The Waterbury Democrat., 1936-09-26

full knowledge that the most risky profession in these kaleidc- scopic days is that of the ''prophet'', whether his speciality be politics or economics. Not only does the business prophet "stick his neck out, to use the current slang phrase, by placing his reputation at the mercy of un- foreseeable events, but the econ- omic future is so affected py po- litical events that one who speaks fayorably is sure to be condemned as a political propagandist for the administration. A recent prophecy about American business brought me just such 8 condem- nation.
 In March. of 1885, in New
 York, I urged the members of
 the American Arbitration sO-
 ciety to recognize the fact that
 business was better than cOnfi-
 dence, that the signs of im-
 urovement were all about us,
 that it was time to hang out
 the sign "business as uSuaP. For
 this advice and prophecy I was
 edit0rialIy condemned as "nlis-
 cast in my role of administra-
 tion prOpagandist."
 It is for me a subject matter of congratulatoin that the sub- sequent economic progress of the country has justified my bold ness.
 Before I discuss the supporting arguments for a favorable busi- ness prognosis, I deem it import ant to state that in making this judgment I assume that the President will be reelected. First of all because such an event seems assured, and secondly be- cause of my feeling that the for- ward progress of American busi- ness is more of 8 certainty on the supposition that the President is to continue in office for an- other term.
 Amazing Prosperity Return
 The basic economic argument for returning the administration to office, and the basic argument for an optimistic view about the future of business, are similar. Under the leadership of President Roosevelt, through the laws and policies which he has sponsored, there has occurred an amazing return of prosperity. The methods adopted by the President have generated a driving force which inevitably will carry our economy to more prosperous days. The proof of our restored economic health is reflected in the business indices. Not one of them fails to tell the story of an amazing improvement since the inaugura- tion of President Roosevelt. In giving the credit to the President for the extraordinary restoration of ,ur material well fare, I am not unmindful of the assertion of the opposition that such 8 claim is fallacious. First of all, the President acted on a number of fronts to stop defla- tion and he stopped it. Secondly, by series of steps he sought to reestablish the impaired purchas- ing power of various groups, such as the farmers, laborers, deposi- tors in closed banks, etc, and he succeeded with the result that the various groups were able to trade with one another. This in con- trast to the strangulation of trade that usher in his administration. Roosevelt Credit
 I believe the Presidents policies were the cause, and our present prosperity the effect. Never for- get for one minute that the re- publican spell-binders would be arguing with devastating effect that the President had failed, if we were not, as a nation, rela- lively far better off today than in 1883.
 This program of the admins
 tratOin has succeeded in spite
 of an organized campaign
 against it, the value of which,
 as a device to stop Roosevelt,
 is questionable. There has been
 such improvement i'm the condi-
 tion of all classes of Americans
 that the argument for hysteria
 falls on unreceptive ears.
 It is to be hoped that even those citizens who have been con- vinced by the charges hurled against the President will keep in mind the healthy and wholesome reaction of the British Conserva- tives to the ascendancy of the British Labor party. Although its rise was an almost revolutionary event in the history of the Bri- tish empire, all parties-including the banking interests, the indus