Evening star., 1932-08-30
Roosevelt Charges Debated
AS Campaign Gets Impetus

undemocratic principles Of q govern.
ment of the people-of aggregate in
dividualiSm which has not been Der
mitted expression. Show people the
light and they will find the way Give
democracy democratic form of
government and it will develop its own
1ndlvidualisms. The campaign between
the Democrats and the Republicans
will be one Of fundamentals Of gov
ernment VS.. a practice of government
that has been supported by those who
have been paying inordinately for gov
ernmental preferment since the DO
tentialities of such an arrangement
found recognition by those who trans
late individualism' to read 'aggrandize-
ment under governmental protection"
-
Similar Endorsements Of the aggres-
sive nature Of the speech are given by
the Morgantown Dominion-News Gn-
dependent Democratic), the Hartford
Times independent Democratic), the
Charleston Is. c. Evening Post Dem-
ocratic), and the Birmingham Age
Herald Democratic). The Houston
Chronicle (Democratic), observing that
mis- analysis Of the Hoover actions and
the Hoover statements in the early
months OF the depression Is merciless,
but just" adds: IF there be any criti-
clsm OF his speech, 1t must be that
these things would be helpful rather
tnan fundamental and that, like so
many OF our other 'progressives' and
liberals he dwells greatly on the goals
70 be attained and very sketchily on
the methods OF attaining them"
For all the fanfare Of frankness IN
speech according to the New York
World Telegram independently, I'VE
are almost as ignorant as before re-
garding Franklin Roosevelts basic eco
nomlc program. The laudable but
financial scapegoats does not touch the
'neart OF our economic problem" There
IS similar criticism from the Akron
Beacon Journal independent Repub-
Ilcan), the Rochester Times Union (in-
dependenO, the Newark Evening News
independently, the Cleveland News
lRepubl1can) and the Providence
Bulletin independently. 'This Ohio
speech" in the opinion OF the Buffalo
evening News independent Repub-
Hcan) indicates conclusion that he
needs more to appeal to the thought
OF conservatives than to arouse emo
tionaI enthusiasm among radicals"
Gov. Roosevelt naturally blamed the
republican administration for unen.
p4oyment," comments the New York
sun independently. I'VE say natural
~, Tor that is the backbone of Demo-
cratic hope. But Mr.. Roosevelt pro-
ceeded also to indict American business.
He Is going to see that it Is changed
over. Investment banking and COM
merclal banking will have to be sena-
TACad- SOnnafhirO uJi11 hou g. -
about American industry, two-thirds of
which, he says, Is actually managed
Dy not more than five human indi-
Vlduals. Names, pleaseD Half the
savings OF the country are made the
sport OF the American stock market
says Mr.. Roosevelt. His best friends
might tell him, If they would. that the
railroads, once a haven for savings. have
been made the sport Of Congress, with
tne Democrats leading the rush.
GOV. Roosevelt" according to the
Oncago Daily News independently, has
national administrative system in order
that 1t may no longer further economic
abuses. The issue of unsound securi-
ties should be prevented. Issues that
are permitted should be marketed in
IIfe ngnt OF the truth fully told. Re9u-
lation OF holding companies which sell
securities in interstate commerce should
De by Federal authority. More rigid
supervision of national banks should
De applied. Investment banking and
commercial banking should be sepa-
Faeed from each other. Use Of the
Iunos OF the Federal Reserve system
snould be so restricted that they could
not go Tor speculative purposes. In
ternational bankers should not be en-
anled to sell foreign securities with the
implied understanding that they have
oeen approved by the Federal Govern
ment. Finally, high. public ofAcials
should not seek to influence the
prices OF stocks and bonds The Gov.
ernor Of New York asserts that the
present business stagnation, born of
rear, comes from 'distrust of our lead
ers-in the things they say and the
things they do The people want, he
says, sound liberalism and old-fash-
1oned horse sense in their national
leadership. He wishes them to feel
that he will give them precisely those
desirable things In the event Of his
election. Thus he closes his smashing
speech. 1t Is excellent campaign ma
terial. One may assume, however, that
the President will not dig In and
tight ON the defensive henceforth BE-
cause Of It.