The Barnwell people-sentinel. (Barnwell, S.C.) 1925-current, May 03, 1934, Image 2
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of Currenlr'
Events the World Over
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professor Tugwell’s Defense gof the New Deal—Troubles
of the American Railways—President Formulating
Plan to Help Silver.
-Ar-”
By EDWARD W. PICKARD
M EMBERS of the American Society
of Newspaper Editors assembled
In Washington heard a warm and elab
orate defense of the New peal dellv
ered by Prof. Rexford Q. Tugwell, as
sistant secretary of agriculture, who
Is In part responsible for most of the
recovery measures adopted by the
present administration. Denying that
those who are advising the President
seek to bring about radical changes
In the life and economic policies of the
American people, Professor Tugwell
described himself as a "thorough con
servative.”
"We have a saving Irreverence of
authority,’’ said Professor TugweU In
speaking of the characteristics of the
American people, “which gets us out of
holes These basic traiti deterame
the structure of our laws and of our
government. No one, with the slight
est sense of history, would try to tit
such a people into a regimented
scheme, would try to think for them
Instead of getting them to think for
themselves. . ^ '
“Time will tell which In these times
Is the best American—those who be
lieve that the racketeering, the finan
cial juggling, the exploitation of work
ers and consumers must be ended
once for all, and that continuity of In
dustry must be definitely assured by
whatever orderly political means can
be found; or those who believe it more
Important that some few Insiders
should be allowed to manipulate ma
terials, natural forces and social instl-
tatidbs For their own good"
pense of all the rest
“Democracy has been living a pre
carious life among our business Insti
tutions; Its enemies In this country
were in a fair way to have It strangled
and laid quietly aside until the New
Deal came along. For they did not
realise that real democracy cannot
be destroyed without provoking a re
volt on the part of Its practlttonera
-^’’Farmers were being starved off
their land; workers were denied ac
cess to Idle factories. A kind of spe
cious and purely formal political proc
ess was being used as a stalking horse
for privilege and threatening oligarchy.
I have never lent myself to this su
preme chicanery and I am not likely
to do so as long as I keep any realistic
sense at all,
“The New Deal Is not something
which can establish Itself In the mind
of a dictator or a small governing
group. That was the fatal theory of
the system from which we are turning
away. Its base has to be as broad as
the economy which has to be brought
under control and as deep as the blinds
and the hearts of the people whom it
affects.”
there was no indication the govern
ment wilt embark on such a policy.
The President Indicated a desire to
have further talks with the silver sen
ators and there will be other confer
ences, according to Senator William EL
King, Democrat, of Utah, chairman of
the silver committee, and other sena
tors who attended the conference. It
was quite evident Mr. Roosevelt was
not In favor of any mandatory legLfr
lation, at least, at this time.
Later It was reliably stated that the ^ 41 " 4 delusion.-They prove the
r\ T8ARMAM15NT negotiations trader
present conditions are futile, ta
the official opinion of the French gov
ernment, and It will have nothing-more
to do with them, returning Instead te
Its old plan for national security
founded on armaments and. allies.
This Is the gist of a note delivered to
the British government whligi Is held
to be a death blow to any accord on
armaments,. The blame for failure of
negotiations is laid by the French on
Chancellor Hitler and his Nazi gov
ernment of Germany.
The note described the Increased
German military budget as i “men
ace” and declared the German gov
ernment, without awaiting the results
of negotiations In progress, has shown
its-determination to continue all forms
of rearmament In violation of the
treaty of Versailles.
'The German government,” the note
charged, “intends to Increase imme
diately on a formidable scale not only
the strength of Its army but also Its
naval and air forces.
“Whatever explanation may be ad
vanced, facts of such exceptional
gravity can lead to only one observa-
Presldent was maturing a plan for In
ternational stabilization of currencies
and that silver figures prominently In
it. Mr. Roosevelt, It was revealed, fa
vors the inclusion of silver In the met
al base of currency Issues to the ex-
tent of 30 pef cent, the remaining 70
per cent to be gold. This change can
be safely made, however, the President
points out, only by international agree
ment whereby all the signatory nations
would admit silver to their reserves
against which paper money Is Issued.
