Evening star., 1937-12-22
A Notable Document.

A Notable Document.
Senator Bailey of North Carolina has
submitted to the Senate a document
"hlch IS at once declaration of prin-
clples and program designed to en-
courage the investment of money in pri-
vate enterprise. The document has been
described as coalition measure" It
Is far more than that. 1t lays down in
simple language a course of procedure
which, If subscribed to by the Congress
and the President, would go far toward
calling halt to the present business
recession and toward an expansion of
business and industry.
Ihls document is not an attack upon
the New Deal, although some of the
New Dealers have called it so. 1t pro-
poses to deal with the existing condi-
tlons in this country in sane manner,
manner which will dispel the fear
which has arisen among private investors
the country over-a fear for which some
Of the New Dealers have been entirely
responsible. 1t proposes, through the
encouragement Of private business, to
put halt to growing unemployment.
Ten proposals are laid down-general
IN terms, but which can readily be made
specific, The first of these is the revi-
sion OF the capital gains and the un-
distributed surplus taxes. 1t proposes
the preservation of public credit through
balanced budget, and to accomplish
this end, it proposes economy in Govern
ment spending rather than an increase
in the present taxes 1t demands lust
relations between capital and labor"
To this end it would have capital deal
with labor "in the light of a new con-
ception of legitimate collective bargain
ing and the right to organize" To this
end also it would prevent coercion,
whether by labor or by capital, and would
assure the preservation of law and order.
Declaring that Government competi-
ton with business is harmful, the docu-
nent opposes such competition 1t de-
nounces monopoly either by the Govern
ment or by private capital in business.
1t declares for the American competitive
system, for the security of credit, for a
reduction Of all kinds of taxes as soon
as that is practicable in order to reduce
costs to consumers and to increase con-
suming power. 1t declares for home rule
tot inh
rule has been demonstrated to be in
adequate. 1t demands relief for all those
who are unable, by their own efforts, to
provide livelihood. The administra-
ton of relief should, the document in
ststs, be non political, non partisan and
temporary" And, finally, the document
demands a continuance of the American
system of private enterprise and initia-
tive and the American form of govern
ment
Such a declaration as that now pre-
pared by Senator Bailey, by Senator
Vandenberg of Michigan and others with
whom they have consulted, is what the
country has been hoping for. There is
nothing In it which might not, with
good grace. have come from the White
House. Indeed, President Roosevelt al
ready has urged upon the Congress the
need of encouraging the investment of
private capital in order to meet the
business recession. He has already de-
clared that the budget must be balanced
during the next fiscal year. There are
certain followers of the President, both
in Congress and out, however, who do
not relish such a return to sound Amer
tcan principles.
Senator Bailey, in presenting this
document to the Senate, patrioticaly
declared that what the country demands
today is united Congress-united to
improve conditions. 1t does not desire
group of Republicans seeking advan-
tage, or a group of Democrats seeking
reelection, or group Of Socialists
schemtng to gain power, or even a
group of New Dealers defending and
apologizing for what they have done and
for the consequences. In this the North
Carolina Senator is absolutely correct.
If coalition" grows out of and in sup
port of this declaration of principles, so
much the better. Such coalition should
include every member of the Senate
But whether it does or not, such coali-
ton can do much for the country.