The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-03
Liberal Viewpoint
by DIR. HARRY ELMER BARNES

IF ever an occasion demanded the giving of
light to the people of the United States, it is
that presented by the newly-formed Liberty
League, especially IN connection with it's pro-
nouncements upon property.
The first apparent absurdty is the impli-
cation that President Roosevelt and the New
Deal have done things to date which place
private property in jeopardy
No charge could be more prepoSterous. Mr.
Roosevelt has not threatened private property
nor IS there any indication that he will At the
most, it can be said that he has made some
feeble and hating efforts to check overt thiev-
cry on the part of predatory finance
He has, to be sure spent good deal of pub
lie money for the relief of the needy, but this
is really protective measure, so far as property
is concerned 1t has reduced discomfort and
held in check potential violence which might
have actually assaulted property.
His New Deal presents at least gambling
chance Of saving the system of private property
for another generation or so. Any really shrewd
and sagacious devotee of property interests
would woop it up for Mr.. Roosevelt and urge
him to move a little more to the left
DUT the most devastating humor in the whole
- situation lies in the type of men and inter-
eSts identified with the Liberty League and its
formation.
If the stockholders in American corporations
and the investors in American mortgages had
come together to form an organization to pre-
serve private property, there would have been
some logic in such a movement and one could
have had some sympathy with it. But when
men like Mr.. Davis and Mr.. Miller lead off in a
crusade to protect private property, one can
hardly contain his outlaws
These men are representative corporation
LAWYERS who have devised the various WAYS and
means whereby management has been all but
completely divorced from ownership in the con-
| troll of important American business corpora
/ tons. 1t is here that we come upon the most
systematic and extensive effort at legaliZed pill
fering in the whole history of mankind.
An increasing amount of American invest
ment is embodied in corporate securities. A few
super corporations are coming to control Amer
lean business life. There are more than 100000
business corporations in the country, but the zoo
largest control approximately one-haf Of the
total business of the country.
|
IT is rare for the governing group to own as
l. much as 10 per cent of the capital stock OF
the corporation One of the greatest of these
corporations is controlled by a single man with
an investment of literally one-tenth Of l pei
cent Of the capital stock
In situation such as this. there is a simply
perfect invitation to gut and rob the concern
from the inside rather than to manage it eff
GENTLY in the interests of the stockholders.
No wonder that Professor Ripley could write
| in 1882 that "A multitude Of people-a horde OF
bevidered investorS-has little left in the world
| but ashes and alOeS These are all that remain
of the precious fruits of years of self-denial and
of hard labor A raid upon the thrift in industry
which lies at the very roots of our orderly civil
ization and culture has been, and still is, under
way"