The Waterbury Democrat., 1933-08-17
Possibility Of Early Business
 Revival In Centralized Control
Problem of Synchronzing the Increase in Purchasing Power Through Employment and Higher Wages With Expansion the Keystone.

power is not keeping pace with out put and prices and that increased payroils are necessary to maintain the consumers market, they can increase the payrolls without the fear that uneniightened or unscru- pulous competitors will upset the program by refusing to take similar action.
 Consequently, even if 1t be ad- mitted that the present situation Is partly speculative and that Q re- action is inevitable with the advent of currency stabilization, it Is con- ceivable that coordinated action may, in the meantime, have brought about a sufficient expan- sion in purchasing power to per- init the withdrawal of the specula- tive stimulus without entailing a renewal of industrial Stagnation. Whether or not this can be don IS still an open question.
 The situation, in many respects, is unprecedented, and attempts to fortell its outcome are exceptional ly hazardous. The experience of the past can be used as 8 basis for judgment only with many reserva- tions and qualifications. If tho combined efforts of public officals and industrialists are sufficiently effective to- lift purchasing power to a level where 1t can absorb the products of industry. the recovery program will succeed. If they are not, it is possible that the govern ment, rather than allow the coun- try to lapse into the aimless drift ing of the last three years. will adopt & series of even more drastic measures. the results of which may be further beyond the power of prediction than are those of the present experiment.
 The problem of synchronizing the increase in purchasing power higher wages with the expansion of output and the higher prices Is. therefore, the keystone of the gov ernment's recovery program. It f is fo rthis reason that the recov- cry administration has been doing everything in its power to hasten the adoption of agreements for higher wages and shorter working hours, even going to the length of drawing up a blanket code and asking all employers to sign and observe 1t until more detailed codes for individual industries can be drawn up.
 With prices advancing, 1t is evi- dent that the time element is all- important If the usual lag of wage rates is to be avoided. In order to stimulate the daoption of the new wage rate program, the gov ernment Is planning an intensive publicity campaign to bring pres- sure to bear on employers through out the country to cooperate in the effort. and is contemplating, as q feature of this campaign, Q patri. otic appeal to consumers to buy the products that bear labels indi. eating that the producer has &C., cepted the provisions of the blan. ket code.
 The same state of mind underlief the complacency with which auth. critics have observed the sharp re. sessions in security and commod. ity markets since the middle o1 July. Even if the new industrta program is put Into effect with all
 possible speed, there Is limit to the rate at which progress can be made in such vast undertaking Unduly rapid price advances in speculative markets, affecting, af they soon must, the cost of living of wage earners. would upset the balance and defeat the purpose oi i theentire project.
 The publicity campaign for the adoption of the blanket code was officially begun by President Roosevelt in a radio address to the nation on July 24. The prcsi- dent Nreferred to the progress al- ready made, including the balanc- ing of the ordinary budget of tho government, the recovery from the banking crisis, the relief provided for various classes of debtors, un- employment relief, unemployment projects and the Farm Act. He then outlined the purpose of the industrial appeal to all classes to support 1t. The names of employ CTS who accept the code will be published at post offices, and CO., operating enterprises will De given a badge of honor'' to be dis played prominently as e public no- tice that they have participated in the common effort. Such employ CTS in the words of the president, "deserce well of every one who works for a living" while the "s'hirking employer" though he may underseii his competitor. does