The Republican. [volume] (Oakland, Md.) 1877-current, 1938-10-06
LOOKING FORWARD
By FRANKLIN MAILMAN
Publicity Director, Republican National Committee

Much has been said in recent weeks
about "coattail riding" Mr. Roose-
yelt's friends assume that any Demo-
erat elected in the last six years
achieved success solely because OF
him. The results in some of the
Democratic primaries this year, how
ever, have put big dent in that bit
of Roosevelt egotism.
Nothing, however, has been said
about the "coattail riding" which Mr..
Roosevelt has done. With little regard
for the facts, Mr.. Roosevelt blithely
takes all credit for every financial re-
form achieved in the last six years.
Not once has he shared AMI credit
whatever with anyone else for the i'm
proved banking laws, the Securities
and Exchange Commission or the in
surance of bank deposits. Mr.. Roose-
welt forever would have US believe that
none but he ever recognized evils or
sought their correction by government
tai action.
Lest We Forget
The truth of the matter is that leg
islation reforming the banks and stock
trading would have been passed if we
never heard about Mr.. Roosevelt. Ac-
tually the deposit insurance law, spon-
sored by Republican Senator Arthur
Vandenberg, was enacted over Mr..
Roosevelt's "bitter" opposition.
Senator Carter Glass, whom Mr..
Roosevelt now Classics as a hard
hearted reactionary, is more response
bit than any other man for the refor-
nation of the banking system. 1t was
he who first cried out against what
Wall Street was doing, even before the
1929 stock market crash.
It was he who in January, 1881,
sponsored and conducted, with the
support of Republicans, an investi-
cation to ascertain the weaknesses of
the banking structure in order to rem
edy them. 1t was he who fought thru
Congress the first demedial banking
legislation in 1892. 1t was he who
drafted and plotted through the SEN
ate, despite a filibuster by Mr.. Roose-
velt's friend, Huey P. Long, a more
comprehensive banking reform bill in
the Winter of 1932-33-a bill which
the Democratic-controlled House re-
fused to consider before Mr.. Roose-
welt was inaugurated.
1t was the Senator from Virginia
who, after Mr.. Roosevelt became Pres
ident, guided to passage the bill which
he and Republican-controlled Senate
Committee had drafted months previ-
ously. 1t was Senator Glass who, sup
ported by Republicans, drafted the
legislation now known as the Banking
Act Of 1885.
What Republicans Did
1t was Senator Frederick Walcott,
Connecticut Republican, who spon-
sored in February, 1892, the resolu-
tion for an investigation Of stock mar
ket practices-an investigation which
was the basis for the Security and EX-
change Commission Act. 1t was Re
publican-controlled Senate Committee
which conducted this investigation
for eleven months before Mr.. Roose-
welt entered the White House. 1t was
this committee that employed Ferdi-
nand Pecora as counsel to conduct
the investigation.
But, most amazing of all, in view Of
Mr.. Roosevelt's current boast that he
gave the country bank deposit insur-
auee, is the fact that three months
after he entered the White House he
opposed in writing the deposit insur-
ance provisions then known as the
@Yandenberg Amendment"
It. was Senator Vandenberg who
sponsored and fought to successful
passage insurance of bank deposits.
The Associated Press acknowledged
that fact, for in a Washington dis
patch dated May Is, 1888, it stated:
''In an amazing burst of speed the
Senate adopted the Vandenberg
Amendment and then because of the
powerful popularity of this immediate
bank deposit insurance thus provided
by the Vandenberg Amendment the
Senate passed the Glass Bill itself"
Yandenberg Given Credit
Leo T. Crowley, Democratic chair
man of the Federal Deposit Insurance
Corporation, recognized that fact
when in 1884 he called Senator Van
denberg "the father of the Federal
Deposit Insurance Act" Judge L. E.
Birdsell, F.DI.C. counsel, recognized
it when he declared that Senator Van
denberg "is perhaps more responsible
than any other one Individual for
putting into the Banking Act of 1888
the provisions which made it possible
TO insure deposits in banks beginning
last January"