The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-04-27
Badly
MuddIed

Badly hearings as badly
MuddIed muddled by COM
mittee of congress.
Each Of the members OF the committee
knew, OF course, that the atmosphere
was surcharged with politics. Some
or the Democrats obviously were
afraid that Doctor Writ was GO
ing 10 explode a bOmbshell of poll
ties 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, a 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 vitrioIic 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 IL Is no different now.
There was a time during the first
months of President Roosevelt's adj
ministration when anything he sent to
congress was put through, and no
questions were asked. Currently, how
ever. there is a 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 go through without question.
Mr.. Roosevelt said he wanted teeth"
- - - IL
Of them. Indeed, the proposed Iegis-
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 FIGHT 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
changes in the measure began to crop
up. And what's more, the changes be-
gan to be accepted by a majority of
the committees that had the bin in
charge, despite frequent reiterations by
Senator Fletcher, chairman OF the SEN
ate banking committee. and Chairman
Rayburn, Of the house Interstate Com
MERGE committee, that the President
wanted the teeth left in.
1t Is to be admitted, | think. that
there was a lot of monkey-doodle busi-
ness going on among some members Of
security exchanges. Ny belief is that
they did not always give the individual
investors in stocks fair shake. But
some Of the reformers included in the
administrations brain trust appear to
have overlooked the good in whatever
amount it 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 a par
entail wing too far over private offairs.
1t has been done already beyond the
anticipation Of a majority of the peo-
pie. They want to be free to deal in
stocks, to speculate, even TO gamble,
if you please, without having bureau
crazy here in Washington to tell them
what TO do. II is to be remembered.
of course, that the stock exchange in
terests themselves headed the fight.
They could be organized easily. But
ii must be evident that there was
something vitality wrong with a piece
of legislation that would cause such
an uprising as occurred in the case
Of the exchange control bill Further.
II must be apparent that senators and
representatives heard from home" re-
speeding il
The legislation will go through event
ually. OF that there is no doubt. In
its final form. however. 1t will not be
the handiwork of the reformers. There
will be reforms brought about by il.
only they will be for the purposes of
correcting abuses and not for the pur-
pose of trying out theories on some
body's money.
II is interesting to note how one sit
uation creates another in politics. /
have just been reporting on the situa-
ton surrounding the passage of the
legislation for control of the stock
market The controversy over that
bill led straight into another movement,
namely revision Of the so-caIled truth
in-securities act that was passed in
the first Roosevelt congress. | expect
there viii be only minor revision Of
the law accomplished at the current
session. but its bad points have been