Evening star., 1934-08-12
Executive Responsibility.

President Roosevelt--whether he
knows Il or not. whether he likes it
or not, and whether he intends 1t or
not--is, by his actions and his utter
Mnces. sitting the established business
life OF the Nation he wishes to lead
into happier days.
Whatever his motives and whatever
his ultimate goal. he cannot be
relieved from large responsibility for
the present mood OF American indus
try Or from the fact that that mood
Is today contributing more to Amer
lean unhsppiness and decentralization
than any other factor In the equation
OF our national depression.
II accomplIshes no useful purpose.
under existing circumstances, to as
sure a large audience at Green Bay,
Wis, that honest business" has
nothing 10 fear from the new deal.
The very use OF the phrase unjustly
connotes and implies a prevalence OF
dishonest business. Little is accom-
plished toward effective remedy by
referring to the letters of two busi-
ness men who addressed to him in
good faith a plea for some reassur-
ance to the responsible business
structure OF America, and then I'M
plying 10 hts rapt listeners that his
correspondents we're urging brisand-
age on the part of the public utilities,
banditry by the railroads. dishonesty
by the professors of food stuffs or
crookedness on the part of the bank
ing group. And less is accomplished
by seeking to categorize any who ven-
lures to differ with the frankly ex-
perimental policies Of the new deal
with one or another group Of preda-
tory reactionaries of ancient history.
The truth is this: Not one per cent of
American industry is venal or crooked
or base. A good ninety-nine per cent
OF it is as enthusiastic and eager for
genuine and widespread American
prosperity as is President Roosevelt
or any Of his counseiors.
The business elements OF the Ma
ton are gravely disquieted. They
see capital stagnant and frozen
and boarded because those with
funds are dubious as TO what
the future holds for them. They
know that the vast expenditures to
which their Government is today COM
mitted must eventually be repaid, and
that industry and wealth will, in the
present course of events, be called
upon to carry the load currently being
piled upon the Nations back. They
face already extensive and potentially
unpredictable invasions of their per-
fectly honest and perfectly ethical and
hitherto perfectly laudable enterprise
by some alphabetical group of novices,
whose qualifications are confined to
something between an efficient army
command and the reading Of the more
modern economic theories.
They are scared. And they ought
to be. And until they recover their
confidence and that courage from
which the glamour of American enter
prise has won its deserved renown,
the wheels of American industry, en-
tirely honest American industry, are
not gong to turn at anything ap-
preaching normal speed.
Any cne who, despite the free appli-
cation OF such appellations as re
actionarieS, "Bourbons" or vested in
terests," tells the President otherwise
must find for him some more sound
economic system than that upon
which this Nation has so far thrived.
The present system, the major faults
OF which during a period of several
decades have been recognized and
largely corrected, was built on private
initiative, reSourcefulneSS, intelligence
and courage. Americas economic re-
Mobilization depends today upon the
recrudescence of those same qualities
rather than upon any Utopian scheme
of either Missionaries or popularity
seekers. To hasten the day of our
national recovery the Chief Executive
should, at the earliest possible mo-
ment give definite and effective as
surance that he is keenly aware Of
the tact that there can be no genuine
American prosperity unless industry
proSpers, and that, knowing this, he
intends, in practical and effective
fashion. to encourage and foster and
support and aid those enterprises
which. as truly as the heart Is essen
tial to the human body. are essential
TO the sickened body of the American
economic system.