Evening star., 1936-07-31

sore and wounded Nation needed
pathetically o wise and far-seeing
government. The millions Of stag
nant enterprises needed only the
announcement Of sensible govern
ment policies to take on renewed
life. A stricken agriculture needed
only the encouragement Of sound
agricultural policies and wise leg.
islative assistance. The timid be-
ginnings Of renewed investment
needed only the encouragement OF
sound laws of banking and credit.
The spirit Of American enterprise,
discouraged by vanished markets
and reduced consumption, needed
only the encouragement Of econ
omy and moderation and helpful
ness in government. No admins
tration in our history since Lin
coins time has had so grand an
opportunity to lend aid to a dis
tressed people
The present administration in
the Winter Of 1888 had Just one i'm.
mediate responsibility to meet.
That responsibility was to promote
the little fame of recovery that had
begun to burn in the Summer of
1882. before the blessings of a
New Deal were even imagined. The
present administration had Just
one Job to perform. That Job was
to carry out program that would
enable American enterprise to put
100000 unemployed back at
work, 100000 men and women
workers who were the unhappy and
helpless victims of a world depres-
sion for which this Nation was not
responsible. The present admins
tration had Just one more obliga-
ton to keep. That obligation was
to fulfill the solemn promises Of
economy and moderation with
which 1t lured the people in the
campaign Of 1882.
Embarked Upon
Hysterical Experiments.
How did 1t meet that responsible
typ How did it do that job? How
did it keep that moral obligation?
From the day that 1t took office 1t
embarked on q series of hysterical
experiments on the economic life
of a burdened people. At time
when universal cooperation was a
necessity 1t initiated campaign Of
abuse and vilification on business
men At time when the credit
of the country should have been
strengthened it inaugurated pol
icy of credit adulteration and cur
rency experiment that demoralized
foreign trade and frighten do
mestic finance. 1t set up a SyS-
tenn of regimentation of industry
that reduced production and pre-
vented unemployment. BY coer-
cion Of Congress it forced the pas
sage of reform measures so reck-
lesSly drawn that they hamstrung
the revival Of enterprise and para
AyACu 6Alc IcAlCWd1 VI AufCotAlCA1.
1t installed a regimentation of ag-
riculture that destroyed food and
reduced foreign markets and in
creased the cost Of living and null
tiplied the expense Of relief.
At a time when private indus
try was struggling desperately for
a new start it set up governmental
enterprises to compete with private
business. At q time when the bur-
den of taxation was already hard to
bear 1t embarked on a policy Of
squandering public funds and in
creasing the weight of taxes. At
time when united effort and mu-
tual goodwill would have COM
pleted recovery it promoted sec
tional hatred and class strife. At
a time when returning business
confidence was ending depression
it began a campaign to terrorize
business and subjugate the banks.
At a time when confidence in the
character of government was vital,
it established q spoils system. At a
time when the economic system
was worn an emaciated it per-
formed major surgical operations
upon the industrial body to see
what was inside. It adopted an
economy philosophy of scarcity and
forced it upon a hungry and dis
tressed people.
The present administration ie-
nored its responsibility, failed in
its job, defaulted in its obligation.
I do not need to tell you the re-
suits. The inevitable recovery
could not be permanently blocked
by governmental error. It is still
on its way. But it was retarded
and discouraged. And we slowly
emerge from its thralls with the
menaces of governmental insol-
vency and nondescript currency
and business disturbance shadow
ing the future. You see the results
in the fourth year Of mounting
deficits, in the chaotic condition