Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-08-21
"The Economic Issue. "

Granting that the major Issue III
this campaign is the economic issue"
Gov. Roosevelt has chosen his Column
bus speech as the occasion for putting
down his preparatory barrage on that
front. The nature of the barrage is
a whitening drumflre on past utter
ances of President Hoover-which
might be summed up as a somewhat
passionate discourse on the doctrine
that the best laid schemes Of mice and
men gang aft agley-followed by ao-
vancing the range and putting down
some shot in the territory that the
Governor expects to claim as his own
after next November.
Any approach to the economic issue
of today, the Governor feels, must be
prefaced by an examination Of the
crumbling foundations that have
brought it about, and, apologizing for
the grim necessity of resort to de
structive criticism" the Governor tusti-
fies his use of that method Of attack
on the ground that I'VE must show not
only a sound plan, but why, IN con-
trast. this plan offers the hope of
better things"
That contrast is presented fully and
with characteristic eloquence in the
course of a lengthy speech. Without
burdening the reader further by re-
peating the black side Of the picture.
which Gov. Roosevelt paints with the
drab acts Of omission and commits
sion by the administration. some Of
the brighter aspects may be touched
upon here.
First, the Governors "own economic
creed" He believes in everything the
word "individualism" implies, not, by
inference, with only few chosen con-
notations. He believes that the I'm,
dustrial and economic system is made
for individual men and women, and
not individual men and women for the
benefit Of the system" He believes
that the individual should have full
liberty Of action to make the best Of
himself, but a few powerful inter-
ests," by utilizing the grants of "in-
dividualism," should not be allowed to
make industrial cannon fodder Of the
lives of half the population OF the
United States" He believes in the
eacredness of private property, and,
therefore, does not believe it should be
subjected to the ruthless manipula-
ton of professional gamblers In the
stock market and in the corporate sys-
tenn" He believes the Government,
without becoming a prying bureau
cracy," can be used as a check or
counter-check against IAN informal
group amounting to an economic Gov
eminent OF the United States" to Sc
cure Initiative, life, chance to work
and the safety Of savings to men and
women" rather than safety Of ex-
ploitation to the exploiter, safety OF
manipulation to the manipulation. safety
of unlicensed power to those who would
speculate to the bitter end with the
welfare and property Of other people"
With that creed Gov. Roosevelt will
find none who disagrees. But the ques-
ton that the voters want to know Is
how to make 1t effective. The question
u It's entirety L. not answered by the
Governor. That. presumably, will be
left for later speeches. In this speech
he contents himself with asking the
people to presuppose the existence OF
another era Of speculation, as OF 1929
%, and to study his program for deal
ing with It against the background Of
Republican methods as he conceives
them The Governors eight-point
program contenplates: ID Preventing
the issue Of manufactured and I'M
necessary securities" of all kinds, and,
for Legitimate securities" sellers must
tell the use to which the money will be
put, together with making available all
data as to commissions, earnings, LA
bilities, ETC.; CD Federal regulation Of
holding companies; 90 Federal regu-
lation Of interstate sale Of securities;
"a More rigid supervision Of national
banks; 60 Speculation by banks with
depositors' money is to be discouraged
and prevented; 60 Separation of in
yestment from commercial banking;
Cd Restriction of Federal Reserve
banks "in accordance with the original
plans and earlier practices Of the Fed
eral Reserve System" to prevent use OF
their funds for speculative purposes;
go Fair and open dealing" by admin
istration officials with the American
Investing public" so that information
al bankers or others" will not be able
to sell foreign securities with the i'm
piled approval Of the State Department
and assurance from the Governor that
neither by word nor deed" will high
officials In the next administration
seek to influence the prices of stocks
and bonds"
There is nothing wrong with that
program. But the American people
are far more anxious at this time tc
know the details Of the Governor
plans for dealing with a depression
than to learn how he would have han
died a former boom or, when 1t comes
how he will be prepared to meet thu
grave dangers Of the next boom.
The Champion Headline Reader.