German government has made Impos
sible further negotiations.” ,
Foreign Minister Barthou has advo
cated an armaments agreement even
If the French had to make great sac
rifices, but the Nationalist members of
the-cablnet. Including Marshal Petala,
minister of war, and Andre Tardleu,
vice premier, overrnled him and
forced the writing of the note In ac
cord with their views.
Barthou has now gone to Poland
to try to break up the girowing ae-
. .. , . , cord between that nation and Oer-
in the London economic, and mono- . . . . .
..... / many; and In Paris the Rumanian for
tary conference Senator Kby Pittman Alirn xj,, hn1na
BRISBANE
THIS WEEK
No Cash for Uncle Sam
The Wirt Mystery
The Tiger’s Immortality
Poor Old Trotxky
Mr. Chamberlain, in charge of Brit
ish finances, tell* happy fellow coun
trymen that conditions are good In
England: “The past fiscal year has
shown a profit of 1200,000,000,” and
The atmosphere Is distinctly bHgbter.”
It Is not brighter for your Uncle
Sam. Mr. Chamberlain also announced
that “he did not propose to make any
provlalon for the payment of war
debts to America,” and the statement
was loudly cheered. It Is to be hoped
that President Roosevelt wfll, In his
own time, make a reply that will be
Toudly cheered” on this side of the
water.
Money can be collected from Eng-
land and other couutrles by a tax on
all shipping entering our \)orts.
We still own the ports and the docks
—at least that Is the popular theory. _
They could not well retaliate, since
we own little shipping. The United
States would like to hear President
Roosevelt say to the British, the
French and the others, “There are
several ways of skinning a cat, and I
propose to show you one or two of
them.”
L
i
Washington.—Anyone who attempts to
Interpret Washington sews dr appraise
Its effects meets ft
Dr. Wire* circumstance f r e-
Charge* \ q'lently where the
only course Is one of
watchful waiting. There is no alterna
tive. Complex situations must work
out; ulterior purposes must be dis
closed to a slight^ degree, if there are
such purposes, and somd, scent must
be had of the factors and Influences
at work. Otherwise, appraisal of the
potential effects usually will miss Its
mark under circumstances of that
kind.
Of such a type were the charges by
Dr^WHHam A. Wirt, the schooi aoper-
Intendent from Gary, Ind., who as
serted that “brain trusters” of, the
Roosevelt administration were seeking
to Overthrow our form of government
and establish a communistic or Rus
sian Soviet state In its place. Doctor
.Wirt’s acciiMtlnnw came out of th*
offered such a plan, proposing that cen
tral banks keep 20 per cent, or one-
fifth, of their metal cover or reserve
for currency In sliver. The proposal
was not acted on at 4he conference.
J OHN DILLINGEtt, the notorious
outlaw, and several members of his
gsng fought their way out of a trap
laid by federal agents and possemen
. .ten miles, east , of
Manltowlsh, In north
ern Wisconsin. In
three desperate gun
battles three men were
killed and eight
wounded, and the
bandits escaped Into
the woods. Three wom
en who had been with
the DUlitiger gang
were arrested. Two
others were beiTeveff
to have fled with the
desperadoes. These
two came from Minneapolis and were
thought to have warned Dllllnger of
the impending raid on the camp
where he had been for several days.
Some hours after the battles in Wis
consin three members of the gang were
seen by three deputy sheriffs In a
suburb of St. Paul, Minn. A Tunning
gun fight ensued and one of the gang
sters apparently was wounded, but the
trio escaped and stole an automobile
elgn minister Nicholas Titulescu, was
helping to reinforce the alliance be- !
tween France and the little entente.
