The midland journal. (Rising Sun, Md.) 1885-1947, 1934-04-27
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National Topics Interpreted "a fFYTTTTTI@
by William Bruckaft Al@IdHT
by William Bruckart

many persons consider to be actually
destructive of the basic and proved
practices of our commerce and indus
try.
And, after all, that is the point
at issue In this country today. Doctor
Writ quoted Mr.. Todd as having said
that Roosevelt Is In midstream and
the current is too strong for him to
turn back" ! still have faith In our
system Of government and have more
faith in a majority opinion of the peo-
pie of the United States. Since Doc
tor Writ testified, they are on their
guard. It may be that the sun Of the
brain trust theorist is setting.
affair: in long service in Washing
ton, | have seen few
Badly hearings as badly
Muddled muddled by COM
~ mittee of congress.
Each of the members of the committee
knew, Of course, that the atmosphere
was surcharged with politics. Some
of the Democrats obviously were
afraid that Doctor Writ was go.
ing to explode a bombshell of poll
tics that would do their party no good
at all, and some of the Republicans
were afraid that Doctor Writ would
not explode that bombshell. Conse-
quently, there was haggling without
end. / believe the consensus among
the hundred-odd correspondents who
were reporting the hearing was that
Representative Bulwinkle of North
Carolina, Democrat and the chair
man, reflected no particular credit
upon himself or the committee as in
quisitors. Criticism of Representa-
tive McGugin, Republican from Kan
sas, also was heard, for Mr.. McGugin
went just as far in supporting the wit
ness as Mr.. Bulwinkle did in har-
RAISING him.
In the background of the committee,
haggling, stood the tall. gray-haired
figure of "Jim' Reed. Senator Reed.
when he was in the senate, was prob
ably the most feared of all debaters.
His vitriolic retorts and cutting state
ments seldom failed to make spines
culver. His presence as Doctor
Wirt's counsel failed at first to check
Mr.. Bulwinkle, but the fact that he
was there provided Mr.. McGugin with
assurance of help in any battle of
words.
Certain evidence of peoples views
always is reflected in congress rather
quickly after changes in sentiment
take place, and it is no different now.
There was time during the first
months of President Roosevelt's ad-
ministration when anything he sent to
congress was put through, and no
questions were asked. Currently. how
ever. there is disposition among
members of both political parties In
congress to inquire into the character
of legislation they are putting through.
For example, the bill that the Presi-
dent wanted for controlling the Sc
curity exchanges, like the New York
Stock Exchange, was advertised by
Democratic leaders at first as being
ready to 60 through without question.
Mr.. Roosevelt said he wanted 'teeth"
in it. and teeth were put in it. plenty
of them. Indeed, the proposed legis-
lation would have left little of the
stock exchange to operate. Rigid con-
troll was a mild expression compared
with that original stock market bill.
Stock exchange members, brokerage
houses and plain investors suddenly
awakened to the fact
Wake Up, that the bill was go
Then F;ohs ing to do things to
them. They started
to fight. They found responsive chords
In the house and senate Reason and
logic, as opponents of the bill under
stood those words. began to prevail
and, presently, rumors Of proposed
changes In the measure began to crop
up. And what's more, the changes be-
gan to be accepted by majority Of
the committees that had the bill in
charge, despite frequent reiterations by
Senator Fletcher, chairman of the SEN
ate banking committee, and Chairman
Rayhurn, of the house Interstate Com
merce committee, that the President
wanted the teeth left in.
It Is to be admitted. think. that
there was a lot of monkey-doodle bust
ness going on among some members Of
security exchanges. My belief is that
they did not always give the individual
investors in stocks fair shake. But
some of the reformers included in the
administrator brain trust appear to
have overlooked the good in whatever
amount 1t exists In the stock ex-
changes.
But, to get to the point of the story.
Many persons hold to the view that the
government should not spread par
entail wing too far over private Offairs.
It has been done already beyond the
anticipation of majority of the peo-
pie. They want to be free to deal in