The savings in interest chargesĪre beggared by the indirect costs of such

To-day the banks are more dangerously burmake use of the wide disA month ago business hadīegun to show marked deever before.

In many instances it inTreasury was aggressively filling the portfolios of the banks with illiquid Governplain to clear-headed busicludes in its scope the labor NRA program has conpast have often pointed with pride to reductions in the rates at which the Governfor a time might be effected Is usuallyconceded as a possiposite were not so obviously true.Īs for the boasts about low interest ratesĪctivity and perhaps a ceran old fallacy. Spending of the Administration, if the opand even months ago. With its insufferable load of taxation, congrowing dissatisfaction withĬitizens of his home city of Lynchburg, Va. Moreious about the enormous volume of publicįurther reckless public exthat further liberal doses of Outstanding national debt was approximately what it has now again grown to be,Īssert, indicate that we need not be anxthis autumn and winter areīeen plainly inclined. Ness from its present diffiately after the war, when the volume ofīeing cherished in Washingculties by methods that Is substantially less than it was immedimeasure, at least, any hope Ment that President Roosefor further augmentation of it, in the exfurther suffering upon theĬeedingly low yields Government securitiesĮnable him to rescue busiinterest charge upon the Federal budget In the national debt, and in some instances Man supposes for a mofinding warrant for the enormous increase The fiscal policies of the Government are Productive agricultural reIncredible as it seems, some defenders of He will find it no less so upon his return. Rest, the country was seething with labor They learn what the President's intention is concerning a number of questions directly and in almostĬontrolling measure bearing upon their operations On many matters before them until such time as To say impossible, to arrive at any definite decision

It is unfortunate, but a fact none the less, that business executives now find it extremely difficult, not Return of the President to the White House is anĮvent similar in nature to the convening of Congress in former years, and an event fraught withĬalling for attention before he left some weeks ago. However, that wasīefore the New Deal program got under way andīefore the President had been endowed with dictatorial powers by a subservient Congress.

In the fairly well ordered routine of a people ruledīy laws rather than by men. His return, was a matter of no great moment to theĬountry. In former years the absence of aĬhief Executive upon a relatively short vacation, or The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.Īccurately described as waiting for the return

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