Evening star., 1938-09-18


tail riding" which
-: 80 Mr.. Roosevelt has
S done. With little
r,,. w.,. regard for the
facts, Mr.. Roose-
welt blithely takes all credit for every
financial reform achieved in the last
six years. Not once has he shared any
credit whatever with any one else for
the improved banking laws, the Sc
curities and Exchange Commission or
the insurance Of bank deposits. Mr..
Roosevelt forever would have US be-
lieve that none but he ever recognized
evils or sought their correction by gov
ernmental action.
The truth of the matter Is that
legislation reforming the banks and
stock trading would have been passed
II we never heard about Mr.. Roose-
welt. Actually the deposit insurance
law, sponsored by Republican Senator
Arthur Vandenberg. was enacted over
Mr.. Roosevelt's bitter" opposition.
Senator Carter Glass, whom Mr..
Roosevelt now CLASHES as q hard
hearted reactionary, is more respon-
sible than any other man for the
reformation OF the banking system.
1t was he who first cried out against
what Wall Street was doing, even be-
fore the 1929 stock market crash.
1t was he who in January. 1881,
sponsored and conducted. with the
support Of Republicans, an investiga-
tion to ascertain the weaknesses of the
banking structure in order to remedy
them. 1t was he who fought through
Congress the first remedial banking
legislation in 1892. 1t was hee who
drafted and piloted through the Sem
ate. despite 4 filibuster by Mr.. Roose-
velt's friend, Huey P. Long, a more
comprehensive banking reform bill in
the winter of l932-33-a bill which
the Democratic controlled House re-
fused to consider before Mr.. Roosevelt
was inaugurated.
It was the Senator from Virginia
who. after Mr.. Roosevelt became Pres
ident, guided to passage the bill which
he and Republican controlled Sen
ate committee had drafted months
previously. 1t was Senator Glass who,
supported by Republicans, drafted the
legislation now known As the Banking
Act Of 1895.
What Republicans Did.
It was Senator Frederick Wolcott
Connecticut Republican. who spon-
sored in Feberuary, 1882. the resolu-
ton for an investigation Of stock mar
ket practices-an investigation which
was the basis for the Security and
Exchange Commission Act. It was .
Republican-co controlled Senate commit
tee which conducted this investiga ton
for II months before Mr.. Roosevelt
entered the White House. 1t was this
committee that employed Ferdinand
Pecora as counsel to conduct the in
vestigation.
But most amazing of ALL in view of
Mr.. Roosevelt's current boast that he
gave the country bank deposit insur-
ance, is the fact that three months
after he entered the White House he
opposed in writing the deposit insur-
ance provision. then known as the
"Vandenberg Amendpent
1t was Senator Vandenberg who
sponsored and fought to successful
passage insurance OF bank deposits.
The Associated Press aecognized that
fact. for in a Washington dispatch
dated May rs, 1888, it stated:
In an amazing burst OF speed the
Senate adopted the Vandenberg
Amendment and then because Of the
powerful popularity Of this imme-
diate bank deposit insurance thus
provided by the Vandenberg Amend
ment the Senate passed the Glass Bill
itself"
Leo T. Crowley. Democratic chair
man Of the Federal Deposit Insur-
ance Corp, recognized that fact when
in 1894 he called Senator Vandenberg
the father Of the Federal Deposit In
surance Act" Judge L. E. Birdsell,
F. D. I. c. counsel, recognized 1t when
he declared that Senator Vanden-
berg lis perhaps more responsible
than any other one individual for
putting into the Banking Act of 1898
the provisions which made it possible
to insure deposits in banks beginning
last January"
Yet now, when other New Deal pro-
grams are falling apart, Mr. Roosevelt
boasts that he and his administra-
ton gave the country deposit insur-
ance. 1t is certainly true that Federal
bank deposit is one thing which saves
the present depression from as obvious
and as deep q debacle as the last one.
Indeed. were it not for bank deposit
insurance the Roosevelt depression
might easily become more serious
than the situation in 1928.
But Mr.. Roosevelt IS entitled to no
credit-directly or indirectly-for initi-
ating Federal bank deposit insurance
He was bitterly opposed to it." He
deserves credit only for appointing an
exceedingly able F. D. I. c. board
after the law was passed over his
opposition.
Instead Of spending their time writ
ing painful alibis for the failure of
the Roosevelt purge" let the New
Deal propagandists undertake to chal-
lenge these contentious. If they lack
the hardihood to do that. then at least,
they should stop Mr.. Roosevelt in his
effort to save face from grabbing the
coattails of Republicans and Demo-
Gratis whom he now denounces.
MOTOR BOAT RECORD
Campbells 100 M. P. H. Run