The potters herald. [volume] (East Liverpool, Ohio) 1899-1982, 1941-01-23
Economic j..
eMhA9hA

Happenings That Affect the Dinner
Pals, Dividend Checks and Tax
Bills of Every Individual. National
and International Problems Insep-
arabic from Local Welfare.
The Presidents extraordinary Estate
of the Nation" speech to the new Con-
gress was received with mixed
emotions. The majority of larger
newspapers, which are pro-British in
policy, approved it with some reserva-
tions. So did most of the leading
commentators. However, in Congress
there was criticism to the effect that
the President did not give enough
particulars-and that it looked as if
he intended to put this country deeper
into European affairs than it had ever
been before. At the same time, sur
veys indicate that the Presidents pro-
posal to lend Britain arms and other
implements of war, which she is sup
posed to repay in kind or it's equiv
alent at the end of hostilities, will
eventually go through. The non-inter-
ventionist bloc, however, of which Sen
ator Wheeler is now leader, says that
lit intends to fight the Presidents pro-
gram to the last ditch.
The President firmly fixed this
|country's foreign policy. According
to him, that policy has three facets:
First, we are committed to an all
inclusive national defense. Second, we
are committed to support all nations
which are resisting aggression and, in
the Presidents words, thereby keep
ing war from our hemisphere" Third,
we will never asquiesce in a peace
dictated by aggressors and sponsored
by appeasers." The President stressed
his opinion that this policy is COM
pletely non-partisan, and represents
the will of the majority of the people
whatever their political affiliations.
1t is obviously the Administration
belief that it would be impossible for
this country to live in the same world
with Hitler, and at the same time
maintain democratic processes and
principles. AS he has said on several
occasions, there would be no peace
there would be only an armed truce
which would inevitably result in q
ruinous armament race and the estab,
| lishment of permanent military
economy for us, no less than for the
Axis. There are many who disagree
with this doctrine, but, SO far as leg.
| icl inf ic
seem to be minority now.
1t is probable that the Presidents
speech, coupled with his ''fireside
chat" Of a week before, was the
strongest talk ever given by the hea6
of a great nation to the heads of Other
great nations. It Could be easily con
strued as an ipso facto declaration Of
war, even though Mr.. Roosevelt sale
that he did not intend for it to be
so taken. But Italy and Germany were
relatively calm in their comments. L
looks as if they are willing to take E
great deal before formally going tt
war with us-which, in view of Italy's
Istunning reverses in Africa, is easily
Understandable. The Axis has not los
the war, but its plans are not going
as scheduled, by any means.
The possibility remains of Congress:
declaring war on Germany and/o1
Italy, but rolls of Congress indicate
that only small majority would vote
for war at this time. The bulk of th'
lawmakers apparently feel that WI
can get away with helping England
with every resource at our command
yet not fighting, ourselves.
Magnitude Of projected aid to Eng
land will not be fully known for som
time. AS the budget message shows
: it will run far into the billions. 1t will
involve the construction and deliver.
J, Of many merchant ships to embattle'
Britain. And it may very likely in
= volve the transfer of more of ou
. naval vessels.
The 77th Congress will be respon
sible for our national defense, whicl
includes domestic problems to do witt
wages and hours, taxation, relief, AM
government loaning both at home ant
abroad. 1t has the countries of Soutl
= America to consider; just loanin,
} them money is but small part o
: the job of improving our relation
with them. Also, as one of its great
est jobs, it will have to consider adopt
] ing a fiscal policy that is in the op
posite direction to the present cas-,
money policies of the Administration
Financial experts are going to make
determined stand to return the financ
ing of our government into sounde
channels.
The Federal Reserve Board recentl
reported that its index of industria
production reached an all-tme high i