The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-11-25
AL SMITH HITS
MONEY POLICY

CONTINUED from page One)
issue is more than partisan one,
because we are dealing today with
the party which actually holds re-
sponsible government office, which
is not merely advocating cure-alis
in a campaign, but which has IN
its hands the present welfare of
100000 people and the tu-
ture of our most cherished Ameri-
can institutions"
Smith tits his lance at the in
experienced young college PROBES
sors" of the brain trust, who
hold no responsible public office
but are perfectly ready to turn
130,00O,000 A mer C ms into
guinea pigs for experimentation
The former governors state
ment was handed out by Francis
D. Walton, managing editor OF
The New Outlook, who explained
that Smiths views are contained
in an open letter to the Chamber
of Commerce of the state of New
York, which asked for his views
on its current campaign for sound
money. The magazine will not be
on sale until December l, but the
publisher felt that Smiths views
were of such significance that a
mart Of tho statement should be
made public at once.
~ am too old now" Smith
writes, "to be regular just for the
sake of regularity.
What we need in this country
is absolute dependability in our
money standards. 1t is the only
thing which will restore conf
dence. The latest fiscal moves of
the administration have under
mined public confidence. They
have created uncertainty. Uncer'
tainty paralyzes business, discour-
ages private initiative, drives
money into hiding and places the
entire burden of sustaining the
population on the central govern
met.
eve are told that there is a
new theory of government abroad.
1t is the theory that the execu-
tives are quarterbacks on a foot
ball team who do not know a min
ute in advance what signal they
will call next. They determine tn
plays on the basis of lunches.
Of course that is just another
name for opportunism. There Is
nothing new in it. 1t never pulled
modern industrial nation out of
a depression.
/ "What the people need today is
what the Bible centuries ago de-
scribed as the shadow of a great
rock in a weary land That was
what Grover Cleveland represent
ed to the people in his day-a
symbol of strength and firmness,
of GOODNESS. of rock-like integrity
in the midst of shifting sands,
heat and desolation.
r SIN the absence of, anything
definitely known. to be better. |
am for a return to the gold stand
ard. I am for gold dollars as
against baloney dollars. | am for
/ experience as against experiment.
If | must choose between private
management of business and mail
agement of government bu-
reaucracy l am for private man
agement.
81 am ready to go through a
certain amount of deflation if the
choice is between this and out
right money imitation. If l must
choose between the leaders of TIE
past, with all the errors they have
made and with all the selfshness
they have been guilty of, and the
inexperienced young college pro-
fessors who hold no responsible
office but are perfectly ready 20
turn 100, 100000 Americans into
guinea pigs for experimentation,
| am going to be for the people
who have made the country what
it is. And say this with full
knowledge of the fact that there
are many things in the old order
of society which | should like to
have changed and which | do not
applaud or even condone."
Smith, who only a week ago
was a guest of President Roose-
welt at the White House concludes
his open letter with the remark:
81 know that in writing this
letter I am inviting the charge
that I have gone Wall Street
Well, this is not the first time
that l have taken the unpopular
side of a great national question.
Put me down, therefore, as 4
sound money man and as beng
with Won in YOUR campaign"