Evening star., 1935-12-12

e' tor declared in re
viewing the breakdown of the old eco
nomic system and directing sarcasm
at the "oVerheated imaginations
which, he declared, are undermining
New Deal efforts to bring about eco
nomic recovery.
He had been invited to address tht
newly-elected union, organized to guild:
the political thought of the Studen
body along self-expressed lines, the
second students movement of its kinc
in this country patterned after tht
unions at oxford and Cambridge
The session was held in the audi
torium of the United States Chamber
of Commerce. with John Bracken
temporary chairman, administering
the oath of ONCE to Theodore Pierson
president of the new organization
Pierson then formally installed l0l
delegates of the Center. Right anc
Left parties and nearly $50 charter
members of the union.
Suggests Profit Sharing
In proposing his theory of economic
reform. DR.. walsh declared ''the day
on which labor shares become uni
versally adopted in the constitution Of
American industry will mark the end
of communism"
Making a distinction between wages
and dividends, he offered as the second
point of his program a profit-sharine
plan to be known as labor shares. "
He declared the new wealth created
by capital and labor jointly has not
only a social but an individual aspect.
Favors Economic Council.
AS the first point of his program, DR..
Walsh advocated creation of an eco
nomic council, an unoficial admins
trative body by which industry, capital,
labor, consumers, church and educa-
tional institutions, should cooperate
in voluntary regulation, with the Gov
ernment being the last resort for en-
forcement.
Such a council, he claimed, could
command the best brains in every walk
of life" and would operate for the
general welfare instead of special in
terests. AS its chairman, he advo-
Gated a representative of the con-
sumner interest who has the confidence
of capital as well as labor.
I'VE have had enough of declara
tions of independence" DR.. Walsh
said as he struck both at the New
Deal and its critics, who, he init
mated, we're responsible for the "trou-
bleS" of Maj. George L. Berry's N. r. A.
conference.
Says New Deal Ran Away"
After discussing the "follies" of the
machine age and the mechanical
harshness of university credit ratings,
DR.. Walsh turned suddenly to the
New Deal--to March 4, 1888, when
three things had to be effected-relief,
recovery and reform. He praised
handling of the banking crisis, but
then, he said, the Government ran
away with itself to effect everything
at once. He continued:
ut was as if a fire department,
on arriving at the scene of a dan
gerous conf1agration, split its already
limited membership into two groups,
one of which withdrew from its pri-
mary obligation of putting out the
fire. in order to incorporate itself
into an architectural institute.
by light from the still burning
ediflce they sketched set of ex-
cellent blue prints for the future ideal
structure to arise on the ashes of
the old-not yet cold.
But a further incorporation took
place simultaneously with the first.
A philosophical academy was char
tered and launched on the spot for
the purpose of determining the line
aments, the height, breadth and moral
qualifications of the new tenants who
should be admitted to the hygenic
quarters in the hypothetical civiliz-
alton which was to arise, phoenix
like, II and when the fire was ever put
out
Runners we're then dispatched in
triplicate to the four corners Of the
land, bearing copies of the mandatory
future in their bulging brief cases.
The strange terminology, the super
cilious vocabulary and the superior
profanity of these new and constantly
multiplying apparitions bewildered the
honest denizens of the countryside,
frightened the timid under their beds,
scared capital into hiding or diverted
is overseas, and gave rise to embattled
minute men and guardians of es-
Ser1tial liberties.
Supreme Court to Rescue.
But the Supreme Court came to the
rescue, DR.. Walsh said, and tension
has been relaxed and reason Is return
ing to the council chamber
LAS the President bids farewell, one
after another to each resigning en-
piricist on the expiration of their in
effective and costly experiments, he
continued, che invites industry to take
the ball ard see what business can do
before the next election.
"Tacit confession Is made that re-
coVery Is intrusted to the cooperative
conscience of industry. of industry's
partner, labor, and of that silent and
long suffering, but indispensable auxil-
iary to both industry and labor-the
consumer in the trenches"