The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1938-02-03
1l[a!!i'ia71'9 f1S5jjqe(k
National Topics Interpreted "a Sf1IM1M
by William Bruckart TTYTTTHT1
National PressB D. C.

their utmost in support when they
think him right"
There are many others in con-
gress who feel as does Mr.. Clark
about the present situation. They
recognize, think, that Mr.. Roose-
welt must assume his fair share of
responsibility, as President, for the
current depression. 1t is apparent,
too, that he must assume RESPONSE
bility for the failure of some of his
policies in that he turned to Eyes"
men for advice instead of recogniz-
ing that there could be honest dis
agreement with him on the part of
many who desired to be helpful. It
is, in other words, another result
of the type of leadership that he has
assumed, leadership that worked
without halt when everything was
hunky dory but a type that obvious
ly will fail when the tide runs
against you.
It is not for me to say whether the
great business leaders can solve the
problems of this depression. Nor is
1t for me to say that Mr.. Roosevelt
is just as incapable of stemming the
tide as was Mr.. Hoover. 1t is ap-
parent, nevertheless, that Mr. Roose-
welt has done nothing but drag a red
herring across the trail to dodge
the smear that always attaches to
President in case of bad business.
His business conferences will yield
no more than those which Mr.. Hoo
yer held in 1881 and 1882 and, that
being true, it is made to appear
that he ought to give some ground
and allow others to advise him. In
other words, why not take the hand
cuffs off of congress and see wheth-
er it can initiate legislation that will
yield results.
Perhaps I was a bit unfair when
I said Mr.. Roosevelt's conferences
~, ,, =, with business men
Well, That's had yielded moth
Something ing. 1t is true that
he has "persuad-
ed" the automobile manufacturers
and finance companies to tighten up
the strings somewhat on installment
buying. It is likely that hereafter
an automobile finance company will
grant credit only for 18 months in
stead of "a months on the sale of a
car where deferred payments are
used. I do not know how that will
solve the current depression, but
that was the reason given for the
change in business practice. AS a
matter of fact, experts in the De-
partment of Commerce said in pub
lished reports in May, 1887, that
majority of the finance companies
were holding to the 18-month limit
even then.
There can be no doubt that in
stallment buying is a dangerous
thing because of the abuses that
accompany it. My objection to it is
the same as have often stated in
these columns respecting other
types of debt. Any time debt is
made easy, there has been created
a fresh danger at the very same
time. Installment buying has been
generally used and the general re-
suit is, as it was bound to be, that
hundreds Of thousands of people
put themselves into debt. When
their income from wages or other
wise was reduced, their installment
obligations became a burden that
had first call on whatever money
was available. In the case of the
automobile finance companies, it
seems clear that there have been
abuses. High pressure statesmen,
anxious to get commissions, drove
hard to sell cars land you can pay
in two years." The companies found
out long ago, however, that the dam
gers existed and they were trim
ming their commitments according
ly. Since these sales are compare
lively small in ratio to the whole
country's business, think the White
House announcement will not result
in immediate restoration of pros
perity.
And then it's importance is further
,,o;,iy,oi7aJ bu tho DrociJonf,e oo,,reo