Milford chronicle., 1933-09-01

| tory. but Ine American ueleSdIlOl
even counting all its mistakes and
occasional unconscious humor, was
much more hard-headed than was
expected. Gold standard nations
found President Roosevelt an unre-
lenting foe of currency stabilization
principal goal of France.
Result of the Conference takes no
seer to forecast-the wave of ma
tionalism that has swept the world
the past few years will be as a
breeze compared to typhOon, when
related to the wave of nationalism
that is coming.
The Liberty Loan posters of re-
cent memory, have their successor
now. 1t is a blue eagle against a
white background, with the letters
NRA at top and the motto I'VE Do
Our Part" below. One of the eagles
claws clutches a -wheel-the
other holds to what might be mo-
dernist's idea of handful of wheat,
of bolts of lightning. 1t is the en-
blem of the National Recovery Ad-
ministration, and represents one of
the cleverest attempts yet made to
produce an end through force of
public opinion.
Contrary to many persons bellef,
the President has no legal means of
forcing wage and work agreements
on business. He and his advisors
became impatient at the way the
codes were going-it took several
weeks to produce one, that of the
textile industry. The blanket ap-
peal was the result. In effect, the
Government is saying: "Of course,
you don't have to do this, but"
And that is a very important but"
indeed. Recalcitrant businesses are
apt to find themselves faced with a
boycott. Mr.. Roosevelt has the
great mass of the public with him;
he is making the most of it.
Agreements are being signed by
the thousands, and the idea is gen.
timely popular. Every business is
made to feel that it has the Presi-
dent, personally, as a director and
advisor. The press, irrespective of
party, is behind the move, as are
chambers of commerce and other
organizations. If the plan doesn't
work as expected, it won't be be-
cause there was lack of aggressive
ness and speed at the top.
There has been no particular
change; gradual improvement in all
lines is observed. Each week pro-
duces substantial additions to pay
rolls and employment levels. In
stead of the almost inevitable sum-
mer seasonal recession, the indus
trial field is characterized by in
creasing activity. Wholesale prices
are far above levels of a few months
ago; retail prices, slower to act, are
now following. Latest reports show
particular improvement in steel out
put, automobile production-higher
auto prices are to come shortly
soft coal and bond prices. Business
are likewise fewer.
REMEMBER AN OLD TRUTH
There is a rather curious attitude |
abroad now in the kingdom of po
itics. Members of the political |
courts admit that the trend of leg |
Station in all forms of government |
S toward higher taxes-but insist |
hat these additional costs will be |
aiken care of by new sources of re-
Tenue.
The potential tax on liquor is a
rood example of this. At this writ
ng 81 states have ratified repeal,
Ind none have turned it down. And |
It Washington and in two score
tate capitals, public men chirp
,leefully to the effect that a liquor
ak will produce millions in revenue
md make possible more bond issues,
more govdrnmenEal ventures into
trange and attractive realms
Apparently no one in public Of
Ice has taken the trouble to point
ut that there is only so much mon
y in the country. 1t can buy only
o much-it can pay only so much
n taxes. A new tax, whether on
lquor or on anything else, doesn't
reate more national income 1t
imply takes its money from diff
erent place-which leaves less
honey in another place.
Tax juggling has been the curse
modern governmental economy. 4
is the old dodge Of spending out
( the citizens right-hand pocket |