The Western news. [volume] (Libby, Mont.) 1933-current, 1939-01-19
actually .4merica Uas
Loaning Goods, NOT Money

AAlGIls
actually .4merica Uas
Looming Goods, NOT Money
No, the real trouble of the huge
loans back in the tWenties was that
we we're actually loaning goods, not
money, and in producing such a
volume of goods, SO that we could
meet our own needs and the ordi-
nary demand for exports and in
addition ship these billions of dol
lars worth of goods which in a way
we we're selling on credit. we ran
into difficulties. What happened was
that every line of activity that was
producing for the export trade was
expanded beyond any sensible
rhyme or reason.
True, we were using up our own
savings to finance these exports.
That is what it amounted TO. But
this alone would not have been Sc
rious. II we had a sane system OF
production and distribution, export
ing only what other nations could af-
ford to pay for and we could afford
TO take payment for by buying their
goods, the mere loss of our savings
would affect only the individuals
stung with the sour bonds. Actual
" " : that loss, so far as totals are
concerned, would not have been
tragic, though of course it would
have seemed SO to many of the in
dividuals.
In his acceptance speech in 1882
Franklin D. Roosevelt inquired what
had happened to the profits the cor
porations made during the good
years.
Some of them he said, went
TO additions to plants, now standing
stark and idle. :
They were standing stark and idle
because they had been built to pro-
duce exports for people who would
never pay for them. When we
stopped the loans-because of popu-
lar clamor after few defaults-We
stopped the exports. That closed
down the factories, produced a Vi
cious circle. Unemployed cannot
buy. So the factories which had
been supplying the workers who had
been producing for export closed
down. And SO on.
Changing Sentiment 4bouf
Third Term for Roosevelt
Not SO many people expect Frank
lin D. Roosevelt to run for a third
term as did six months or a year
ago. This is the almost unanimous
report brought back to Washington
from various parts of the country
by senator's and representatives
This has nothing to dc with Wheth-
er these people who have changed
their own. predictions want Roose-
welt to run again or not 1t has
nothing to do with whether they
would like to have him in the White
House for four more years. 1t has
nothing to do even with whether
they favor continuance of the
New Deal policies. 1t is merely a
change of their honest convictions
as to what Roosevelt himself intends
to do.
There has obviously been de-
cline in popularity of some Of the
New Deal policies. This was am
| ply demonstrated by the primary
and election results. Yet most OF
the returning congressman say
that lots of people voted for anti
New Deal Democrats and even for
Republicans who are still strong for
Roosevelt-many who would ike 10
see Roosevelt continue in the White
House for four more years.
Whether sentiment against third
term is strong enough to beat as
popular figure as Roosevelt is a
| question on which there is wide
variance of opinion among the con-
| gressmen who, naturally enough,
have been listening eagerly TO their
constituents opinions.
W hat Results Will Flou
From Change OF Opinion2
The importance in this change d
opinipD ne IN yfhptbnr ha pYi1l my