Evening star., 1945-02-13
Wallace and Private Business

Wslaess Statements In ths Hearings Before The Ssnafs
Committee On Commerce, Jsnvary ~ end 7s, Is4S
Cut Government Spending
When the over the quickly private enterprise ges
back into peaceme production and sells its goods peaeetms
markets here and abroad the quickly will the ev. Of Gov
ernment wartime expenditures be reduced no needs
spending hen private enterprise either through efforts
,u government able full employ.
Let hope that the best thought both business and
be focused this problem which lies the Of
American democracy and American Of ife***
Capitalism throughout the world and country
has often been the derson Not inherent faults but
misuse has been the underlying for this attitude Considered
in its essentials however, capitalism can be the efficient
forgansing production and distribution principles freedom
and equal opportunity yet devised by should not many
radical reformers have be uprooed should be mod
ernzed and made work Indeed be made work If
maintain the foundations of those things which believe
to be tho essentials of American The chief trouble with
capitalism has been the perversion of its and their mis-
direction by small powerful privileged groups for purposes they
intended to achieve
The system of free enterprise based upon willingness of
the businessman accept risk As technology grew economy
expanded and argescae production dominate tho
economic process the individual found impossible undertake
such huge alone To ell this need the corporation had
the soundes for coming being Every corporation
enabled numbers of pool their and
venture beyond the Of any of them.*+*
Corporations Helped Us Grow .-
Risk taking economy. Because cor
poraon limited the liability of the individual and spread the pos
sbe destined become the
ing capital the businessman and the investor
the risk of developing industries As elastic,
flexible association Of risk takers the corporation ideally fitted
bring forth goods and and going
Without the Of the FORM the of the rail-
road the telegraph and telephone the automobile and the RADIO
the largae distribution electric power least would
have been Viewed from this perspective developments
Of the nineteenth and twentieth centuries have proved the social
and economic importance Of the corporation.
clear that the corporation and the patent major
factors contributing the growth Of modern America The patent
system gave little with the oppor
tuny utilize his and risk his limited
game the great
where his own gain served the general welfare***
Reconstruction Needs Business
The rebuilding world development new trad.
and markets. and the endless Of discoveries
which flow from laboratories will be To the
hardy the short the American businessman
with the pioneering sphe chance for reward and the promise
of useful and fruitful action for the release Of those which
have characterized him road There will be
need for cooperation between business labor agriculture and
Government There will be obstacles There will be dord and
disapponmen But of these hurdles great
be surmounted American business lives responsibilities
Primarily the task Of unemployment the responsibility Of
1t responsibility which they only if
prise develop extend the industry well
the presently existing plant capacy*+*
courage private capital back work That the sound way
and only sound the increase business activity and
national income which will Government revenues de-
expenditures and achieve the balanced Budget
which all earnestly desire The Nation needs busnes
and that should be first goal
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