The Indianapolis times., 1934-03-31

articles by Harry Elmer Barnes Phi. D. on the need
for commonsense and realism facing the crisis in
the recovery efforts.
YESTERDAY, I called attention to the lam
- entable lack of ordinary common sense
and logical vision in any considerable section of
American opinion
Today shall look into what is perhaps the
most striking example of confusion of thought.
inconsistency and lack Of elementary logic which
has been exploded in Washington since the new
deal began I refer to James H. Rand Jrs at
tack upon the revised Fletcher -Rayburn bill de-
signed to introduce some mOdicum of honesty
ana torthrIghtness in the dealings on the New
York Stock Exchange.
Mr.. Rand is prominent American indus
tflaIlSt and chairman of the committee of the
nation, made up of important figures from
American industry merchandising and agricul-
ture.
Ii there is any man in the United States
who should be led by elementary logic and the
Simplest considerations of selfinterest to oppose
Che speculative tnanciers, it is Mr.. Rand
1he great moguls Of speculative finance have
wrecked American business crushed purchasing
power ana brought capitalism dangerously near
10 It's end The house of Morgan or the llnrepu
lated Stock Exchange fully are as antagoniStic
TO the interests of Mr.. Rand and his committee
as Moscow and Stain
MOREOVER. Mr.. Rand and his comrit+oo
4v1 have for more than year been engaged
IN bitter light with Wall Street over monetary
poncleS Mr.. Rand'S group has fought valiantlv
Tor imitation in the face of adamant 0pposition
Irom the great bankers. Now we are called upon
10 witness the amazing and undignifed spec
tacle OF Mr.. Rand rushing breathlesslv to the
alo OF the most speculative element in the whole
financial world
In explaining his astounding stand Mr. Rand
sets forth brand of preposterousness which has
LoU peen matched In American publicity since
the "hang the kaiser days nearly twenty wears
ago. he contends that the Fletcher -Rayburn bill
IS OF Stealthy British plotting Shrewd British
bankers and lndustralSts fear American recov-
cry. Hence they have in some manner or other
contrIVed to induce congress to regulate the
Stock Exchange ~
According to Mr.. Rand, British business inter-
eStS realize that such regulation would ruin
american industry and enable British business To
ride supreme over the PROSTATE carcass of the
American economic order
Great Britain often has been insulted bv
AElerlcanS but recall nothing quite so bad as
the lnslnuaton that British business men could
oe SO dumb as to imagine that the regulation of
the New York Stock Exchange would harm
American industry
The implications of this charge are an Insult
to British intelligence which makes ANYTHING
ever said by Big Bill Thompson seem c0n1nG
mentary by comparison
II BRUSH business and financial interests are
ShreWd and really wish the destruction of Amer
lcan business they are subsidizing the opposition
to the Fletcher-R -Rayburn bill
MOT satisfied with this unrestrained flight
into the ether, Mr.. Rand pulls another
canard designed to make any sane reader wipe
OH MS glasses. He implies collision between
Lombard street and Moscow. Montagu Norman
ana oIehn seem to be arm in arm in a sinister
intrigue designed to wreck America.
Mr. Rand took out of his trick bag letter
from DR.. William Writ superintendent of schools
OF Gary, Ind which alleged that some members
OF the brain trust had told Dr. Writ that thev
deliberately and designedly were thwarting
American industrial recovery in order to throw
this country into the hands of the reds
The brain trusters were alleged to look upon
Mr.. Roosevelt as the Kerensky Of the American
revolution. Just as soon as feasible the brain
trust is TO supplant him by the American Stain
Mr.. Roosevelt is portrayed as a simple minded
dupe being led blindfolded to the slaughter.
There is nothing the brain trust wishes for
quite so desperately as success and vindication
Their great nightmare is the possible failure of
the new deal. They are all liberals who abhor
Communism. If the new deal fails they will
60 back to their universities like whipped dogs
the laughing stock of the academic community
1t is the speculative fnanciers who have de-
hberately baked recovery and who, consciously
or unconsciously, are heading us toward Com
munist upheaval
MI Rand. after rendering real service in
battling the monetary policies of this group
now runs to join their hunting pack With due
respect, suggest that he may be in bad need
OF a vacation.