Nogales international., 1936-08-01
A Banker Looks At Politics

Ordinarily one doesn't look to banker for an an
ayss or evauation of political issues A. P Gianninl
founder of the Bank of America and noted finan-
cer gives resume of the situation as he saw it in
interview with the San Francisco News Because Of
its timeliness and because it will not be published in
all Los Angeles newspapers, the interview is here
with reprinted in full:
"Mr Landon is thoroughly unknown man and
comparatively inexperienced" said Mr.. Gannn. ut
would be dangerous in this period of transition from
depression to good times to ntrust to him the affairs
of our country.
Although Mr. Giannni has long been one Of the
few big bankers in the Roosevelt New Deal camp this
evidence that he intends to stay there despite pres
sure is considered Of high political importance. His
reasons for staying pro-RoOsevet and pro-New Deal
are strictly business reasons Mr.. Giannin declares.
with times getting better and prospects of real
and continued prosperity the people are asked
to turn from President Roosevelt and put into the Of
flee an unknown and comparatively inexperienced
81 say to business: Stop and consider before 60
ing on with this anti-Roosevet campaign!
"It would be worth while to take inventory and
compare conditions they at the time Mr.
Hoover left office with times they today. Can
there be any better argument for the reelection of
Mr.. Roosevelt?
II know business is complaining against higher
taxes. realize that the cost of government has
ed apprehension but say there is no just cause for
complaint against the increased tax burden and there
should be fear of governmental costs times get
better.
"Let us analyze the cry against the high cost of
government first. Recovery costs money
"When Mr.. Roosevelt took office the country was
in collapse. He had to do things and in hurry. He
had to build up the morale of the people and dsspate
fear
"Certainly, the debt of the nation has increased.
Let's say that II billion dollars has been spent in re-
storing confidence and bettering conditions. Of this
five billion dollars at least will back from the
RFC and Home Owners Loan Corporation. Two bill
lion dollars more will be paid back out of the stab-
zation fund.
"That leaves the total cost of unemployment relief
and depression around four billion dollars
"What does six or seven-billion dollar increase
in indebtedness in the light Of the fact that the
nations annual income has been raised from 35 bill
lion dollars to 65 billion dollars? How anyone say
1t is excessive? We gave away much than that
to European countries after the war Mr.. Hoover in
creased the debt by four billion dollars and what did
he do with the money?
"The day of concentrated wealth in few hands
is past The people will no longer stand for rule
that makes the poor poorer and the rich richer We
must realize that the rank and file is entitled to
than it has received or there'l be an uprising We
don't want to go through the recent experience of
Spain and France. We want and must preserv our
present system of government.
Il find unemployment decreasing throughout the
country. More work is available Compare that with
the days when farmers were making demands and
stopping trucks along highways I remember
when we had Is million people out of work. Now
get reports from some of localities that it is diff
dicult to find workers to fill jobs It makes me ask
what is behind this attack the Roosevelt admins
traton? Billions have been spent by the administra-
tion with less scandal than has marked the admins
tration of many of our small communities
"To wealthy man I say he can afford to paw
the higher taxes in view of the increase in the value
of his holdings The value of the sound holdings of the
investor has increased from 500 to 1000 per cent in
the last few years The man who was worth one mil
lion dollars three years ago is TODAY worth several
million dollars He afford to pay an extra half
million dollars in taxes and make the dav litt1e
brighter for his less fortunate brother