Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-11-10
Outcome Seen as Endorsement
OF Benevolent Capitalism Idea
William Allen White Contends Reformers Since
1900 Have Sought Antidote to Finance Capital
and Substitute Is Yet Crude
By William Allen White.


Even now, few days after the cleo
ton, tine dangers inherent in the third
term seem to be minimized. The sense
of national unity that fared up all
over the Nation, together with a lively
sense that Mr.. Roosevelt has a definite
organized opposition in the country,
are swiftly removing any fears that
the Nation may have had recently
about the fall of democracy Wendell
WILKES quick patriotic greeting to his
victorious rival, its ring of sincerity its
dignity and its conspicuous partisan
self-respect gives him the leadership
of his majestys loyal opposition"
Mr.. WILKES tremendous popular
vote, his victories in the Midwest, arm
him to champion the group of middle
class, Midwestern States which he car
ried. Also his popular vote makes him
definitely the voice of those politically
disposed citizens of the Republic every
where. To have gathered more than
100000 votes in a campaign of a
dozen weeks was an achievement for
Mr.. Willkie. 1t is a barrier to any
nonsense about one-party country that
Mr. Roosevelt's most Fascist followers
cannot ignore.
WILKES Strategy.
OF course, Mr.. Willkie had the faults
of an amateur. His votes gathered by
professionals might have been so placed
that they Wolld have split the cleo
toral college fairly even. But Mr.. Will
kie was speaking to the masses. He could
not consider precincts, districts, States,
regions. He was plunking for the mid
die class where a few crafty advisers
might have got him more electoral votes
and cut down his popular vote and i'm
paired his power as leader. But the
result is better as it is, better for a
two-party government and the check Of
definitely conscious organizable protest
against the ambitious advisers of the
White House.
This militant minority may easily rail-
ly around constitutional amendment
which will make Mr.. Roosevelt's third
term at once the milestone and the bar
rier Of the third term in American his
tory. So things work out somehow
good"
The election and its fears have re-
ceded so fast since Tuesday that it is
possible now to see in perspective the
real issue which gave the President his
third term. 1t was, in truth, more than
the Endorsement of the President him
self. 1t was the Endorsement of an idea
benevolent capitalism. The phrase
needs explanation. Here is what II
means:
We had in the 18th century, at least il
the North, industrial capitalism after APP
pomattox. Manufacturers, railroad build
ers, mill owners and, to an extent, great
merchants, were their own capitalists
Generally they financed themselves
sometimes honestly, often by chicane. But
as mergers became necessary under in
ventions which made mass production
profitable and as the standard of living
rose to facilitate mass distribution of
mass production, as the railroads merged
as mills got together, as the steel trusts
were formed, and as amalgamations OF
many commodity industries began to
crystalline, the capital sums necessary
| for these vast industrial unions were
greater than the industrialists could beg
| borrow or steal.
Finance Capitalism.
so they turned to the bankers. and
| the bankers became owners, and we had
from Mark Hanna's day until Franklin
Roosevelts appearance in Washington
finance capitalism, bankers control OF
| American industry and more or less
banker control of American business.
But, just as Hanna died, the first
Roosevelt appeared, attacking finance
| capitalism. The Theodore Roosevelt
policies: Social and economic consider
alton for the rights of the consumer
who made the mass market, for the
rights of the laborer who toiled in mass
| production and for the needs of the
social order which protected the high
standard of living that made America
| free.
When Roosevelt passed, Wilson came
and after Wilson, La Toilette led and
the farm bloc appeared. 1t is fairly safs