British government officials were
still hopeful of results from the dls-
armament conference, but the chances
oFTts success were still further mini
mized when Fhlvlo Suvlch, Italian
undersecretary for foreign affairs, had
a talk with French Premier Gaston
Doumergne In Paris. The latter relt-
eratetf 4hftT"PWfl<^ would refuse to
Toting ladles attending the fateful
Virginia dinner at which Doctor Wirt
thought he beard somebody call Presi
dent Roosevelt “only the Kerensky In
the revolution, soon to be replaced
with a genuine Stalin,” testify that
nothing of the Kind was said.
In fact, the young ladles agree that
the dinner started with a monologue .
by Doctor Wirt which outtasted the ? arge8 before attempting to analyze
dinner. Nobody else could say a word. * ein or t0 them Into other things
,• ' ; that have been happening to make a
The -circus kept a big striped tiger com P* e te picture Hls appearance be-
named “Boss” locked In a strong cage. r: J re of loqulry
blue sky, so to speak, because there
was no advance notice of them. Of
course, there were thousands of per
sons who were uneasy about the trend
of events and the plans of the New
Dealers. Apparently, however, most
of them were QDwUIing to make them
selves a target for the unbelieving by
becoming vocal about their opinions.
So, the setting In which Washington
observers found themselves was, to
say the least, a new one.
With these facts In mind, I have
■waited an exposition of Doctor Wirt’s
‘legalize” rearmament of Germany or
undertake to reduce her own military
strength under such conditions. The
premier made It plain that France
.would not dlsquss Mussolini’s arms
limitation scheme or any other plan
except at Geneva With Germany re^
resented.
fp
John
Dllllnger
M L. WfLSRjN, director of the dlvr-
* 8100 of subsistence homesteads
of the Departtnent'of the Interior, has
issued a warning to the public to be
ware of speculative land settlement
promotions “masquerading as projects
of the government's subsistence home
steads program.” He says many pro
motions have come to the attention of
his division, continuing:
“Through suggestive advertisements
or by means of strongly colored sales
talks, promoters have reported that
strong enough to keep the tiger In,
not strong enough to keep death out
Death entered, and “within tea min
utes the tiger was on his way to be
made Into a rug.” That will be fer
the tiger a sort of immortality. Fire
left normfig to be d&flred In the dra-
matlcs. He was there, accompanied by
that famed attorney, former Senator
James A. Reed of Missouri, which'was.
In Itself, a surprise. And Doctor Wirt
stood up against the barrage of at
tempts to discredit him! He never
and moths permitting, hls beauty may
survive for 50 years, made perfect by | ® Inched : ? 1e fought back, and he was
artificial eyes, toftth and tongue, grow- * #FP*fently convince^ of hls own find-.
Ing gradually dimmer. Man has no ,np8, a fact that K n ^ e . him added
such certainty of eternity, apart from coara » e -
faith, except In hls children. They do I
supply what might be semi-eternal
representation on earth.
Parents of certain modern children,
however; ~ might well say, “I should^
— DdcMf Wirt wasted no wfirds In tell-
Ing of the famous party In a nearby
Virginia home where Lawrence Todd,
Washington representative of the Rus
sian Soviet news agency Tnss” and
they have the backing of\the federal
government through the subsistence
. ., . . . . . ... homesteads program wh^re their
!". wh _ ,< i l,ea . ,le, ! ,or the brldse claim, arc entirely false.
These promoters are preying upon
at hand. They face the possibility
of a general strike, and the President
has warued them that If they do not
reorganise their debts
at the expense of their
stockholders and sta
bilize their labor con-
d 111 o n s, government
control or ownership
may be the result.
The wage controversy
came to a head when
the railway labor of
ficials rejected Presi
dent Roosevelt’s re-
SKIP
J. B. Eastman ,,u “ t t '; at , | the '° per
cent reduction be con
tinued, and the railway executives said
they would not consider any settle
ment more favorable to labor than
• this. Joseph B. Eastman, co-ordina-
1 tor of transportation, who had been
carrying on the negotiations, Immedi
ately withdrew as mediator, saying
there was nothing he could accomplish.
