The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-07

The nation is drifting for few days like a ship
riding out a storm There are repairs to be made.
The new captain must calculate his position The
is tired and the passengers are anxious but the
vessel herself still is staunch She has ridden gales
before and come to safe harbor.
These mighty winds have been three years in
coming They but stiff breeze after the
stock market collapse in 1929 International defaults
and shocking revelations at home famed them up.
The insult Kreuger and, recently, the National
City bank exposures all added their bit until finally
the Michigan banks closed and whistled up the
hurricane.
This tempest was brought about by very simple
cause. People stopped trusting each other. Our mod
ern economic system is rooted in mutual conf
dence. When that confidence was shaken by falter-
ing leadership and men to whom the people had
looked as examples were revealed as snide and
greedy, the system temporarily ceased to operate.
So Americans undertook in the last two weeks
to turn fortytwo billions of dollars in bank deposits
into hard money. 1t was an arithmetica impossi
bity. There was only seven billions of dollars in
currency in circulation.
Yet this was as much money in free use as there
was in the boom days. Thus the shortage was
spiritual one, lack of faith rather than the physical
lack of coinage Under such circumstances the
banks had no choice but to close.
Confidence already is being rebuilt. Roger Bah
son. outstanding economist remarked only yesterday
that the countrys banks in stronger position
from the material standpoint than at any time
1929 He is right They ready to go ahead as soon
the people
America has common sense. 1t has fortitude and
it understands discipline. There is a strong hand
at the wheel in Washington. President Roosevelt
has not only spoken but he has acted with swift
forcefulness.
Here in Indiana the citizens have fast hard
hitting leadership in Governor McNutt This news
paper has not always agreed with him in the past.
1t may differ with him in the future but the pres
ent is not the time for partisanship. While the
storm crashes about us, let only say to those we
have elected to lead us-"Lead on!'
There may be hardship, suffering and WEAKNESS
before the guerdon is gained but since when have
the citizens of this republic finched from these?
Back of our people lies rich tradition of courage
and idealism.
1t was born Oh. a thousand bloody fields when the
odds we're all against us 1t poured through the
Cumberland Gap and over the Alleghanies in the
sogging trek of the covered wagons. 1t flowed,
in bitter hardship around Cape Horn with the
Yankee clippers 1t will not fail us now.
America has had to relearn the old lesson that
the permanent verities in the end always outweigh
the momentary impulse. We know now that you
can not get something for nothing that you can
not expect to be trusted unless you yourself have
faith in Others that there is substitute for the
simple virtues which made this country great ma
ton
For the last ten years our leaders have been mere
pilots men who lost courage when the vessel was
out of sight of the shore and who mistook mirages
for headlands reefs for channel markers.
Today there is every indication that our COM
mander is a navigator bold, wise, experienced who
will set true course by the eternal stars. And.
though we can not see them yet, the harbor lights
are lust over the horizon