The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-17

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not afford to miss his fascinat.
ing review of the American
business situation" declared
Gavin L. Payne, investment
banker and prominent Repub.
liCan.
Re has a lucidity OF style and
capacity for illustration which re-
mind one Of Professor Fisher oi
Yale university. who. by the way
outshines all American economists
IN presenting problems in economics
70 the laymen. And. after all, II
is the laymen who are 70 be con-
unced
Major Angas. from London, has
a surprising perspective on Amerl-
can affairs. Half bankers are
not as we'll informed as ne. For
six months. 10 has seemed TO me.
we are headed for initiation. Every
trend Of events IN Washington IN
dicates It.
Tt is automatic that imitation
brings rising prices. Those VINO IA
vOr the modest increase OF prices
10 normal speak Of 1t as relation.
Initiation is a question Of degree.
While prices Of 1926 might not be
dangerous. the general prices oil
1929 would be irfistionary and
might only reproduce IN a short
time the collapse from which we
are suffering
a nOrmality is the true Oblec-
tive. The real danger in the stu
alton is in the fellow driving the
automobile. If ne throws his car
in neutral gear and coasts over the
brow Of the hill, he may go SO fast
that ne can not throw his a into
gear again. and his brakes will not
hold.
When Mr.. MOrgenthau marks up
all the gold in the United States
and figures his bookkeeping profits,
he is going down hill IN neutral
The fear is that the President viii
not be able either to brake the car
or get back in gear. With Tugwell,
Wallace. MOlev and others in the
car. there is too much driving from
the back seat.
Attacks Brain Trust
7 think the major gives the
Brain T~rusters far too much credit
for astuteneSs and method in plan.
The major. IN his cleverneSS of fore
casting. sees a practical result, but
I think he jumps at conclusions IN
outlining details of planned method
by which the result is attained. He
Crrs. I believe. in thinking there IS
cohesiveneSs in the Brain Trust
plans.
The Brain Trust aptly is COM
pared to Christopher Columbus.
When he left Spain ne did not know
where he was going; when he
reached America. he did not know
where he was; and when he re-
turned home he did not know where
he had been.
Major Angas' thesis can not be
satisfactorily discussed in the hml-
tations of a single brief newspaper
article. Suffice 1t to say, 1t Is in
genious enough to warrant any
bOdy's reading it.
AT a casual reading. 1 had an
impression I remember as a boy
when reading William Jennings
Bryan's free silver arguments. I
did not believe them. but as argu-
ments they were so clever one just
had to read them.
The chief trouble with business
today is lack Of confidence. The
vital question. after eighteen months,
is this: Has the President. with his
experiments. been successful IN in
spring the confidence necessary for
business TO resume?
The cleavage In the election in
November will be along those lines.
Meantime. what Major Angas says
is we'll worth reading-even If you
disagree with him.
Lauded by Spencer
Herbert Spencer. assistant city at
tOrney, and Democratic canoloate
for prosecutor. said:
I bought one Of the first 100
copies of the book brought TO In
dianapoliS.
1t is. in my opinion. the first
clear analysis of the New Deal
which I have read. and I have read
them all as they came out. While
I know nothing Of the author per-
sonally. from his record he seems 10
have a high batting average Of pre-
dieting what viii happen
Superior Judge John w. Kern,
Democratic candidate for mayor,
said.
The Coming American Boom
should do much 10 justify and ex-
plain the Roosevelt program in