The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1937-11-27
NEWSPAPERS OPINIONS
GOVERNMENTS OPPORTUNITY

"The basic need today is to foster the full ap-
plication of the driving forces of private capital
We want to see capital go into the productive
channels of private industry. We want to see pr-
vate business expand Mr.. Morgenthau, secre-
tary of the treasury before the Academy of Pohti-
cal Science.
Mr. Moreenthau's speech, says the New York
Times, lends the strongest sort of support to the
hope that instead of borrowing more billions oil
dollars the government will encourage private cap
ital to assume the responsibility Of pump-priming
THAT is the soundeSt policy it could pursue There
is every reason to believe that very large amounts
of private capital would be available for invest
ment i'm new business cntcrpriSc-in plant eXpah-
sion, new construction, in the cultivation OF new
marketS-providcd certain present policies OF the
government were not II barrier to such investment
These policies have forced the dissipation OF
surplus funds as dividends. They have discouraged
investment by carrying regulation to unreasonable
limits in some cases. They have subjected business
to increasing and unequal competition by the gov
eminent itself. And they have aroused fear that
taxes even higher and more numerous than those
which now prevail will be- needed finally to bring
the budget into balance. The present plight of the
public utilities industry which has accumulated a
deficit" of more than two billion dollars III new
construction during the last five years is striking
example of the effect which these policies have had
in practice. But there also many other indus
tries in which the investment of new funds has
been retarded
Government has an opportunity TO encourage
private capital to do many things but government
must assure that private capital will be given
fair chance. Government has spent and spent and
spent and it has greatly increased the load on bust
la, Ns,,.pt, f,Nttfs
tvie by doing things it promised it would not do.
The American people have been given an artificial
purchasing power. This country says letter to
the New York Hcrald-Tribunc, was like old
wagon stuck in the mud The New Deal put big
ger load on il and drove it into deeper hole But
the wagon belongs to the economic rOyaliStS, so
they can get it out the best way they can.
In its political purpose of creating 1.-The more
abundant life" the Roosevelt administration "dem-
onstrated that the way to make the cotton farmer
prosperous is to plough up part of the cotton; the
way to make the cattle raiser prosperous is to
slaughter cattle to make the wheat farmer pros
porous is to stop raising wheat 1t is all very SIM
pie" Under this policy the way to make manu-
featuring enterprises prosperous is to- curtail their
activities until we can get the lifted fatened the
ill-clothed clad like the lilies of the field, the i'll
housed ensconced in those $4,000 reSettlemcnt
cabins"
There has been an artificial prosperity under the
New Deal, but its prophets fear it is coming to an
end Business and industry need assurances that
will be kept The Roosevelt administration has
talked of Utopia but there is Utopia. 1t has
collected from the producers to maintain a great
army on the federal rolls. 1t has talked of pana-
ceas but these have failed for the that they
could not destroy the natural laws. Government
has its opportunity to undo some of the harm 1t
has DONE but it cannot vacate if it means to re-
turn America to AmericanS.-Charleston News and
Courier