Evening star., 1932-05-20
COMMON SENSE OF U. S.
SEEN BRINGING RECOVERY
THROUGH REIMBURSEMENT
Continued From First Page.)

(ContlnueO from F1ISC fdseJ
many factories they haven't enough
work even for three-day week.
Sixth, an underlying antagonism de-
velops here and there against the bank
ers for enforced liquidation and slowly
crystallizing demand Is coming for an
intermediate credit system for business
and industry, but particularly the small
business, somewhat analogous to the in
termediate credit system for agricul-
ture. This is based upon the belief that
the bond market-the long-term money
bank-wil not be functioning normally
for some time and that intermediate
credit-three to five year capital-would
enable business to readjust gradually
and find q way to open up markets now
abandoned because Of shortage Of work.
ing capital.
Many businesses that have balanced
their budget and are making a profit
are finding it difficult to rehnance the
overhanging debts Of the last two years
which arose either out of depleted re-
serves or inability to forecast the depth
of depression deficits before reorgan-
ization on profitable basis could be
effected.
Resentment Against Officials.
Seventh. a deep-seated resentment
against oficialdom which covers both
the President and Congress, though
lately the former has been gaining some
strength because Of his disposition to
speak out and assert leadership. Yet
the people in all walks are far from
satisfied. They believe Congress is
fiddling. They believe politicians inter-
ested IN their own reelection are too
An ond fhnu
have become convinced that Govern
ment has developed a wastefulness and
inefhciency which could be eliminated
If bureaucracy could ever see the light.
There Is no general understanding OF
the breakdown Of the revenue-produc-
ing side and the inequitable tax system
in Federal and State and city govern
ments which has contributed so largely
to the deficits. In fact, so much at
tention Is being given to isolated items
of Government expense that the alb
sence of an equitable tax system that
might have been built years ago to
stand the strain is hardly noted as q
subject for popular indignation.
Eighth, various parts Of the country
are in incipient stages Of economic dis
tress. others are farther advanced,
while others, especially agricultural sec
through a major readjustment already
and appear none the worse for the ex-
perience Indeed, the people in the last
category reveal a cheerfulneSs plus a
restraint against future speculation that
is heartening.
Stirred by Prohibition Issue.
Ninth. prohibition has become an
added irritant in many cities, and while
the vets exhibit the weakness of fail
ing to present q clear-cut alternative,
nevertheless the 'repeal-the- amend
ment" signs and tags are springing up
everywhere, and women seem to have
gotten into the fight with vengeance.
The bootlegger is the particular object
Of their wrath. There is an often
expressed feeling, too. that repeal OF
prohibition will bring the Government
revenues now filling the pockets Of the
underworld but when one seeks to find
out what method Of distribution Is IA
vored, whether beer alone Is desired or
whether all restrictions on the distribu-
ton are to be removed so that any drug
store can sell whisky at its soda foun-
tain. there Is a pause.
The answer usually given Is "lets
repeal the amendment first, and talk
about that afterwards" In the rural
SeCIlDIlS, IlOWcNcE, bIlC uloloJCASC Ou
knowing what the substitute is to be
before agreeing to repeal Of the eight
zenith amendment constitutes barrier
of no uncertain strength.
Difference in Morale.
Taken as a whole the States west Of
the Alleghenies seem to have better
morale in facing the economic troubles
of the hour than the Eastern sea-
board. Maybe 1t is because agriculture
has passed through its worst period
and is meeting the dawn. Maybe it Is
because people in the Middle Western
States have never had any illusions
about the readjustment and know what
a crop failure means, whereas, Man
haitian Island rarely suffers so much
from a business tornado
Anyway, there Is something inspiring
in the way the West is facing its crisis
for it refuses to believe in cataclySms
and smilingly bears the pain of slow
but fundamental readjustment as it
prepares to meet whatever may
come to test individual as well as social
(Copyright, 1922
The last Of series of stories by Mr..
Lawrence on economic conditions in
various sections Of the country appears
nm mage CA