The Daily Alaska empire., 1933-11-08

| IS dDOuJ to De Te-eXdnlneQ Dy the American people. By the words, political regime" I mean two things: the concentration of au- thority in the hands of the Exc cutive and the moratorium on or ganized criticism of and opposition to the exercise of that authority
 The last ten days, that is to say, the period since the Presi- dents radio address, have witness ed turn in underlying sentiment
 So at least it seems to me. The change of sentiment has not as yet become articulate It has per haps not even become clearly de- fined in the thoughts of any large number of men, But the crystal ization of rather searching doubts has begun. It is not too early to l note this change, and it is only prudent to take account of it.
 It is easier to illustrate the na- ture of this change of sentiment than it is to describe it in all its manifestations When Congress passed the Thomas amendment, it vested in the President what is vir
 tually the whole power of the gov ernment under the Constitution to regulate the value of money. h. asmuch as alterations in the value of money are alterations in the distribution of wealth, affecting the econmic relationships of each man with all other men, the reg ulation of money is one of the greatest of all the powers of sov- ereign state. The exercise of this power involves the deepest ques- tions of social justice. The dele gation of this power to the Pres ident rested upon the conviction that he represented the nation as whole, whereas Congress more or less frankly represented its component parts. It was believed that this great power would be exercised in a more distinterested manner and for more truly na- tional purposes by the President than by Congress. .4.
 This belief has been disturbed since the Presidents radio ad- dress. For what men see is that monetary policy has been adopt ed without adequate explanation The country does not understand this policy and no one has as yet come forward who is able to eX- plain it. This state of affairs would in itself signify bewilder- ment which might be tolerable for while if nothing else had hap pened to create radical doubt That other event is the coincl- dence that the new monetary pol icy was adopted when the aglta- ton of certain groups of farmers had become acute.
 This coincidence is precipitatlng the question as to whether the vast power over money is to be be administered in response to the needs of particular groups of pro ducers or by disinterested Judg- ment as to the complex needs of the nation as a whole. The ques- ton has been pushed forward ow- ing to the fact that in his radio address the President appeared to be telling the farmers, not mere ly that he would raise the prices of their particular products, but that he could raise them by regu- lating the value of the dollar of all the people. He did not defin- itely say that. But he did not def initely put away the popular in ference in the farming areas that the value of the dollar could and should be determined by the needs of certain producers.
 Let us be clear about this. The raising of the price level repre- senting the weighted average of the whole mass of commodities is a possible, a desirable, and a na- tional use of the power over mon ey. The Administration would not only be entitled to, but as a mat ter of policy it ought to, take specific action to enhance the val ue of the farmers products. But it would never be justified in de- termining the value of the dollar | to meet the particular need of the l cotton and grain producers. The determination of the value of the 1 dollar is a national trust. It can be administered properly only if, in fact and in appearance, the cri- | terion is as fair balance and compromise among all interests as independent human judgment can arrive at.
 Once let the conviction crystal ize in mems minds that the pow CTS concentrated in the President | are not being used in midely na- tional spirit, the political truce | will collapse Men will say that | if these powers are allowed to re-
 spond to the agitation of one group | of producers, then every one else
 must organize and agitate to de- fend or promote his own interest. | This would be truly deplorable
 prospect. The country should not