The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-10
Liberal Viewpoint
BY DIR. HARRY ELMER BARNES.

THE attack of American business, as repre-
i sented by the Chamber of Commerce of the
United States upon the New Deal and the eco
nomic policies of the Roosevelt Administration
is a colossal example of slapping the hand that
feeds you. 1t is equally notable, to use another
figure, as a case of a drowning man refusing tC
clutch at the only straw in sight.
The stupidity in the whole attitude revealed
by the Chambers manifesto is SO transparent
to any informed observer that no time need be
wasted in celebrating this point 1t shows that
American business in 1885 is not even able tC
muster enlightened selfshness in its behalf, to
say nothing of generosity and constructive
vision.
It is no exaggeration to say that history rec
ords few examples Of baSer or more imbecic
ngratitude than this latest onslaught Of BUSH
ness leaders" upon the policies of Mr.. ROOse-
welt to date If any man should have earned the
undying devotion and support of any business
man above the level of a racketeer, it was the
President.
The New Deal has been from the beginning
primarily an effort to bolster business at the eX-
pense of other members of the community. Even
the restrictions imposed we're simply to tone
down the suicidal fllching and looting by which
business had destroyed itself between 1921 and
1929 Whether done consciously or not it is
fact that Mr.. Roosevelt let down very badly
his liberal and labor supporters in order to gain
the LOYALTY and cooperation of business. He
man" in the effort to conciliate capitalistic in
duStry.
THE pivot of his economic programme Ma
i tional Industrial Recovery Act-was more
than a sop to big business. 1t literally a
surrender of industrial control to big business
1t was an adoption by the White House Of the
child of the Chamber Of Commerce of the United
States which now bites the hand that tried to
nurse its offspring. The Chamber was even
willing to admit its paternity in 1883 and to de-
clare itself eminently satisfied with the product
The only concession to labor in this act-Clause
7A-was Whitfield away to uselesSnesS by Rich
berg in the effort to please the employing class
Labor was left holding the bag. Nor has
American finance any legitimate cause for COM
plant at the hands Of the New Deal. Mr. Roose-
welt forfeited his one crucial opportunity to give
us a new deal by his refusal to nationalize the
banking of the country and put an end, once and
for all. to predatory finance capitalism He
saved the banking system for the bankers with
out imposing any proportonate penalties upon
those who had looted and undermined it from
within.
The Securities Act and the Stock Exchange
law could not be fairly regarded as anything
more than mild and minimum restraints de-
signed 10 suppress overt financial gambling and
to prevent finance from going ahead with its
cutting of business on so grand a scale as be-
/ fore 1929.
| The proposed holding company legislation
would be the greatest boon in its history tC
/ legitimate electric industry. If applied to al
other industries would do more than any other
possible reform to bolster and revive American
business. II would curb the most staggering sys-
TEN Of organized and legalized robbery that man
kind has ever known 1t would do more to pro-
tect private property than all the police In
America.