The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1934-09-27


continued un-
b lance '''''''
budget and Lewis Haney
growing taxes.
2. Increa ing Government
control over business.
3. Government entrance in
to business which compete with
private businesses.
4. Strikes and radical labor
agitation.
S. "Utterances" by Admins
tration officials which destroy
confidence in the security Of
property and investments.
It will be noted that these
points emphasize SOcialistic
measures or "utterances" which
tend to restrict private property
and individual business enter
prise. They do not mention
money tinkering and initiation.
The chamber, however, goes or
and puts six questions to the Presi
dent. Among these we note that
the majority center on govern
ment finances and currency. They
are as follows:
1. When and how will you
balance our budget?
2. Do you intend to devalue
the gold dollar further? And,
n en-. how much?
3. will you get together with
other nations to stabilize ex-
change rates as soon as possible?
4. Will you strive for business
recovery by encouraging bust.
ness initiative through reduced
government control and discOn-
tinuance Of gOvernmet cOmpeti-
etiOn?
! 5 What is your agricultural
policy?
6. Do you intend to go ahead
with public works which are not
now needed?
I think that these questions are
fair enough, and that the people
are entitled to a definite answer
It does seem to me, however, that
they show certain omissions and
do not quite go to the roots OF the
issue.
They seem to duck the labor
problern, which is touched on in
the five reasons given for lack OF
confidence. Nothing is ask e d
about MIRA and the unsettled is.
sues of collective bargaining and
the closed shop. =,
Nothing is said about the stand
ard for our currency and the IN
lection of silver. apparently
they assume that we are on the
gold standard, which is not true.)
Is the Governments intrusion
into banking and credit control
covered by these questions?
As 1 see it, there are three
fundamental questions brought
up by the New Deal and these
are: (A) Experiment VS.. Expert"
ence (B) Social (Government)
planning vs.. Individual initia-
tive, and (C) Fiat currency VS..
standard money. These are the
ABC's of the New Deal.
It is vain to ask about StabillZ'
ing currencies while budgets are
unbalanced. And it is vain to ask
about balancing budgets, while
the Government believes In ex'
perimenting with uneconomic
schemes of social reform" and
having politicians plan our eco
nomic life.
Many people do not seem to
realize that the world at one time
or another has tried all sorts OF
experiments, in the course OF
which much valuable experience
has been gained and important
economic laws established. One
great weakness in the New Deal
lies here. Hence its wasteful expen'
ditureS.
And both experience and reason
show that we need money based
on q definite standard and con
vertible into that standard. Play
ing with contrary ideas is another
fundamental weakness in the New
Deal.
Whether the President will an
swer, and what he may say are
as yet unknown. But the Demo
cratic Handbook just issued makes
the New Deal program the mair
''plank," and upholds "the prog
resSive philosophy of the times,
and "our courageous experiment
ing"
Progressive philosophy" may
mean radicaliSm. courageous ex
perimenting" may mean burnt fin
gers. At least, they suggest uncer
tainties and doubts. They Sugges
that politics will govern economic
action, rather than the reverse.
Under present conditions. car
we expect to get confidence
among all Of us-the hard-money
men and the soft-money men. thu
employers and the trade unionists
the investors and the spectators
the we'll to do and the poor?
N. J. ZINC PAYMENT