Evening star., 1938-03-28

In Mr.. Roosevelt himself that it seems
almost an incredible tragedy 1t is
not cause for bitterness but an occa-
sion for genuine lament Scarcely
ever in history has heroic figure stood
before such a large section of his
fellowmen in subsequent years inde-
cislve, wavering and even in some
eyes. Indifferent to the sufferings of
millions of his countrymen.
The newspaper dispatches from
warm Springs over the week end told
OF MIR. RooSevelt's long distance tele-
phone conversations with officials here
trying to find out why the stock
market broke so badly on Saturday
Hhe reason is not difficult to ascertain
Business and finance had hoped that
out OF the many months of talk and
exhortation the President might come
TO see that when the administration
and business do not work together
there Is stagnation. EmisSarieS of the
President had been sent to New York
from time to time to assure the
financial folk that Mr. Roosevelt would
be helpful. would be constructive,
would really recognize the handicaps
faced by business
Promises Were Empty.
But now it turns out that all these
promises were just so much empty
froth scattered on the surface of
things to camouf1age an inner cold
ness toward the serious problems con-
fronting business itself. So far has
the beWllderment of the business world
gone that some OF the extremists
among our otherwise intelligent busi-
ness folks actually believe that Mr..
Roosevelt wants things to get worse
because he has some sinister purpose
OF grasping dictatorial powers when
economic chaos comes. Such thoughts
and suggestions are absurd. but they
illustrate the depth of the blues which
have seized so many of our business
men.
Last week capped the climax of the
distrust which business had begun to
feel together with a sheer lack of
hope that the administration would
ever be able to sense the troubles of
economic recession. Three things
happened:
l. Notwithstanding the outcry
against the undistributed surplus tax
during the last year, Mr.. Roosevelt
ordered his lieutenants to appear be-
fore Congress and demand a retention
Of this principle of taxation.
2. Notwithstanding the fears of
dictatorship aroused by Mr.. Roosevelts
avowed attempt to pack" the Supreme
Court Of the United States and in
tiuence its decisions, the President
put all the pressure of his administra-
tion behind the attempt to pass the
so-called reorganization bill. believed
by many of its critics to contain too
much power for the Executive.
j. After having allowed business men
to feel that the administration would
cease its bitter attacks on business
aS whole. the President let loose one
OF his characteristic TRADES in speech
ct Gainesville, Ga.
Good in Reorganization Bill.
Now it so happens that the Senate
may eliminate the undistributed sur
plus tax-the Finance Committee of
the Senate has already done so-and
1t 50 happens also that there are many
good things in the reorganization"
bill, and that Congress can rewrite it
every two years when it passes ap-
preparation bills. 1t also happens that
the Gainesville (Ga) speech by itself
contained no new threat of hostile
legislation.
Indeed, all three things can be ex-
eused and explained away readily if
one projects such an explanation on a
background of trust and faith. But
the fact that Mr.. Roosevelt modified
q majority in the Senate for the re-
organization bill shook the founda-
tions of business because it seemed as
II this was but continuance of his
arbitrary policy reflected in the dis
nissal OF so able and honest an official
az Chairman Morgan of the r. v. A.
1t was not the reorganization bill. but
the fact that believer in one-man
government like Franklin D. Roosevelt
might administer it which caused shiv-
ers to run up and down the financial
and business backbone of the Nation.
Similarly, 1t was reasoned that if
Mr. Roosevelt could get majority for
his reorganization bill by personal
pressure and administration lobbying.
he might be able to do the same with
respect to overturning the Senate
Finance Committees favorable concep-
ton of tax revision.
The Georgia speech was the straw
that broke the camers back. It revealed
to the financial world that Mr.. Roose-
velt had not abandoned his basic
theory that the Government can for
any purpose which he thinks beneyo-
lent confiscate the property and the
savings OF the citizens and that the