Salt Lake Telegram | 1933-12-27 | Page 4 | Roosevelt Has Responsibility in Dollar War

Roosevelt Has Responsibility In Dollar War Var WarThe The demand demand that the president take uke his lis stand unalterably upon the rock of f sound money Ignores too much ItIs It Itis Its Is s conceivable that the president realizes real real- izes zes more acutely than his appointed advisers on the one side or his volunteer volun volun- teer eer advisers on the other that the United States was already deeply involved involved in- in in one of its Ils recurring money wars vars when he came into the White WhiteHouse House louse and that he sees It Jl his duty to ride the whirlwind and direct the storm torm If such should perchance be beIs his Is intuition of the country's mood and nd such his view of h his s own relation tt to o it it it would be wholly lo logical cal for forim him im to refuse to ally himself prematurely prema prema- with any faction TEST DESIRABLE It Is is good reasoning to believe that an n actual test of Professor Warrens Warren's gold old market machinery will be more convincing of the sagacity or the folly of f the whole college of currency coaches and dollar tutors than any amount mount of ex-cathedra ex pronouncements pronouncements pronounce pronounce- ments meals for them or against And ItIs it itIs its Is s conceivable i if only barely conceIvable able ble that it can be given a test without without with- with out ut quite taking the country out on onic the ic slippery slope where aU all movement movement movement move move- ment is in one direction To those who take their principles seriously still more to those who think hink everything is a principle and most of all to those who passionately believe that economic principles exist but ut political principles do not uch nn in n attempt at a sympathetic understanding understanding under- under standing landing of the new monetary policy will ill appear contemptible HISTORY'S LESSON These are forthright folk and want their heir president to be forthright first last ast and always To them it may be suggested that economic fevers have several everal times seized hold upon the United States and while they have never ever proved fatal they have seldom yielded to treatment by the orthodox practitioners of forthrightness They have lave have usually had to run their course to o burn themselves out So the president may be thinking must it be with this one To be bc sure ure he said on October 22 that the thc gold operations were to be not an expedient ent eat but a policy But he also said in n the same address that their purpose purpose purpose pur pur- pose was a higher price level and that hat if they should be found riot not to serve erve that purpose something else would be tried The n new w policy was therefore an experiment and an lIl experiment experiment experiment ex ex- ex- ex it remains PRESIDENTS PRESIDENT'S RESPONSIBILITY President Roosevelt is under tinder a responsibility responsibility responsibility re re- re- re from rom which the demanders demand- demand ers of certainty and stability are happily happily happily hap hap- free He must hold the he legislative legislative legisla- legisla tive ive and executive departments together together together to to- gether as one steadily functioning machine if that is humanly possible The president alone bears the whole responsibility to the country for the practical consequences of his policies Among the various group divisions o. o of public opinion the executive for al alho all the ho people must find a passable ro road d out of them he must integrate a workable workable workable work work- able national program His declaration now now or soon that tha he ie would never use the inflationary powers of the Thomas am would certainly recruit the ranks of the it could easily precipitate precipitate pre pro the very thing that the sound money demanders shudder to think of ofA of A middle co course of let of-let let us say say rca rea reasonable devaluation and stabilization is In a legitimate sense politically impractical impractical im impractical im- im practical before the experiment already already al aI- al- al ready read seven months In gestation has brought forth its kind The third alternative alternative alternative alter alter- native of soft yielding to the wilder would make an 10 abrupt end of that guilding principle of oC social so so- cial control which suffuses the New Deal and gives it the character it hasIt has It is inept or worse to ask the pros president president dent to forget that congress is coming com corn ing The lag The Wall Street Journal