The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1934-09-29

as the New
Deal schemes.
The ideas II s
hold are not sls&
mine" They Levi" Haney
are those held by the great
in misfortune can do their own
majority of recognized economists.
Above all, they are based on cen
turtles of experience.
Thus I land a good many 9th
ers, tool was able to say stocks
were far too high in 1929 and
that We were in for a great liqui-
dation; that the Hoover schemes
Of creating purchasing power by
Speeding employment and by
manufacturing bank credit would
not work; that the Federal Farm
Board would fail; that MIRA would
break down, and Johnson have to
quit; that gold buying would be
futile; that silver buying would
hurt China and weaken our cur
rency; that processing taxes
would not help the farmer; that
foreign trade cannot be restored
by agreements with Russia, etc.
That is the difference. One
trained in economics and his
tory knows that there are eco
uOmic laws, and that some
things cannot be done, no mat
;er how much we experiment.
hey know that economic life
more than a football game,
nd that even in football the
quarterback has to have a tried
plan.
Meek Voter" says that all those
IN misfortune can do their own
thinking and decide theories for
themselves.
Well, I would not try to do their
Jobs or decide their special trade
problems. Why, then, should
everybody be willing to set up as
an economist? It requires many
years of specialized study and
knowledge of past experiments.
What we all want is the most
expert thought and full knowledge
and honest appraisal of past ex-
perience. We want the truth.
I will add that many business
men are no better fitted to be
economists than are laborers.
"Meek voter" says: "The mil
lions want facts and action.
They want to feel that someone
Is trying very hard to anchor.
ate conditions
But we all know what hap
pens when we plunge into a
job without careful planning.
We get actiOn-but we have to
do it over again.
This is the danger of merely ex-
perimenting. The whole question is
not one of trying, but of trying
In the correct way. We want true
facts and effective action. We
don't try to clean a house by
sweeping the dirt from one cor
ner to another, nor do we build a
house by beginning with the roof.
"Meek voter" says: "Our
problem is one of reemplOy-
ment." That is only a half
truth.
"VVhat is employment? If
IL means working at unprOduc-
tive and waSteful things, it is
not good, but does great harm.
Building needless dams and post
offices does not pay. The taxes
and public debt soon destroy
real employment.
We want employment, yes, but
we want it on a business basis, so
that laborerS can earn wages by
producing things that have value.
To get this, we must make bust
ness good.
'Meek voter" says that and
other economists merely criticize
and offer no remedy.
Well, isn't it necessary first to
show a wrong man wherein he is
wrong?
But more than that, each
valid Cr1Clc1Sm OF a wrong policy
has in it the germ of a right
policy.
So when we say "quit infIa-
tiOn," we mean to go back on
the gold standard. When we
say quit spending our money"
we mean to balance the budget.
When we criticize the efforts to
force credit on individuals who
either don't want it or shouldn't
have it, we recommend making
credit good by establishing a
sound and stable currency, by TAX
ing the government (pohtics) out
Of business, and by encouraging
profitable business through reduc.
ing costs.
That is the way to real reem-
ployment.