The Omaha guide., 1935-03-30

les are a case In point, industries are doing a great
a volume Of business-but, due to higher taxes and
-egls. ated increases IN operating costs. are earning
AesS pront, which results In growing hardships on
millions OF inves- ors who depend on earnings from
savings for living expenses.
The most difficult aspect of the recovery prob-
lem Is this: There can be no recovery wi .hout
and as yet uncertainty. not conf
dence, remains uppermOst In the minds of millions.
People who have money that would ordinarily be
inves, ed in industrial undertakings. who would
create jobs, buy supplies, build homes and stores
and factories and develop farms, are frankly afraid.
They are afraid that their capital will be taxed out
OF exls. ence, or regulated out OF existence. or con
demned by legislative fiat, or DESTROYED bv govern
mental competition with industries in which they
NIGH place it.
This e.emen. of fear extends down from the
largest industries and affects the whole industrial
struc .ure. The railroads and utilities. for example.
face, on the one hand, the very definite problem of
reduced business, rising taxes and diminishing earn
ngs, while on the other hand they are threatened
with the pOtentiahty OF government ownership. I'm
der such conditions, who can be expec, ed to invest
money freely and without fear, to develop industries
and bring back payrOlls to normal levels?
The security OF banks, insurance companies and
similar institutions is absolu ely dependent upon the
security of basic American indus ,ries. in which
their depositors' and policyholder's money is invest
ed. Anything which strikes at the welfaree Of basic
industries Strikes Immediately at their welfare
and therefore at the welfare Of every person who
has a dollar in the bank or is he owner of an in
surance policy.
To blame these conditions on a man, a party. or
a group would be unjust. National distress natural
ly breeds experiment-,he need of alienation is so
great that it seems as if anything were worth try
ing. But a great responsible y fails upon those
given high public office in such times-namely the
responsibility of protesting our constitutional RICH 5
and privileges. There can be no greater duly, and
no more necessary public task. If mistakes are
made, they will be forgiven-but they should be
corrected, not continued.
There are signs that this is being done now
signs pointing to a reapproachment between polite
al and industrial leaders. If these groups honestly
seek to cooperate 10 iron out misunderstanding and
differences, our nation will make real progress to-
ward recovery-we will regain the priceless ingredi-
ent of good times, CONFIDENCE. Let it once be
known that investments will be encouraged and
protected by government, that the honest business
has nothing to fear from political influences, that
savings will be held inviolate by those trusted with
the management of our national affairs, that private
properly rights will be held sacred, and the road to
prosperity will stretch clearly ahead.
There should be no despair On the part of the
people. Our land is still fertile. Our industries
are still great. Our intellectual abilities have been
increased by the ordeal of depression. Only that in
tangible element-CONFTDENCE, based on the
knowledge that our constitutional deals will be
maintained, not destroyed-is needed now.