He asserted he believed the negoti
ations would continue under the pro
visions of the railway labor act. But
A. F. Whitney, president of the Rail
way Labor Executive association, was
far less hopeful. " \ . a,.,
“Our only alternative appears to call
for a atrike ballot In order to prove
our point in this matter,” said Whit-
»ey, "and if thla Is done there can be
but one answer from the men who
have been receiving such a beggarly
stipend.”
President Roosevelt appointed Secre
tary of Commerce Roper, Secretary of
Labor Perkins and Attorney General
Cummings, a committee of three, to
study the matter of stabilizing rail
road labor and financial policies. He
feels the railroads must wipe out the
threat of receiverships by scaling
down their fixed charges, and must
settle their disputes with labor finally.
Holding that the railroads are far
overexpanded because of their 1915-
1929 building boom, the President feels
that the carriers may never again be
Rbie to earn the interest payments on
the bonds which were floated to finance
the building of tracks, stations, and
rolling stock.
S ENATORS who urge the remonetls-
ntlon of silver held a conference
with President Roosevelt but received
from him no encouragement for sliver
legislation, though no conclusion was
reached. The possibility of silver par-
chases was discussed and the President
Indicsted i disposition to give this
matter consideration, hot on the whole
JNSkLkz "£!/• . ; „ '' , * s'
■y. \ y ' „
across the Mississippi river.
Federal ami local officials through
out all that region were on the lookout
for the Dllllnger gang with the tacit
understanding that the desperadoes
would be shot on sight
VfARIOUS writers In magazines and
» newspapers tell us that the chance
of war In Europe Is remote, but al
most dally circumstances come to
light that contradict this optimistic
view. Here are some recent Instances:
Orders have been sent out for the
twenty-year-old youths of Germany to
report for duty In military or labor
camps, which would Indicate that
Chancellor Hitler’s Nazi government
is quietly but efficiently providing mil-
famllles who desire to leave the city
for rural or semirural living and they
serve to Impede the progress of the
division’s program. Even a cursory
examination of the representation^ of
these promoters Indicates they are ut
terly lacking In good faith.”
rather be made into.n.-Uig and get my ( .J Beveral “ sa * e ^^ e8 ” the brain tr
eternity that way.” " wer * a t dinner with the Indiana edu-
1 ^ cator. He quoted Todd as the au-
You feel sorry for poor old Trotzky, thority for the statement that I’resl-
despite the color of hls politics. Fate dent Roosevelt was the “Kerensky"
put him In the Russian revolution, of the present revolution and that
raising him to the heights. Stalin presently Mr. Roosevelt would be s
threw him out. Into Turkey. He wan- planted by a “Stalin,’’ even aF oc-
dered to France and guilelessly start- curred in Russia,
ed organizing a “fourth. Internationale” Gf course. Mr. Todd tm^ho part in
to “put an end to all organized gov
ernment.” The French government
puts him out of France, and he doesn’t
know where to go.
He thinks of the United States, but
what with Professor Wirt and one
thing and another he can hardly hope
Itary training for all these young men
the same as If military conscription
for a full-sized army were permitted
by international agreement. Young
men employed in factories and shops
must belong to storm groups. Only
storm troopers get Jobs. Labor camps
provide military training for those
who, for some reason or other, did not
become storm troopers. Many of these
labor camps are virtually military fin
ishing schools for storm troopers. Tar
get practice and similar military
maneuvers are staged.
Michael Kalinin, president of Soviet
Russia, has demanded the “inrtenslvn
militarization” of «11 rural Russia as
J3 EACE In the automobile Industry
was disrupted again when the work
ers In the Fisher Body plants in
Cleveland and St. Louis and the
Chevrolet plant In the latter city went
on strike. It followed a three months’
appeal by the American Federation of
Labor union for recognition, accord
ing to federation officials.
