The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-11-26
Roosevelt's Folly


mission, did not intend to close the door negotia
tons, reporters at Warm Springs have been told He
merely wants to prevent any such debt talk leading
to action until he becomes President, if then
In other words, Mr. Roosevelt either does not I'M
derstad prefers to ignore the fact that the time
element is the of the issue With the house on
fire, he proposes to wait
With the world and America suffering dire de-
preston caused in part by the unsettled debt ques
non Mr.. Roosevelt sees no reason for haste
Let spell out, step by STEP the disastrous delay
which will result from Mr. Roosevelts determination
to block the Presidents proposal for revival of con-
gressional debt commission-which will result unless
Mr.. Roosevelt ceases obstruction
First STEP The direct diplomatic negotiations with
individual debtors, to which Mr. Roosevelt gives lip
service have taken place. The wholesale revision
demands by the debtors, which Mr.. Roosevelt says he
fears would be inspired by creation of congressional
debt commission, already have in formal notes
from the debtors and will continue to be received
Second step: AS soon as congress opens the
President will report those foreign demands and ne
EQUATIONS to congress- as he must do The problem
then is to congress The President has no further
power. He can make suggestions, which congress can
accept or reject.
He will propose that congress provide for COM
mission to negotiate which will report back to con-
gress. This is not only the method called for by
precedent and by congress control over any debt set
Element but it is the only method that can produce
results under present conditions This is clear from
the
Third step: When the President submits the debtor
demands to congress, it must act 1t can act posi-
lively by reopenng negotiations or it can act mega
lively by rejecting the Hoover proposal and by pigeon
hoing the foreign notes.
Whether it acts positively or negatively will be
determined by the Democratic party which, with
its allies, controls congress. The Democratic con-
gress in turn is controlled largely by Franklin D.
Roosevelt. His job President does not begin until
March, but his job as party leader already has begun
IT he stands on his Wednesday night statement,
he viii decree that this session of congress reject the
Hoover proposal and ignore the debtors demands
That will tie the hands of Mr. Hoover and his diplo-
matte negotiators.
Fourth step: Foreign payments If made will de-
press foreign exchanges which in turn will make it
more difficult for the low exchange countries to buy
American goods. This economic blow to American
business plus the psychological effect in further de-
pressing world conditions will increase financial chaos
and prolong hard times.
If the payments are not made and the debtors
default, the effect will be In either case
the debt impasse and foreign anger will make more
agreement tariffs Japan, and the peace treaties
and disarmament.
Fifth step On March Mr.. Roosevelt will enter
the White House and then, theoretically be ready to
listen to any individual debtor repeat the pleas
ignored by Mr.. Roosevelt and his Democratic con-
gresS in December.
But If the present Roosevelt plan for avoiding
extra session is maintained congress will not be
on hand until autumn probably until year from
December to act upon any debt plan which Mr. Roose-
welt may mature at that time
Sixth step: SO, many months hence Mr. Roose-
welt may get around to putting before congress a
finished settlement which it has not helped to nego-
tate and of which it therefore is suspicious-that is
Mr.. Roosevelt may get around to such one-rnan
settlement for congressional rejection unless mean
while most of the debtors already have defaued and
the economic and disarmament conferences already
have failed.
Then Republican partisans can laugh at President
President Hoover
But it will not amuSe the American thrown out of
work because foreign orders are cancelled 1t will not
the American farmer who can not sell his
surplus abroad. 1t will not amuse the American
business man who had hoped for recovery.
Indeed, by that time it may no longer seem
clever policy to the Garner wing of the Democratic
party, which put this Mr.. Roosevelt
All of this, of course unless Roosevelt awakens to
the danger of the course which he is embarking