The Republican. [volume] (Oakland, Md.) 1877-current, 1939-07-27
Endorsed By Mr.. Jones
Washington, July %.

Endorsed By Mr.. Jones
Washington, July %
The recent spectacle of Mr.. Jesse
Jones, accompanied by Secretary of
the Treasury Morgenthau, going be-
fore the House committee and sol
EMMY indorsing the latest and larg-
est New Deal pump printing proposal,
contained in the pending three
billion-dollar bill, naturally grieves
those who have held that at least
these two Administration figures have
their feet on the ground and are not
deluded by the silly "self- liquidating"
propaganda with which the measure
Is So heavily coated. 1t is since their
Endorsement that those words were
eliminated from the title.
However, there is an explanation for
both these gentlemen. First, take Mr..
Morgenthau. His case is simple and
slightly pathetic. Fundamentally, he is
d saver, not a spender, He worries
about the debt and the deficits. He, of
course, has had little to do with mold
ing the fiscal policy of the New Deal,
and if pains him to have the Federal
finances out of control Last winter,
when he believed Mr.. Roosevelt was
with him in a taX-revision program
designed to remove the worst handi-
caps 10 business, he became relatively
a happy man. This made his misery
che more acute when the President,
without warning, withdrew his sup
port and left his unfortunate aide out
on i limb.
Finally, yielding to the blunt decla-
ration Of Senator Harrison that re-
vision would go through whether he
wanted it or not, the President ar
ranged to eXhicate Mr.. Morgenthau
from position where he could not
hold on TO his dearly cherished job
and Even a remnant of self-respect,
zoo The relief of Mr. Morgenthau
when he found himself able to crawl
off the limb, was very great, indeed.
Ne became almost absurdly grateful.
MOI long ago a statement was made
m print that support of the new
spending program was a condition of
Che great face-saving performance.
That may or may not be true, but it
IS rgUt that so great is Mr.. MOrgen-
thaZ7's desire to preserve harmony and
SO anxious is he not again to feel
estEsnged from his Chief, that, con-
scienciOus man as he is, he had no
difficulty in swallowing the self-liqui-
dating stuff. Actually, he has worked
himself up to the point where he seri-
oasly believes that he is "enthusias-
tIe7 for the plan, though it violates
every basic fiscal conviction he has.
With MIR. Jones it is different. Mr..
JoBrs Is clear-headed very able, I'M
euoGnal business man who never
fools himself and knows vastly more
abDut money than all the New Deal
wizards combined For one thing, he
mas accumulated personally a great
deal more than any twenty of them.
Il IS not too much to say he knows as
rnnrh about the Federal finances as
either Nj. Morgenthau or his earnest
EHaua aide, Mr.. John Hanes, who re-
cGnrlg got himself mentioned in con-
rGrtim with the Presidents nominal
tlup--5zr what reason it is a little hard
10 see, unless it is in recognition of
tht geea1 things he thought he was
asoinq 10 accomplish but didn't.
***
Uf r0mse, no one who really knows
Nj Jones believes that he, like Mr..
Nm.gtuthau, has swallowed either the
asalk ilquidating hooey of the outside
t1e Gndget" theory evolved by the
Ecrles school of economists for the
purposes of concealing the additional
debt His Endorsement is eXplainablc
on 1hp ground that Mr. Jones in the
past seven years has had to accept-or
stem 70 accept-a good many things
which neither his mind nor his heart
din accept. No more moral turpitude
Is involved in that than in, for exam
pie, The Presidents denial that there
xas any politics in the McNutt APP
poinIment There are times in the lives
OF all public officials when it becomes
a7lpedient not to be too rigid about
principle.
Since Mr.. Jones has been head Of
thu RFC there have been several such
e1rasions. Unquestionably, indorse-
snent of the new bill is one and it
Enust be admitted that he is not with
out adequate excuses One is that it is
oolJy II