The Washington times., 1934-01-08

done deal of it honorable But he
right in suggesting that merely to have lived through and
not been killed in, the revolution enough.
Boasting o. K. @>Ss$
1t natural that the Administration leaders should send
out words of praise for their efforts because that is
the to keep up the courage Of the Others In fact
boastng is good sign because it that is
yet absolutely that things will work The real danger
smugness the kind of thing had two and three years
ago. the that everything under control and
the suggestion that you and needn't botherhe Govern
ment would to it that kept losing jobs and
starving The NRA may be, as Maynard Keynes has sug-
gested, obstacle immediate recovery but it has ac-
compshed thing: it has made about forty million
people conscious of their share in recovery Ms
ITO Remember By =>'.- ~a@@zzSs9a' =
One of the first good quotations which schooboys meet in
Virgil the remark of Aeneas when he and his friends
all clngng to spars after the wreck of their ship. Some
day. that pous adventurer day it may be you
will be glad to remember this Cynics have suggested that
he meant things would get wore but the general idea
is that people like to look back their disasters
Sorrow $ Of may be remembering happier
things but of the great satsfactions of life to be
sitting pretty and look at picture Of yourself clngng
to the edge of precpce. Most Americans have the pic
ture ready right All they need is to sit pretty again.
7 More Professors sr .3ssz q 81 r >a4sst- =. I
Seven Harvard professors have formed "Brains Dis
trust it appears, and have written book against the New
Deal 1t is called "The Economics of the Recovery Pro-
gram and have doubt that the very people who
furious at the idea Of professors in the Administration will
take pleasure in the professors outside the Administration
About the book itself know only little having received
the press notice from the publisher (Whesey House and
read account This isn't, therefore, review.
interested chiefly in the fact that attack by profess
sors, in year when professors have been much at
tackled, should be such good
One of the contributors is Prof Joseph A. Schumpeer
who least has practical experience; he
minister Of finance in Austria And his statement that
Recoveryis sound only if of itself His argu
is perfectly logical "Reviva which is merely due
to artificial stimulus leaves part of the work Of depresson
undone, and adds maadjustment Of its which
has to be qudated turn thus threatening business with
another crisis ahead" ~
Do Nothing and Die
Now, professor, Mr. Schumpeter may we'll speak Of
recovery coming of ITSELF but exfnance minister he
make If he faced by financial crisis
he would either support banks close them; he would
either initiate fight initiation; he would protect invest
ments ruin them he would not sit STILL What he
by recovery coming of itself is gather coming
without hurting the people power too much matter
how many of the weaker go to the wall.
Mr.. Schumpeter is in short, good professor for the
Hoover administration. Mr.. Hoover himself had none.
Looking the defenses made of his work. from 1929 to
the end Of the campaign found economist reaction
ary reckless to defend his policy of letting
covery of itself Now that that policy has been
abandoned the Harvard professors step into the breach
is amusng but it also shows how far have gone the
road So far that stand the idea OF defending
Hooverism.