• \
FAR as the Democrats go, the
o°
^ Wirt affair is ended, the^ Demo
cratic majority of the committee of in
vestigation deciding to report to con
gress that the Cary t
educator’s charges of
a .red plot to over
throw the government
are unfounded. Mc-
Gugin and Lehlbaeh, !
the Republican mem
bers of the committee,
formulated a minority
report expressing their
opinion that the In- *
quiry should bebroad-
ened In scope. Me- 1
to get In here. England used to re
ceive all revolutionaries, but some
other countries may reject Trotzky
■void offending the younger,
powerful Stalin.
Vcheer up. If your hotise Is, mort
gaged. Uncle Sam discovers, after
158 years of national life since 1778,
that, be has a poeketbook and meant
to ui»e It for you. Some of hls hun
dreds of millions will be used carrying
along your mortgage until you hava
had time to pay It off. Even If It If
not a "distress” mortgage, he may help
you. The mortgage holder will be
asked to reduce hls Interest rate and
to extefld the mortgage to ten or even
fifteen years. In return he will have
the government's guarantee that the
mortgage will be paid.
Mortgaged home owners will ask,
••Am I dreaming?”
Some real estaters will say, “Let me
get my real estate mortgaged to my
brother-in-law quickly, and let him get
a government guarantee.”
the government, official/, and a good,
many of those who scoffed at Doctor
’Wirt originally contended the charges
were Just “hp\(\\\vyT~ RnT he m
the statements under oath and their
effect now is the thing with which we
are cohcwned,—For to say that -the
ch
part of general preparations for de-’ Miss Kneeland (jugin asserts there is
tense against war. He says: “We also pi en ty of evidence from many sources
must have a strong rear Hne con- , to prove ^ certain members of the
nected with the front by thousands of brain trust are seeking to overthrow
threads. The chief task is to trajn » h « eetahllshad social order of ttm
women and children and others not fit United States. Representative Hamil-
for military service to carry out the ton jrigh 0 f New York told • gather-
work of collective farming when all
able-bodied persons are mobilized, so
that normal functions will not be In
terfered with. Those who remain on
the collective farms must be prepared
for everything. It Is not sufficient that
they know how to use gas masks. It
won’t be enough that they be able to
Ing of Republican women that Doctor
Wirt failed to prove hls case became
hls sources of Information were too
remote, but that he, Mr. Fish, was go
ing to prove It so there would be no
doubt about It. Regardless of patriotic
motives, the Republicans In congress
are* not'to abandon just yet the cam-
manage a gun. They must have a good paign material supplied by the Wirt
knowledge of the physical geography ca*®.
of their regions and ^ we ' 1 versed In when the Bulwlnkle committee
all orms of knowledge regarding the mailed before It the six who were with
repelUng of attacks; on the civilian wirt at the dinner In Virginia they
all, with astonishing unanimity, de
nied practically everything that Wirt
said occurred that evening. Each of
them asserted that the doctor monopc*
Used the conversatfon, talking mainly
about gold devaluation, and that It
was almost Impossible to Interrupt
him. They verified pnly ojpe statement
which Wirt had ascribed to kiss HU-
degarde Kneeland, a division head In
population. Particularly they must
know how to resist ^alda from the
air."
A LRRADY suffering Severely from
** drought, large parts \>f the Middle
NorthWest were afflicted by a destruc
tive dust storm, said to be the worst
In 20 yean. The Dakotas, Min
nesota, Nebraska, Kansas and Iowa
got the v^orst of It, the dry soil being the home economic of the Agrlcnl-
carried by high winds and in some tore department This was that ahe
had objected to Wirt’s proposal that
.the goal of the government should be
a restoration of conditions la the
country aa they were in 1926. •
• Mr
places deposited In heaps greater than
the snow banka of the winter. Farms,
many of them already seeded, were
denuded of fertile top soil Winter
wheat was badly damaged.
