious and some crafty:
but l doubt whether the great majority were even
vaguely aware of the problems which their wealth
and industry created.
On that subject here is more testimony with names
again omitted. In 1929 business man. heavily COM
mted to the market decided that things had gone too
Tar and that he had better get out He went to one
OF the six most powerful figures in the financial world
the wizard said to him, Your vers out of order" He
considered again and went another of the six this
giant said to him. f you feel that way get out Wall
Street has no room for a coward"
There is no happy ending to the story The man was
oVerpowered by the position of his advisers He stayed
in the market. Wall Street presently proved that it
mad no room for cOwards-or intelligent men who were
not carried away by illusions.