The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-03-29


connection with a
Lou discussion of tn e
Visibility country's economic
situation and it's re-
lation to the administration policies
and plans. The pilots refer to slow
visibility" and "low ceiling" when they
want to say that they cannot see far
In the distance. 1t seems TO me that
the clarity, or lack of it. with respect
to current economic conditions war
rants the use of the term slow visible
ity''-if any credence whatsoever is to
be placed in the statements and &C
tivities of business leaders.
Government agencies by the dozen
have been issuing rapid fire reports in
recent weeks showing how industrial
production is improved. how the price
level has shown signs pleasing to in
dustry. If not to the consumers, and
how the volume of bank clearings is
progressing upward. Bank deposits
were seven billion dollars higher at
the end of 1894 than at the end of
1888. The Reconstruction Finance
corporation Is having difficulty in keep
ing its borrowers from paying back
the loans and the Securities and Elk
change commission recently was made
very happy by application of a great
packing company to list forty-five mil
lion dollars in new securities.
The treasury has been pursuing
hot se .SloI &nA n Of
policies and good many other agen-
cies appear to be veering away from
the leftists' course that so long DOM
mated Roosevelt policies. All Of these,
1t seems, ought to be reassuring to
business, whether that business be the
great corporations or the little trades
men in the corner groceries. But there
has been fly in the ointment and that
seems to be the reason why masses of
capital and goodly percentage Of the
country's population shares uncertain
ty about the future economic condi-
ton.
l have sought answers to this puz-
zle in many quarters and have had
many different explanations. 1t is
made to appear, however, from the
weight Of opinion that have gathered
that the relief rolls are the cause of
this lack of faith. 1t has been record
ed previously that approximately twen-
ty-twO million persons about one-sfxth
of our population, are living on relief.
This staggering total. the highest ever
known, obviously represents basic
weakness somewhere and the admin
istration is seeking to locate that
weakness. This total has been reached
by a steady growth. 1t has not come
suddenly. The circumstance, there
fore, has led many individuals to the
conviction that Mr.. Roosevelt's reform
measures are failures.
Perhaps it is lack of understand
ing on the part of business that
prompts it to keep its pen In its pocket
and its check-book closed under these
conditions. 1t may be that business
leaders have failed to read the pos
sibilities represented by increased pro-
ductiOn and the other signs of an i'm
proved economy. Nevertheless. BUSH
ness apparently has found it difficult
to see far or clearly into the future.
It seems to look upon the economic
condition as having "low ceiling"
and Glow visibility"
Washington correspondents were
startled in the Presidents press con-
ference the other day
More when he let 1t be
MESSAGES known that he plans
four additional mes
including his recent bitter denuncia-
ton of the holding companies when he
asked that action be had on that bill.
1t was not the number of messages
that surprised the correspondents II
was the fact that the President said
with some frankness that he did not
know what subjects would he treated
in them. To most of the observers 1t
seemed wholly reasonable that the
President should be unwilling to out
line those messages, but 1t was in
comprehensive that he should admit
his inability Il say what subjects
would be handled.
After that information came out of
the White House there was a notice
able sinking in the optimism of great
many men who count for something In
the country's business structure. Most
of them said frankly that they did not
know which way to turn. Among their
xx,hA ha1; sin
cerely that the President was giving
up some of his numerous New Deal
experiments and was proceeding on
ground which the conservative thought
considers to be solid. The reaction to
work of this kind always has been
and always will be bad from the stand
point of the political party in power.
Added to the circumstances I have
just mentioned, one should remember
how congress normally is unpopular
with the business community. In many
years past / have heard the plant Of
business representatives in Washing
ton asking or urging for adjourn
ment. Business men normally feel that
the less work congress gets done and
the sooner it leaves the halls of the
Capitol, the better conditions will be-
The same is true now. only more so.
1t may as well be admitted that the
current session of congress is here for
considerable number of weeks. This
is true for several reasons. In the first
instance, many of the members feel
that they want to be legislators ard
not rubber stamps any longer. There
is no longer the overwhelming fear
among congressman of the Presidents
power. They have shown this several
times lately including the fortv-niue