.Ihna.far.the
covery experiments \has spent five
thousand million dollars for relief of
various kinds. It could spend ten thou
sand millions. It would not cost a
would prior
and pay out the money Uurtead of Is
suing bonds that are fictitious, since
bankers do not rea'ly pay for them,
the interest doubling the amount paid
out
ges have had no effect Is to make
statement that the moon Is made of
green cheese.
• • •—*—
To those of us whose job It Is to
keep a finger on the pulse of public
sentiment. It has been
Reaction apparent for several
Set$ in months that a reac
tion against many of
the New Deal principle^ had set In.
I. for one, however, was unable to
gauge It accurately.* * 1 could not tell,
how deeply rooted jthese convictions
were. It required some such incident
as the Wirt charges to focus attention
on the fact that there were doubters
before most of us here could gain an
Idea of the “oppositionist” movement
that appeared to exist. Let me say at
this point, too, that It Is apparent Mr.
Roosevelt Is not the only target; the
criticism seems to be more of the
Ideas prompted* by hls brain trust ad
visers than the President s own re
form or recovery principles. There Is
a decided difference, one realizes, be
tween the two, for one xroup In the
Is promoting reform
and another recovery. * \
Here is where the Wirt testimony
becomes important In Its effect. By
making the charges. Doctor Wirt dl-
Kew York city has 67,000 tenement
houses In which 2,000,000 people live,
because there is no other place for
them to live. Of the 2,000,000, 90 per
cent live In fire trap*, according , to
official report There la, however, a
■liver lining to this cloud, from
point of view. When tenement be
born down, and tenants burn up, the
landlord gets hia Insurance. If the
law forbade insurance on flretrapa, aa
It ahonld do, the owner would be ew
the spot night and day to prevent Ira.
And there would be less afton.
la a new treatment for pneumonia
fresh air la pumped Into the pleural
cavity ef the patient, “giving the af
fected long a chance to rest and reetst
Infection."
Also jt brings *o the "crisis" 48
bears sooner, before the disease has
■ids the patient too weak to fight
• Wtae raatan
reeled attention to the two schools ot
thought. In effect, he has caRed upon
the country to distinguish between re
form and recovery programs, and has
asked the question whether we shall
sacrifice recovery In order that ref
ideas may be forced down the
of those who fin|d It dlfflculFfb swah~
low untried theories.
There can be no doubt that several
millions of Americans who, hereto
fore, were willing to trust Mr. Roose
velt to run the whole show, are now
making Individual examinations of the
■e which the New Dealers have,
or propose to, set up. 1 think It equal
ly tnif as well that these exam loa
ns by ^individuals will result tn a
Hiring of opinions more than has
opened op to this time. They un-
lly will find some good and
some bad, aome workable and some no
ble, items smong the New Deal
That ought to be a wholesome
thing for the country. History feems
to prove that a cross section of ear
national mind la nearly always correct
after the hysteria dies down. Thus
the opinions I gather around Washing
ton streas the Importance of the re
form that obviously la going te result
from New Drill method* Bnt they em-
\
phaslze equally the Importance of the
Wirt testimony In- balking an onrush-
Ing wave of so-called reforms that ao
many persons, consider to be actually
destractive of the basic and proved
practipes of our commerce, and indus
try- *.
And. after all, that Is the point
at issue In this country today. Doctor
Wirt quoted Mr. Todd as having said
that “Roosevelt Is tn midstream and
the current Is too strong for him to
turn back." 1 still have faith in our
system of government and I have more
faith In a majority opinion of the peo
ple of the United States. Since Dee*
tor Wifi .testified, they are on their
guard, ft may be that -the sun of the
brain trust theorist Is setting.
One more observation about the Wirt
affair: tn a long service In Washing
ton, I have seen few
Badly hearings as badly
Muddled muddled by a com -
mlttee of congress.
