Show Brain Truster L Labels bels New Deal as Russian Professor Irving Fisher Advocates Curren y Manipulation to Speed Recovery y CHICAGO April 20 Professor Irving Fisher or of Yale university university sity who has been een frequently identified t as a member of the New Deal brain trust today told a thousand advertising men that the new dealers denIers deal denI- ers at Washington are doing things the Russian way The occasion was the first luncheon of the newly organized Chicago Federated Adver- Adver UsIng club The professor proCessor noted for his advocacy advocacy cacy of the commodity dollar flayed the Roosevelt economIc poll poU- des cles roundly lIe He made however one important import exception in his critic criticism sm The new found dealers dealers' managed dollar he good as far as it had gone and thought it should go further The depression he told his audience could still be licked by manipulation of the currency but the Russian experiments in stock exchange regulation regu- regu lation and the N R A A A A A. A C W A and the rest of oC what he termed alphabet al soup the professor viewed with alarm There arc two widely divergent m methods of dealing with depressions Dr FL Fisher he said One is the socIalist or Russian way with the government running everything not for profit but to employ idle men The other he said is th American way which lets business make profits profit and reemploy ploy labor without of the gOY gOY- MI I believe in the American way continued Dr Fisher I 9 believe that we should not resort to any other method than we have until the AmerIcan American Amer- Amer Ican way war has bc been n given a fair chance The Yale economist said the depression de- de was caused not by overproduction overproduction but by faults in the rigidity of the nations nation's monetary system As the cause CalLie of the depression lay in money he reasoned so the cure could be effected by monetary manipulation ma- ma The essential reason for the depression depression de- de he said is a contraction of oC the circulating medium especially of bank deposits This is ic largely because because be- be cause these deposits are tied to bank loans as well as to gold President Roosevelt he said has already partly remedied the defect in the do and attributed the measure measure mea mea- sure of business recovery enjoyed to date as due solely to this manipulation lation of the dollar But as soon as the N R A began he has hastened ned to add whatever ot of good it may have contained in the long longrun longrun run recovery stopped but was resumed re- re as soon as the presidents president's monetary monetary mon mon- policy was resumed |