The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-12-19

events. When the Scotsman,
lanes Watt. got his patent from
parliament, on his steam engine
about the middle Of the 18th cen
rnry the germ Of a new era was
planted in the sociology or tha'
dsy and in 200 Years It mas
crown with rapidly and progress
.iyely expanding cycles ana lorGI :
until !, has overwhelmed the oiG i
order OF ne powered WoE!G
and substituted Al electric and
/ s,eam-powered world which makes
for production undreamed OF II
any other age Of man. Every era
in human progress has It's climax
from which il passes 10 a ne"
order. either by peaceful or E!'-
lent revolution. We have reacheG
The climax Of an era and are
about 70 pass into new ordec
q things. 1t Is 70 the passing OF
the old and the adoption OF Il
new order Of sociology, peace
fully and to the ultimate good OF
The whole people. that the whole
power Of the Roosevelt admins
rration Is being driven and If pa
tien1lv backed by the great body
OF the people will ultimately Ilnd
a solution Of an economic enigma
produced by scientific and tech
biological discoveries undreamed
Of only q few years ago
I N...,,.( W. MS
. NEXT AGE OF MAN points out
the fact that science and lnVen-
ZION have far outstripped I'M
provements in governments TO
meet the necessities Of the new
era created by such discoveries
and invention. and it must be
clear 10 any one who thinks that
not only the American Oedlpus
must discover a means Of distrl-
button whereby the man who has
nothing 20 sell but service can
get a fair share Of the output 81
this mechanical age. but the civil
lied world must find this solution
or be overwhelmed by a Frank
enstein of its own creation. The
capiraliStic system a. we have
known il : done. make no mis-
take about that. No system that
enables the production Of this
scientific and mechanical age TO
be corralled in vast reservoirs be-
yond the reach Of the masses and
under the control Of compare
tively few. clothed in the power
Of great wealth, can endure and
. it Is now at an end. What IS be-
ingFsought by trial and error Is a
new means Of distribution and
with patient and thoughtful re-
search and experimentation It
will be found without a violent
upheaval, but it must be found
if we would avoid catastrophe
disaster.
That is what the Roosevelt adj
miniStration is striving for. Cy-
cles of business depression have
come and gone throughout the
years, but no such economic COL
lapse as this has ever before
spread its paralizing force over
the face Of the globe since Noah
brought his ark to rest on Ararat,
Babson to the contrary notwith-
standing. The Roosevelt admin
istration is dealing with a situa-
ton novitas and now de novo.
In addition to inheriting a Cor
dian knot to loose. it took over
a nation so deeply in debt that it
cannot service it except in one Of
three ways. 1t may repudiate
! the debts. it may initiate its cur
rency and pay off the obligations
with money that has been de-
lpreciated in value by legislative
or executive fiat. or it NAV COM
promise with its creditors. Re-
Ipudiation is unthinkable. There
remains Initiation or compromise.
Unlimited initiation i economic
death. The best solution would
be a universal compromise. It
wont be done because creditors
will not agree on compromise.
| There remains. therefore, only
some sort or imitation. The ROoSe-
welt administration is trying to
bring the dollar to a point where
it can be stabilized where its pay
ing power will bear some just re-
lation to the debts at the time
the obligations were made So
these debts can be paid without
reputation. That is the kernel
lin all this sound and fury over
sound and "boloney" money.
Patience and fortitude, togeth-
err with determination to back
an administration that is trans
parentIy honest and tremendous
| " determined . try to find a So
tlution OF our economic enigma. IS
our best bet and strongest hope.