The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1934-06-29

heard-of over IL
spending in the
post war Pc "
Rod. Now we E2|>E< -
try to get out Lewis Haney
by the very
same means. Only we now spend
through the Government.
We got in by initiation, based
on large gold holdings and an
excessive use of bank credit. Now
we try to get out by buying more
gold land silver, and piling up
more bank credit.
In this respect, then, has New
Deal rugged collectivism" shown
ary more intelligence than was
shown by the rugged Individual
ISM"
Most students of the depres-
sion agree that debt" has been.
the great occasion for our trOu-
bIes. They tell us how, during
the war and the New Era spree,
nations, corporations and indl.
viduals went into debt beyond
their depths. Possibly this may
be charged to the account OF
rugged individualism.
But, If so, is rugged collectiv-
ism" any better? Certainly the
New Dealers have given us big
ger national debt. And what have
they done for individuals? They
have for the most part merely
shifted individual farm and com.
pany debts to the broad back OF
Uncle Sam.
That is what RFC and similar
lending agencies mean. They take
billions of private debt and
freeze" it with public debt. This
merely shifts it onto the taxpayers
of the community.
We talk about the past excuses
In speculation, and by drastic
stock exchange regulation we lock
the door after our money has
been lost. Never again!"
But at the very same time, we
proceed to engage in the greatest
speculative gamble in history
This we appropriately call the
"New Deal" as though we recog'
nized it as a sort Of poker game
Without any plan based on ex'
yArience or on established eco.
nomic law, we undertake to gam
BILE on a gold buying policy" a
silver deal" crop reduction, proc
essing taxes, NRA, price boosting
etc. We take a chance on 'prim
ing the pump" with bets even
that the Governments credit will
be ruined before initiation starts
The whole idea of the expert
mental approach" is speculation
It has been put over on the plea
that our only choice is the Blue
Eagle or chaos-Roosevelt or ruin
Talk about the high finance
If the old days! What could
surpass the methods by which
the Washington financiers have
been rigging the Government
bond market? They have turned
the RFC into a bank holding
company" Then they trade
their paper for deposit credit
with their bank subsidiaries"
They write up" urearned
profits, and carry doubtful as
sets at fictitious valuations.
Even the "brOkers' loan" item
has been rising on account Of
dealer speculation in Govern
ment paper.
Under the old deal, many
banks gambled on Bolivian and
Peruvian bonds. Now they gam
Bile on the pump printing" oper'
ations financed by our Treasury
Under the old deal, private
"financiers" took our money
away by minipulations and mis-
representations. Under the New
Deal a little group of politicians
are taking what is left by debas
ing our currency and debauch
ing our banks.
So I ask again. what good has
It done to plunge from rugged
individualism" to rugged collec-
tivism"? Each and every weak
ness and shortcoming found ir
rugged individualism is also
found in the rugged collectivisn
Of the New Deal. What we neec
is to get rid Of all "deals"-tC
quit gambling and get back tt
the everlasting virtues of honest,
and straight thinking. Some da!
we will realize that there il
nothing good in the New Dea
that was not also good in tn
Old Deal.
Have we not pulled on the oil
boot straps long enough?