The Washington times., 1934-10-03

WHICH ne udS ~
h m e I
str sSed in
other broad ''l
casts. Lewis Haney
The budget: Is he still trying
to balance it at an early date?
If so, we should know it.
The currency: Is he still ex.
perimenting with the idea of a
managed currency to control
price levels? If he has aban-
dOned it, we should know.
The price level: Are we still
on the way to 1926 prices? If so,
we should be advised.
2. The President definitely
states that public works will be
pushed, and this for the purpose
of making more work, regardless
Of the needs Of consumers or the
cost to taxpayers.
Perhaps this is his answer tt
those who want to know about the
budget. If the army of the unem
ployed is to be kept in training by
having them construct non-revenue
producing public works." the
budget cannot and will not be
balanced. In that case, he could
not say when the nation may
return to Solvency.
3. As long as the President
cannot say that his budget will
be balanced in a reasonable
time, and the dollar be given
definite value, business men
cannot make constructive bust
ness plans. Fears as to costs
and prices will remain. With
the politicians straining the ma
tons credit, private credit is
frozen. Savings in banks will
not be safe.
Uncertainty will remain, and
the heavy industries continue
depressed.
4. The President still holds so
ciaIstic ideas about private en-
terprise and profits. He processes
to fear that business may destroy
ITSELF" He mentions profits only
with the word fair" attached
Evidently he has in mind "busi
ness for service" with profits limi
ted in some way by the Govern
ment.
He wants the driving power
of private enterprise, but he says
that he expects it to be given
periodically"
He talks throughout about Gov
eminent assistance" to business
But business does not want Gov
eminent assistance, for business
men have learned that it means
Government in business.
5. A new note crops up which
strongly suggests a conflicting
deflationary slant. (a) He sug'
gests that lower prices might
bring a larger volume of business
and increased employment. (b)
In referring to the minimum
wage, he suggests that the total
annual earnings of laborer may
be more important than hourly
wage rates. Both of these
thoughts suggest lower prices,
lower wages, and longer hours Of
work.
Is this what the President
means?
6. The labor "truce" is a
moratorium for strikes, and does
not settle anything. What about
vertical or industrial unions VS..
trade unions? What about ma
jority representation?
Z. The President makes sew
eral definite differences which are
erroneous.
(a) Our financial policy Is
not like England'S. England
was absolutely forced to suspend
the gold standard, while we
abandoned it deliberately as
matter of policy. England has
not repudiated any gold clauses
in bonds. England has allowed
higher interest rates on her
bonds and not attempted to
force artificially low rates.
Our bankers are carrying a
larger part of our Government
debt, than is the case in Eng
land.
(b) If business representatives
largely wrote their own ticket in
the MIRA codes, and these codes
were bad, the Administration is
still to blame. It signed and as
Sumed responsibility. It is nc
alibi to say now, well, they
wanted these codes, didn't they?
Co It is erroneous to measure
business from the collapse Of
March, 1888. It was temporary
period of complete collapse. The
New Deal was elected considerably
before it. New Deal policies de
veloped later than it. When WI
measure from November. 1882, o.
May, 1893, we find little if any
recovery" This is just fact.
This broadcast shows NOR
thought than the others, and con
tains some sound ideas. But IL
view of our progress toward in
flation and class conflict. it is Al
disturbing as any of the Presi
dents speeches and leaves o.
much uncertainty.