Carbon County news., 1937-10-01

appointment as important as tn
craftsmanship of a great commits
sion without Mr.. Farley's approval
Aside from personalities, various
phases Of President Roosevelt
monetary policies continue to be dis
turelng and in addition to thes'
there is the certainty that new taxes
must be levied. That is, new take!
must be levied If we are ever goina
to balance the federal budget anC
begin paying off the gigantic nation
al debt which now amounts to more
than S8 billion. With a debt at the
highest point our United States ever
has known, great many people,
including bankers, have become
fearful Of what they might get for
United States bonds that they now
hold. It is obvious that this infiu.
ence adds to the general uncertainty
although it is difficult to measure
the exact influence of this condition,
or to see whether it is a major or
a minor factor.
Having enumerated a few of the
influences known to be at work, we
come now to that
business condition VIII c h
Conditions heretofore always
has been basic. I
refer to general business conditions.
New Deal press agents have tried
va1iantly to make it appear that
business is booming; that prosperity
is here instead of around the cor
ner; and that the country has moth
ing to fear. Careful examination of
official figures, however, show the
prosperity statements to be true
only in parts. The official statistics
disclose very definitely how some
lines Of business are enjoying a vol
une Of trade or production higher
even than 1929. They show on the
other hand vast number Of fail
ures, an increasing number of big
businesses which are barely getting
by-which can continue providing
their present volume of business is
maintained. If the volume of busi-
ness slips, however, that category
of business is going into a tailspin
as sure as the sun shines. If a
part of the business of the country
begins to sink-well, a part Of it
began to sink in August, 1929, and
within two years the whole struc-
ture had fallen like house of cards.
I am not saying that we are con-
fronted with another depression. I
do say, however, that we are facing
a condition that is not at all salts
factory-a condition that can lead
to a depression as easily as it can
lead to sound prosperity in COM
merce and industry.
Astute observers and business
men in the larger centers decide
their courses upon the outlook for
the whole country, not for any par
ticular line of business or any par
ticular section. The number of in
dividuals who see the picture I have
attempted to outline in the above
paragraph is increasing. As that
increases obviously the
wave of uncertainty expands.
So, if one is compelled to make a
guess why Wall Street is so con-
cerned or so jittery, it would seem
that the explanation must lie in the
combination of circumstances. No
one of them, except possibly the adj
verse business outlook, could ac-
complish as much doubt about the
future.
Anyone talking with a hundred
different individuals will hear these
various factors and influences men,
toned. He will hear different
weight given by each Individual to
each factor.
We have been dealing with causes.
Let us look at possible effects. It
will be remem-
NoGO, as bered how Presi-
to Effects dent Hoover was
blamed for the de-
preston. He and the Republican
,arty were punished on that ac-
count and badly licked in the elec-
ions. It ought to be said in Mr..
Ioover's behalf that the conditions
which led to the depression had
heir beginning long before he was
lected President. Indeed, they had
heir real beginning in the World
var.
President Roosevelt came into Of
Ice as result. He started doing
hings and gaining the confidence
+ the country to such an extent
hat he was reelected last year.
he was reelected largely :
ecause Of the bulk of the voters r
ceiling he was restoring prosperity. |
doubt, however, that Mr.. Roose-
cit was any more responsible for /
he return of a superficial prosper
" than Mr.. Hoover was RESPONSE
lie for the depression. |
But we are coming to another |,