The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1935-03-07
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National Topics Interpreted "a fFY75I4Yf
by William Bruckart Ss1E=i6T

Imitation of the credit has been
going on continuously since Mr..
Roosevelt took office. The federal
government has set no limit to the
borrowing which it will undertake
in it's program for recovery. The
Supreme court has said directly
that government securities are
worth whatever the administration
and congress determine them to be
worth because the dollar can be
valued up or down as circum-
stances warrant.
But the value which the Presi-
dent and congress place upon the
dollar may differ materially from
the value which the public places
upon the currency. The public will
view the dollar in terms of it's pur-
chasing power. Public confidence
in the currency therefore, becomes
an absolute necessity and once it
is shaken, if history means any
thing, it takes a long hard pull to
get it back. So, If congress shows
a willingness to repudiate obliga-
tions as it has shown already, the
public sooner or later begins to
wonder what the, end will be.
Throughout history, wherever
and whenever such a condition has
arisen, the public seeks to con-
vert this doubtful currency into
material things, those of a utilitar-
ian value, which it may use. Money
being inedible, is sought to be ex-
changed for things to eat, to wear,
to sustain life and comfort. This
is what is meant in expressions
"the flight from the dollars" or
"the flight" from any other cur
rency about which we have heard
SO much since the World War.
Up to the President
The situation in congress in the
last few weeks has provided test
for President Roosevelt's political
acumen. It has been far more a
test of his skill than otherwise
would have been the case because
a congress so obedient to his COM
mand as to merit the description
of "a rubber stamp legislative body.
Now, however, the President is
faced with the necessity for po-
litical maneuvers of the highest
order and upon the results of his
tactics much will depend. He can
cement the links of the Democratic
party or he can cause them to dis
integrate by the courses he follows.
Some curiosity has been aroused
by the fact that for the first time
since he became President, Mr..
Roosevelt ommitted in several in
stances lately to send administra-
tion drafts or bills for congress
sional consideration. His practice
hitherto has been to have the bills
drafted in executive departments
and submitted with a recommends
ton that they be enacted in that
form. Until some of the factions in
congress began to feel their oats
this plan worked very well. A
change has come over some OF
them, however and they are now
insisting upon preparation of the
legislation themselves.
Another significant development
and this links to circumstances
of several months ago-was the
presentation by Senator Wagner
of New York of a bill to settle la
Dor disputes. This bill does not
have administration approval. In
deed, it is quite contrary in some
of its phases to the policy which
Mr.. Roosevelt has sponsored in his
dealings with organized labor. It
seems important, therefore, that
Senator Wagner, who for so long
was regarded as Mr.. Roosevelt's
alter ego in the senate, should de-
liberately offer legislation to which
the administration has not agreed.
With further reference to Senator
Wagner who come from the Presi-
dents home state of New York, it
is interesting, even if unimportant,
that Senator Wagner did not sup
port the President in the latter's
efforts to force the $4,000, 000, 900
work relief bill through the senate.
Extension of NRA
It will be recalled that in ask
ing for an extension of the national
IN, d,1c frio1 roooJ,oy.xy ont for a nor.
iod of two years, President Roose-
welt merely outlined in his message
the fundamentals of the plan he
was recommending. He carefully
avoided reference to any draft of
such a bill. 1t occasioned some sur
prise that this was so, but closer
analysis of the situation should
have developed reasons therefor.