Henderson daily dispatch., 1933-12-29

he how easy it is for initiation of the
currency to do more harm than good.
DeValnatiOn Now Appears Inevitable
The President would probably veto
any tGreenback' measure if it were
passed by Congress Silver purchasing
has already begun-nOt because of
lack OF gold reserves but as COM
promise with the silver states Gold
will he purchased indefinitely, the
price being gradually advanced as
domestic and international problems
warrant it, but the Administration
must watch its step. In depreciating
the dollar and attempting at the same
time to maintain faith in its secur-
tiles, the government is like II man
trying to ride al once two horses 60
ing in opposite directions. DeValua~
ton of the dollar now appears newt
able-bnt its effect has been fully dis
counted. Stabili2atiOn of world cur
rencies, however, depends on tariff
and trade problems which are too com
plicated To solve IN the near future.
In his effort To raise prices and yet
avoid currency initiation, the Prcsi-
dent will first swing toward the left
il order to heup prices and business.
"nd then swing back toward the right
t0 strengthen the monetary situation
and quiet the conservative group. Al
that time the President may appear
TO be spinning around like a weather
vane. Actually, he will merely be play
ing astute politics to prevent Con-
gress from running wild, and at the
same time allaying the fears of the
a linn
reference with his, entire program.
Congress Under Presidents Thumb
Now, khat about Congress Rarely
before have the people of the United
States awaited more nerVouSly the
convening of our national solons. At
this writing it is debattable what VIII
be their precise procedure Many stu
dents of the situation look for a
'rough-house" session. Others think
that anxiety concerning Congress is
being overdone. This group believes
Congress will recognize the necessity
of trimming the boat" and that it
will turn out to be a disciplined if
not a docile, body. We must remem-
Der that the Congressional elections
come in the fall of 1884, and every
move of the present members, both
the House and a third of the Senate,
will be with an anxious eye on the
home vote.
My own opinion is that there will
probably be sporadic outbursts such
as a drive toward "Greenback" in
flation attacks against public utility
holding companies, campaign for
higher income SurtaXes, and similar
measures, but / feel that President
Roosevelt will be able to hold them
down. He will continue to be the lead
ing factor in the Administration and
his strategy and politics will be suf-
ficlent to appease the radical group
so that we shall have a more or less
orderly session. But regardless of
Congress and Washington, fundamen-
tai conditions will determine the trend
Of business in 1884 as they have dur
ing most of 1888.
Business Will BE Better In 1884
A year ago | said that business in
1893 would total 10 per cent greater
than in 1882 Actually the increase
amounted to 1913 per cent For 1884,
my forecast is for about the same i'm
provement over 1888 as 1888 showed
over 1882. The medaret increase IN
business Wl,ich has taken place in
the last fortnight should continue in
to the early months Of 1884. One OF
thc mCet IMPORTANT factors in this inn
IrOVamtnt will be the billions Of dol
lars of IuhHc money which will he
poured INTO the business structure
during the next few months. Funda-
ntci.tal conditions, as measured by the
Eab&onchart definitely point toward
better conditions in 1884. The Law Of
Action and Reaction will be the
strongest force for improvement in
1914
Better business, Of course, promises
that 1884 will see Il further increase in
employment Apart from the Admin
istratl0n > program to create winter
jobs for 1000 900 Of the unemployed,
l predict Il slow but steady improve
mcnt IN both employment and pay
rolls beginning in the early months
ana continuing throughout 1884. Ma
turally this will mean an increase In
purchasing power. Employment is
now ever 20 per cent higher than il
was & year ago and payrolls are rum
ming 80 per cent above that period