The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1936-01-17
The Great Need Today Is to
n NJ Inv Q Take Away the Crutch Of
HANG i O Initiation So Business Can
Walk Alone Again
BY LEWIS HANEY
Professor of Economics, New York University


Business has been like sick who has been made to
crutches With the aid of these crutehs it has been kept
and around when it ought to have been in bed.
These cuche have been Government control and monetary
8 manipulation
The significance Supreme Courts decisions has been
that they have taken of the crutches By knocking
the NRA and the AAA the court has forced business to
walk without them, and it is finding out that it do
In fact the habit of letting the Government do it prevent
ing recovery. After ALL a cruch isn't good leg.
The crutch not quite for there other alphabetical
contrapton which still hinder recovery But these must go
!, the way of NRA and AAA, that is-out
The other cruch remains and the great barrier to
plee recovery Business hobb jump but long
monetary mani puaon continues it never run smoothly
and have complete recovery.
The great need today therefore to take away the cruch
of initiation that business learn to walk alone aganso
that it can on its own steam.
What is confidence in money. Only
by this restore saving and investment the
heavy Capital goods industries and put the millions of
employed back to wore
The way to meet this need is obvious If we are to have
confidence in money, will have to do two things:
Balance the public budget that deficits will
That requires that Government spending be greatly reduced
Restore currency the basis of definite standard
That requires throwing out the verbuying policy and
turning to.a gold standard.
Now that the alphabetical administrations" being swept
away should the money issue The in
the New Deal Treasury be cleaned up sound and
stable currency be provided have sustained and
healthy business recovery
incidentally, too going find difficult to get rid
wasteu hamperng Federal bureaucracy as long
allow them go ahead and borrow and spend much money
as they want.
We should throw away the other crutch
Since that about all that left the New Deal business
could then
The courts can't knock the spend crutch out
We will have to do it by votes.
Probably the danger that confronts that the
Roosevelt Administration the nation into the rapids
Of initiation before we can vote it out
The spirit of the doctor who forced these cruches upon
business the spirit of socialism, and better illustration
of this fact be found than the attitude of defeatm which
the Administration shows toward individual initiative and
business recovery
It's spokesman go around telling that large volume
Of unemployment has become chronic disease They tell
Of the greed and privilege of business Mr. Hopkins
seeks to prevent the return of WPA workers productive
oymen in real industry Mr. Roosevelt tries to stir us
up against the Constitution and to put the idea that
maybe the Federal bureaucrats still control crops by
making farmers Conserve their soil meaning the old game
of curtaing their acreage
They want increased Federal Government power because
their power. They huge Federal Government
spending because it their spending (our debtD
And they want keep currency debased and unstable
because by doing they manufacture borrow all the
paper dollars they want for their spending.
Sound money is necessary for individual initiative and
business recovery is accident that socialists
generally reject the gold standard.