Each of the members of the committee
knew, of course, that the atmosphere
was surcharged with politics. Some
bf the Democrats Obviously were
afraid that Doctor Wirt was go
ing to explode a bombshell of poli
tics that would do their p^rty no good
at all. and some of the -Republicans
were afraid that Doctor wlrt would
not explode that bombshell. Conse
quently, there was haggling without
end. I believe the consensus among
the hundred-odd - correspondents wbe
were reporting the hearing was that
Representative Bulwlnkle of North
Carolina, a Democrat and the chair
man. reflected no particular credit
upon himself or the committee aa In
quisitors. Criticism of Represents-
tlve McGugln, a Republican from Kan
sas, also was heard, for Mr. McGugln
went just as far in supporting the wit
ness as $lr.* Bulwlnkle did In bar-
rassing him.
In the background of the committee,
haggling, stood the tall, gray-haIred
figure of “Jlnj” Reed. Senator Reed.
when he was In the senate, wasytfrob-
ably the most feared of all debaters.
-HTTWrimre 'fewis ‘a nd cpfting state
ments seldom failed tfy make spines
quiver. Hls presence as Doctor
Wirt’s counsel faRed at first to check
Mr. Bulwlnkley-but the fact that-h#
■e- fH^mdod Mr. McGugln with
«« f waa^-there pn
assurnnee/of help In any battle of
words.
tain evidence of people’* views
ays is reflected in congress rather
quickly after changes In semlme^A
take place, and It Is no different now.
There was a time durifig the firs*
months of President Roosevelt’s ad
ministration when anything he sent to
congress was put through, and no
questions were asked. Currently, how
ever. there Is a disposition among
qf both political parties—hr
congress to~Iftq»frf^lnto the character
of legislation they are putfirurtTrrrmgh.
For example, the hill tlmt Hie Preat
I he
dent wanted for controlling the se
curity exchanges, like the New York
Stock Exchange, was advertised "by
Democratic leaders at first as being
ready' to go through without question.
Mr. Roosevelt said he wanted “teeth"
In It, and teeth were put In It plenty
of them. Indeed, the proposed legis
lation would have left little of tho
stock exchange to operate. Rigid con
trol was a mild expression compared
with that original stock market bill.
• * *
.
Stock exchange members, brokerage
houses and plain Investors suddenly
awnkeped to the fact
Wake Vp, that thpt-blll was go-
Then Fight ,np to do th,n B* to
them. They started
to fight. They found responsive chords
In the house and senate. Reason and
logic, as opponents of the bill under
stood those words, began to prevail
and, presently, rumors of proposed
changes in the meaaure began to crop
up. And what’s more, the changes be
gan to be accepted by a majority of
the committees that had the bill In
charge^ripsplta frequent reiterations by
Senator Fletcher, chairman of the sen
ate banking committee, and Chairman
Rayburn, of the house Interstate Com
merce committee, th,at the President
-anted the teeth teft Th.
It Is to be admitted. T think, that
there was a lot of monkey-doodle busi
ness going on among some members of
security exchanges. My belief Is that
they did not always give the Individual
investors In stocks a fair shake. Bat
some of the reformers Included In the
administration’s brain trust appear to
have overlooked the good in whatever
amount It exists In the stock ex
changes.
But, to get to the point of the story.
Many persons hold to the view that the
government should not spread a par-,
ental wing too far over private offatn.
It baa been done already beyond the
antldpetkm of a majority of the peo
ple. They want to be free to deal In
stocks, to speculate, even to gamble;
If you please, without .having burean-
cracy here In Washington to tell them
what to do. ..
The legislation will go throngh event
ually. Of that there'la no doubt in*
Its final form, however. It wlM not be
the handiwork of ttye reformers. There
will be reform* brought about by It
oaly they will be for-the purposes of
correcting abuses and txK far the
pose ef trying out theories
body's money.
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