The Republican. [volume] (Oakland, Md.) 1877-current, 1933-10-05
NATIONAL AFFAIRS
By FRANK P. LITSCHERT

Events are moving so rapidly at
Washington nowadays, and through
out the country for that matter, that
it is a little difficult to predict very
far ahead. It is fact, however, that
from present indications, the imitation
lists, who have been conducting a ter
rife drive at the National Capital,
have temporarily "lost possession of
the ball." The general belief among
the political forecasters, at the time
this is being written, is that there will
be no currency imitation for the pres
ent at least. In fact, it is thought
that the President has definitely
turned his back on this kind of effort
to raise prices and bring back pros
perity, and most thinking people
heaved a sigh of relief upon getting
this information.
1t is generally conceded that the
business revival which started early
in the summer has not been carried
out at the same pace during the recent
weeks, and that the looked for fall
revival had not materialized, up to
the first of October at least. Every
body hopes it will come later. And a
great many observers are of the opin-
ion that the Qualification of the ma
tons monetary policies will have a
very desirable effect on business. A
great deal of the doubt and hesitation,
they believe, is due to the fear of
some radical form of initiation.
One of the disappointments of the
NRA program up to this time has
been its failure to raise the price of
the things the farmer has to sell in
proportion to the things which he has
to buy. This has caused a great deal
of resentment in farm circles, accord
ing to reports coming from the rural
districts, and has inspired in great
measure the demand for outright cur
rency imitation. While the codes have
doubtless helped many of the great in
dustries such as the textiles, and the
coal trade, the resultant rise in the
price of finished goods has not been
followed by a corresponding increase
in purchasing power. The difference
has been felt chiefly in the rural dis
tricts, but there are thousands of
people in the cities and towns, too,
who have been caught by rising prices
without any corresponding rise in in
comes.
One of the chief causes for such dis
appointment as there is may lie in
the fact that many of the promoters
of the NRA promised too much in the
first place. The act doubtless con-
tains many admirable features. But
some of it's proponents advertised it as
an economic cureall. Disappointment
naturally follows when it does not live
up to all advance notices, something
which it couldn't have done, under any
circumstances.
1t is more than possible, however,
that the adoption of a clear-cut none
tary policy which relieves the fear of
the people of currency imitation, may
start the ball rolling again. Certainly
it is hard to get banks, or other in
stitutions to furnish credit when they
are uncertain what the financial policy
of the government may be sixty days
hence. So, too, it is difficult for cor
porations to put out new bond issues
when the future of the dollar is uncer-
tain. Nobody wants to buy bonds I'M
der such circumstances. Then there is
the question of taxation, too. The
public generally is coming to realize
that the government never gets
something for nothing" any more
than the individual does. And some
body will have to pay the cost sooner
or later.
1t will not, however, do to become
pessimistic. There are indications
that our monetary policy will be set
tied in the near future, and this may
be followed by clearing skies and a
spell of sunshiny weather again. The
people of the United States are united
in this war against depression, and
once united, they are hard to defeat.
The old copybook of our childhood
days told US that knowledge is
power" The trouble nowadays is
that too many people get power be-
cause the voters think they have
knowledge.