The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-07-06
BRAIN TRUST
VIEWS AS TO
PROFITS TOLD
CIapper Shows Why Rug.
ged Individualism" of
Past Set Aside

UNIVERSITY, Va, July G.
(UP).-Behind the spectacular
emergency program of President
Roosevelt lies a definite CONVICTION
held by him and his principal eco
nomic advisers that profits must
be subordinated to the general
welfare, Raymond Clapper, man
ager of the Washington bureau OF
the United Press, said at the open
ing session of the Institute of
Public Affairs at the University OF
Virginia, now in progress there.
He spoke on the PHILOSOPHY
Behind the New Deal" Quoting
from books and articles of, Presl-
dent Roosevelt and some of his
"brain trust" advisers, Clapper
summarized the general point OF
view of the group as follows:
1T believes that. profits have
been almost the sole aim of bust
ness in the past. 1t believes that
henceforth the profit motive must
be sharply subordinated to the
welfare of the people as a whole.
It believes that this subordina-
ton of profits to the general wei
fare has to be achieved through
government control. 49,
."This is something entirely dill
ferent from the rugged indlvld-
ualism lof the past. Until now the
government has proceeded on the
theory that if everyone was LETT
free to go his own way and scraln-
BILE for all he could get, regard
less of the other fellow, somehow
in the battle royal everyone would
share according to his merits.
That system is conceded by all
to have had its merits during the
earlier days when America was in
its pioneer stage, when the phi
mary need was to develop the
country quickly. That stage of
economic development is over.
Therefore the Roosevelt group
feels that the premium should no
longer go to the strongest and the
most ruthless.
Clapper said that the economic
program now being applied in
Washington showed the ideas
which had been developing earlier
in the minds Of the Roosevelt
group but go only par. way along
the route which was outlined be-
fore March 4.
Three other Washington news
paper men have addressed the in
stitute here. Paul Wo0ten, cor
respondent of the McGraw-Hil
publications declared the govern
ment had the most extensive syS-
tenn of fact finding in the world.
The facts gathered after many
years of tireless energy, he said,
are proving valuable factor in
moulding the administrations re-
covery program.
Charles s. Smith, on the Wash.
ington staff of the Associated
Press, discussed Manchukuo. He
declared the political future . of
Northern Asia hinges largely on.
whether Soviet Russia gives APP
proval to Japan's special position
in Manchuria. .lE :. -
The 73rd congress, contrary to
general opinion. was not the
statesmanlike body it o. is reputed
to have been, but was one Of the
most unintelligent and iparticulate
in many years, said. Ray Tucker,
Washington correspondent of Col
liers Weekly. ~.
Declaring this congress "did
not represent you and me-" Tuck
er added:
at responded to two factors
too powerful and prevalent in
American public life--fear and
selfishness. Its members recog-
nized that President Roosevelt mad
early captured the imagination of
the public and they dared not OPP
pose him. They did violence to
their convictions. out of fear OF
political Consequences :,
Americas going off the gold.
standard was termed by Dr.: II.
Parker Willis, Columbia Univers.
ity economist, "the result of, hvs-
terra, haste and incompetence"
He said, thai "now the, harm is
done' return to a stabilized cur
rency probably would prove diff
ficult. g. O..
Similar criticism of the admin
istration's monetary policies was
made by Edmund Plat, vice-pres-
ident of the Marine Midland Cor
poration, New York. He said ne
doubted that business recovery
had been accelerated by imitation
airy activity to a greater degree
than would have resulted without
government interference.