Evening star., 1948-09-24
SNYDER Is Unworried
Over U. 5. Prosperity
Despite Truman Talks
Treasury Head Believes
American Economy Is
On Sound Foundation
By David Laurence

John w. Snyder, Secretary OF the
Treasury In President Truman's
cabinet, Is a conscientious person
and somehow cannot refrain from
telling the truth as he sees it in
the economic situation.
Now he predicts continued pros
perity in America for years to come.
Surely Mr.. Snyder cannot have been
reading Mr.. Truman's speeches in
the West prophesying calamity for
the nation, hard times and what
not II he isn't elected on Novem-
Der 2, which is only few weeks
hence. Mr.. Truman is appealing to
the people to vote for him and
save the country from going to the
dogs"
But the Treasury secretary some
how isn't too worried about what
Is going to happen to America for
many years to come. He believes
the nation has a pretty sound
foundation Here is what he told
the National Association OF Super
visors of State Banks at their meet
ing in Louisville Wednesday.
"The nation is faced with heavy
untitled demand for houses, for au-
tomobiles. farm machinery. freight
cars. steel. electrical capacity, new
schools and highways. Our popula-
ton is growing, and still greater
expansion in these facilities may
we'll be called for in the future.
Savings Only Tapped.
"Electronic devices, plastics and
other new inventions are attracting
an increasing public demand. We
have only begun to tap the billions
of savings built up during the war
wears. All of these facts testify 10
the powerful reserve strength In our
national economy"
While Secretary Snyder termed
the present economic picture re-
assuring, he called attention to
some unhealthy symptoms and in
fationary pressures. He called at
tention to the strength of agrlcul-
tural real estate and pointed OUT
that farm debt had decreased 80
per cent since the last war, whereas
it increased 100 per cent after the
First World War.
Mr.. Snyder's observations couio
be construed, Of course, as support
In a sense of the Presidents argu-
ment that there is a high degree
of prosperity in the country-Whlch,
Incidentally, would be better po-
litical platform for Mr.. Truman TO
stand on than the campaign TO
instill fear and apprehension that
he seems to have adopted.
Back in 1916 a Democratic Presi-
dent carried virtually the entire
West and two of the Eastern States
on a platform of peace and pros
peritw.Y He didn't charge that the
Republicans would upset either but
argued merely that the incumbent
administration had achieved both
obiectives. He won the election, too.
Theory Has Backfired Again.
The theory that political capital
may be gained by arousing fear Is
an old one. 1t has backfired again
and again. The people are much
too we'll informed about their eco
nomic life to believe that one man
can by himself upset the national
economy. Certainly If a majority
of the Congress, which is COM
posed of 531 persons elected by
the people. doesn't agree with
President, he cannot dictate policies
or enact laws that can bring de-
preston or economic disturbance.
The Republican Party used to
argue that the Democratic Party
was the party of depression. Ine
argument received a considerable
setback with the depression OF 1929
to 1882. when the Republicans were
In power. Although Mrs. Roosevelt
in recent article absolved Presl-
dent Hoover from blame for de-
preston conditions that were world
wide at the time he was in once,
the stump speakers of the Demo-
cratic Party are still referring with
alarm to the Hoover days and
pointing with pride to the pros
perity of the Democratic adminis-
trations
Unhappily, when President takes
credit for favorable economic con-
ditions, he focuses the attention OF
the people on the unfayorable fac
tors as we'll. The high cost of liv-
ing is something which, despite all
that Mr.. Truman says about the
Eightieth Congress, will work out
politically to his own disadvantage.
That's why Mr.. Snyder's type OF
speech is far better suited to vote
getting than Mr., Truman's doleful
prophecies of disaster. America
isn't going to the dogs no matter
who is elected on November 2.