Evening star., 1932-08-23
The Columbus Speech Reconsidered

Further consideration Of Gov. Roose-
velt's Columbus speech does not add
particularly to its attractiveness as
campaign document. The candidate
may be "a chip from the block that
gave us Teddy" as his friends insist,
but he does not have his cousins power
Of expression; he does not say exactly
what it appears he means.
For example, he told his audience at
Columbus that restored confidence in
the actions and statements of executive
authority is indispensable" If by this
he intended to suggest that the people
have less confidence in his opponent
than In himself, he failed to put the
idea over. His own record, less well
known than Mr.. Hoover's, is In no way
superior to the Presidents.
Again, Mr.. Roosevelt spoke Of the ad-
ministration riskng "the lives and
property and welfare of the people
through a policy of disastrous govern
mental speculation" The intent Of the
statement is plain, but not the logic.
The administration could not practice
"a policy Of speculation" Of any kind.
The administration very properly did
endeavor to prevent unwise expansion;
it could not and did not speculate or
foster speculation. 1t was rather Con-
gress that favored speculation, and
much Of the Nations recent difficulties
may be traced back to congressional ex-
| travagance.
Mr.. Roosevelt likewise complained
about the economics of American busi-
ness life, as though that. too. were ex-
clusively a Republican affair. He said:
1--WE find two-thirds of American in
dustry concentrated in a few hundred
corporations, and actually managed by
not more than 5000 men" He did not
concede that some of these 5000 must
be members of his own party. He did
not refer to the fact that the condi-
tions about which he was disturbed pre-
vailed at times when the country was
prosperous and did not come into ex-
istence with the depression. And he did
not mention the fact that vast gain
| for democracy is represented by the f1g-
ures he quoted. Time was when busi-
ness everywhere was far more autocrati-
cally controlled than 1t Is today. Mr.
Roosevelt, like other critics Of things
as they are, forgets the sorrows OF
things as they used to be. As he him
self admits: I'VE find more than halt
the savings of the country invested In
corporation stocks and bonds" There
never was an era In which national
wealth was more widely distributed, and
Mr.. Roosevelt errs If he imagines that
his cause can be furthered by assaults
on business as an institution or on busi-
ness policy as a method toward national
wellbeing.
He is bitterly critical of the stock
market, but his notion that it Is an un-
popular institution Is not conspicuously
accurate. Hundreds of thousand of peo-
pie look to Wall Street as an index
one Of many-of investment values
That does not mean that the stock
market really is such monstrous thing
as some Of its critics believe. Il
gambling In stocks and bonds Is ethi-
cally wrong and economically wasteful
the fault lies with the multitudes who
want to gamble, not with the institu-
ton itself. Certainly 1t Is uncharitablt
for Mr.. Roosevelt to blame his rival fol
sins for which he is no more responsible
than Mr.. Roosevelt himself. The Stat'
of New York, 1t may be mentioned II
passing, has been an active participatol
in Wall Street wickedness, for it take!
every dollar of trading in securities.
The apex of Mr.. Roosevelt's speech
was a prophecy: High public official
in the next administration will neithe,
by word nor deed seek to influence thu
prices Of stocks and bonds" Facts beinl
what they are, the candidate certainl.
could not have intended his words to b
taken literally. It is large part OF tn
business of government to stabilize ant
constructively to stimulate the bust
ness Of industry and transport; an
government, any administration, ignor
ing this function would be playin
traitor to the country. The next admin
istration, whether Republican or Demo
cratic, must do all that it possibly ca
to Influence the prices of stocks an
bonds" as we'll as the prices and costs c
all other things. Mr.. Hoover has don
all that he properly should have done i
this regard, and the next President
: whoever he may be, necessarily wi
follow his example.
Communists pay tribute to orderl
government by seeking its protection i