The Waterbury Democrat., 1934-05-22

our business men have operated
honestly and fairly according 20 the
rules OF the system under which
they found themselves and have
borne their full share Of the bur.
den Of relieving the distress caused
BY our economic collapse,
System nc Fault
The fault has not been with
them individually, but with the
system, and I am led 70 believe,
republican orators 10 the contrary
notwithstanding, that they feel
keoniy the faults OF that system
and are prepared 70 welcome sound
but liberal corrective measures.
We should not forget too soon
that these Same business men, In
the 1898 Chamber OF Commerce
meeting, urged extensive prosiden.
tial powers TO work out q plan TO
save our PROSTATE economic syn-
tenn. There were no calls then for
individual liberty and economic
freedom. Thoy wanted govern
ment IN business and plenty Of T..
They are getting II and ! believe
they like II, and that they are, gem
orally, willing 10 pay the price.
And that price conceive TO BIO tho
granting OF q greater share In our
prosperity TO the mass OF our
Maritime law provides that q
distressed ship, calling for help,
automatically agrees that the res.
cuer Ia entitled to tho legal salvage
foo, and contend that whom our
economic system calls for help
from the federal government, rep.
resenting all the people, Il should
be willing to lot tho people In turn
share In tho salvage.
Confidence Restored
Roosevelt has stepped forward
to save business, and ne has at the
same time proclaimed that his
New Deal requires q fairer sharing
OF whatever prosperity may be OBJ.
tnined. The administration first
restored the confidence Of the peo-
pie In our banks and saved our
financial organizations. lie cut the
dollar loose from gold, thus check
Ing depression, o ID, at tho same
time insulated this nation against
foreign gold raids 40 that tho 70.
covery program could proceed
without danger from Without.
Tho prospect OF higher prices
Immediately Increased Industrial
activity and he moved swiftly
through the MIRA and the PRA to
sec the benefits of tho recovery
were distributed to the wage.
Garner. He initiated an economy
act which completely rcogtablishod
faith IN governmental credit a. Ia
evidenced by the extremely low In.
torest ratio on governmental Dor.
rowings. Incidentally, tho repubii.
can fears OF reckless and wastfui
spend,n. or OF uncontrolled infla.
ton do not seem 70 be generally
shared by the Investment public.
Ito then proceeded on q plan 70
reestablieh normal business activity
and 10 maintain that activity.
Purchasing Power
The basis OF this plan Ia the bet.
ter distribution OF purchasing
power. Every important recovery
measure In designed 10 promptly
increase the spending power Of tho
wage. eRrner, the farmer, tho mers
chant, and even OF the investor. TO
attack those measures ~ undesir-
able In ridiculous, since they arc
not only desirable, but have been
made absolutely essential by tho
republican policy OF encouraging
the accumulation OF vast and un-
spendabio surpluBseB by indlvid.
uais and corporations, which policy
has completely destroyed tho nor-
NAL balance between our produo.
tive capacity and our effective pur.
chasing power.
Furthermore through tho MIRA II
In intended that thero shall be per.
manentiy established n fairer dis.
tribution OF the proceeds OF indus
try. And still furthermore ! am
iod TO believe that the president
intends to initiate q broad social
program In which the government
will continue to help distribute tho
proceeds OF industry both for the
sake of o less fortunate persons
who may be assisted by this pro.
gram ard for tho sake OF industry
itself, which cannot exist without
n market commensurate with itB
power TO produce goods.
ff this be Dangerous socialism"
we invite our republican friends to
mako the most of II. And we fur
thor invite Thorn to clearly state
their objections 10 everything the
administration has done or pro-
poses to do. I venture TO predict,
however, that wo will flnd fepubli.
can utteranees confined TO vague
and fearful warnings, probably not
including references to grass grow
Ing In the streets.
10 will DO our task TO make tho
issues clear and TO give tho voters
their opportunity to make their
decision on tho New Deal OF Prcsi-
dent Roosevelt.