The Waterbury Democrat., 1935-09-06
Breathing Spell To Business Men Here
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been very real" He estimated that the new tax bill levying more heavily on incomes over $50,00O and individual inherited estates of more than $40,00O would reduce the proportion of these consumers taxes by about five per cent.
 "It is a source of great satisfac- tion to me-" he wrote, that at this moment conditions are such as to offer further substantial and widespread recovery"
 Text of Letters
 Hyde Park, N. r., Sept. 6-(UP) The text of the correspondence between President Roosevelt and Roy W. Howard, publisher, fol- lows:
 On Aug. 26, Howard addressed this letter to the president:
 My Dear MT. President:
 "As an independent editor keen- ly interested in the objectives of the New Deal, have been seeking reasons for the doubts and uncer- tainties of those business men who are skeptics, critics and outright opponents of your program at a time when there is no common surate dissatisfaction being evil denced by others of the elector- ate.
 q do not accept it as fact that the interests of what we broadly term business, necessarily are in conflict with mass interests.
 q expect to continue in support of your stated interpretation of American liberalism notwith- standing my dissent and disagree ment as to some details and some theories. Therefore, it Is in a friendly and l hope constructive spirit that 1 attempt a few ob- servations and opinions which believe timely and pertinent. These represent, l believe, a composite of the most frequently expressed criticisms of your administration.
 Certain Elements More Hostile
 That certain elements of busi- ness have been growing more hos tile to your administration is d fact too obvious to be classed as news. So long as this hostility emanated from financial rack eteers, public exploiters and the sinister forces spawned by special privilege, 1t was of slight import ance. No crook loves a cop. But any experienced reporter win tell you that throughout the country many businessmen who once gave ai srtnnnrt not merely hostile, they are frightened. Many of these me-: whose patriot ism and sense of public service will compare with that of any men in political life, have become con- vinced and sincerely believe:
 That you fathered tax bill that aims at revenge rather than revenue-revenge on business.
 That the administration has side-stepped broadening the tax base to the extent necessary to approximate the needs of the situ- ation;
 That there can be no real res covcry until the fears of business have been allayed through the granting of a breathing spell to in- dustry, and a recess from further experimentation until the country can recover it's loses.
 Repetition Necessary
 "I know that you have repeated ly stated your position on sections of the nations problems, but as an editor I know also the necessity for repetition and reiteration. There is need to undo the damage that has been done by mis-interpreters of the new deal.
 "I know that you fel as l do that with all its faults, and the abuses it has developed. our sys- tenn has in the past enabled us to achieve greater mass progress than has been attained by any other system on earth. Smoke out the sinister forces seeking to delude the public into believing that an or dcrly modernization of system we