The Washington times., 1934-07-31

consider care III.
fully the fol- ~
lowing state Lewis Haney
ment Of the principles and mo-
tives which guide my thought:
First-I belong to no political
party. I am not interested in
politics, except that l would
like to see some way devised to
nut more efficient and honest
men in office. mo "Deap is
going to work as long as Ordi-
nary American politics and the
spoiIs system are with us, as
believe is the case tOdayD
Second-I am absolutely free in
expressing opinions. Mr.. Hearst
has never even suggested what I
should say. I am retained as an
economist to tell the truth as I
see it. And that is what do.
Third-My whole background
and interest are those of a Scien.
tific economist, and the founda-
ton of my professional life is
belief in economic law.
Long study of history, and par
ticularly the history of economic
thought, has convinced me that
the average man has certain in
stincts and physical characteris-
tics which are practically un-
changing. I see mans natural en-
vironment as an important fac
tor, and one that is governed by
law in the scientific sense.
find that human arrange
ments must deal with these ele-
mental realities as they are, or
fail, Man-made legislation which
tried to run counter to economic
laws, fails. T hus, prohibition,
price fixing, fiat money "green-
backs") and all attempts to "cre-
ate a purchasing power" which is
not earned by producing real val
ues, prove to be futile.
This is why I am opposed to
most of the New Deal because
it is based upon a denial OF
economic law.
FOURTH am critical, and am
generally writing in opposition
to some proposal or other, be-
cause so many unsound propos-
ais are being made. In a period
of distress, the New Dealers came
into power by promising to "do
something" They have pro-
ceeded to do many things which
are counter to economic law, and
are futile or worse.
MY first duty as an economist,
therefore, is to show why they
fall. BY warning of dangers, I
hope to help toward avoiding
them.
Fifth write about political
matters because politicians are
dealing with economic matters.
The Government has entered
business, and most legislation is
economic. Today scientific
economist can not tell what he
knows without running into an
unscientific politician.
SIXTH am often told that I
am bold-even daring. Why?
Just because I frankly say what
every liberal economist knows.
It is the strongest indication of
the danger to freedom of speech
that the application of economic
laws to our social problems should
be considered by anyone to be
daring.
I criticise the gOld-buying
''pOlicy," processing taxes, NRA
codes, price fixing, growing
Government deficits, etc. Then
I am told that should not do
this, but should "get behind the
President" My answer is that
no President can override eco
nOmic laws.
T will get behind any sound
idea or policy. But I will not fol-
low a mere smile or a mellow
voice until I know where it leads.
We have ideals a plenty, Every
body wants "a more abundant
life" and social justice" just as
we used to want a full dinner
pail" and a square DEAL" The
practical question is, what to do
about it. All agree that human
happiness is the goal. But how
get it?
A few say that I am Tool of
Wall Street" and a "CapitaliStic
Minion." Well, two years ago a
Republican paper in New York
published an editorial calling me
q menace because I was disturb
ing confidence in Hoover's pol
icies. I have always attacked
trusts, corporation abuses, and
financial manipulations, and have
stood for labor organization and
collective bargaining. Anyone
who has read my book Economics
In a Nutshell" cannot believe that
I am the "tool' of any interest.
The only reason I oppose So
cialism, new dealings, or any
other "ism" is because I don't be.
Saeve It will work as a practical
method of attaining social vel
fare.