The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-03-31

articles by Harry Elmer Barnes, Phi. D. on the need
Tor cOmmOnsense and realism in facing the crisis in
the recovery efforts.
YESTERDAY, called attention to the lam
- entable lack of ordinary common sense
and logical vision in any considerable section of
American opinion.
Today, shall look into what is perhaps. the
most striking example of confusion of thought.
inconsistency and lack of elementary logic which
has been exploded in Washington since the new
deal began. 1 refer to James H. Rand Jr.'s at
Jack upon the revised Fletcher Rayburn bill de-
signed TO introduce some modcum of honesty
ana forthrightneSS in the dealings on the New
York Stock Exchange.
Mr.. Rand is a prominent American indus
trlallSt and chairman of the committee of the
nation made up of important figures from
American industry, merchandising and acricuI
ture.
II there is any man in the United States
VINO should be led by elementary logic and the
simplest considerations OF sef-nterest to oppose
the speculative fnanciers, it is Mr. Rand.
Inc great moguls of speculative finance have
wrecked American business, crushed purchasing
power and brought capitalism DANGEROUSLY near
10 ltS end. The house of Morgan or the unrepI1-
lated Stock Exchange fully are as antagonistic
TO the interests of Mr.. Rand and his committee
as Moscow and Stain.
MOREOVER, Mr.. Rand and his committee
IVA have for more than year been engaged
IN bitter fight with Wall Street over monetary
policies. Mr. Rands group has fought valiantlv
Tor imitation in the face of adamant opposition
from the great bankers. Now we are called upon
10 witness the amazing and undgnfied spec
Cacle OF Mr. Rand rushing breathlessly to the
alo OF the most speculative element in the whole
financial world 104o
In explaining his astounding stand Mr. Rand
sets forth brand of preposterousness which has
not been matched in American publicity since
Che hang the kaiser days" nearly twenty wears
ago. He contends that the Fletcher-Rayburn bill
Is OF Stealthy British plotting. Shrewd British
bankers and industriaists fear American recov-
cry Hence, they have in some manner or other
Stock Exchange '--0
According to Mr.. Rand British business inter-
esCS reallze that such regulation would r11in
american industry and enable British business tn
ride supreme over the PROSTATE carcass of +ba
American economic order
Great Britain often has been insulted nv
Ae1erlcans but recall nothing quite so bad as
the insinuation that British business men could
ne so dumb as to imagine that the regulation of
the New York Stock Exchange would harm
American industry
The implications of this CHARGE are o., ips,,+
to British intelligence which makes anvthino
ever said by Big Bill Thompson seem cornli
mentary by comparison.
British business and financial interests are
snreWd and really wish the destruction of Amer
lean business they are substituting the opuosition
to the Fletcher-Rayburn bill
MOT satisfied with this unrestrained fight
INTO the ether, Mr.. Rand pulls" another
canard designed to make any sane reader wine
on his glasses. He implies collision between
Lombard street and Moscow. Montaeu Norman
ana Stain seem to be arm in arm in a sinister
intrigue designed to wreck America.
Mr.. Rand took out of his trick bag letter
from DR.. William Writ superintendent of schools
OF Gary, Ind, which alleged that some members
OF the brain trust had told Dr. Writ that thew
deliberately and designedly were thwarting
american industrial recovery in order to throw
this country into the hands of the reds.
The brain trusters were alleged to look unon
Mr.. Roosevelt as the Kerensky of the American
revolution. Just as soon as feasible. the brain
trust is to supplant him by the American Stain
Mr. Roosevelt is portrayed as a simple minded
dupe, being led blindfolded to the slaughter.
There is nothing the brain trust wishes for
quite so desperately as success and Vindication.
Their great nightmare is the possible failure of
the new deal. They are all liberals who abhor
Communism If the new deal fails they will
go back to their universities like whipped dogs
the laughing stock of the academic community.
1t is the speculative finapciers who have de-
liberately baked recovery and who, consciously
Or unconsciously, are heading us toward Com
munist upheaval.
Mr.. Rand after rendering real service in
battling the monetary policies of this group
now runs to join their hunting pack. With due
respect I suggest that he may be in bad need
Of vacation.