Show MONEY MARI MARKETS ETS By James McMullin The Tho Telegrams Telegram's Exclusive Observer Along Wall Wail Street By RODNEY Pinch-hitting Pinch for James McMullin l WASHINGTON Its Its It's anybody's guess as to what Roosevelt's message message message mes mes- sage to the regular session of congress congress congress con con- gress will be like According to some standards of values this question is supremely important But those who adhere to other and more cynical evaluations be believe believe believe be- be lieve that the presidents president's message whether hot or cold will not be especially meaningful because congress is in revolt and will pay F F. D. D R. R but little heed There is a fairly good chance of and and at least it can be said that the president is considering an attack on private capitalism and its unwillingness to support the new deal program Such an attack attack attack at at- tack would be coupled with some heavy inferences as to the in inabilitY inability inability in- in ability of congress to legislate when not directed by the guiding hand of the White House lIe He May l Just Coast Ordinarily it would be safe to predict that Roosevelt who consistently consistently consistently con con- has thrown his weight toward the left when nearly everyone articulate was saying he had turned right would adopt that course of address But there is a slight holiday upturn in the business curve and the presidents president's conservative advisers are jubilantly jubilant jubilant- ly Jy assuring him that this will continue continue continue con con- and that there will be no need for government to step into the situation with a new spending program Consequently Roosevelt may decide to just coast and send up upa a message which will create no excitement even though it may please those conservative advisers He may even decide to throw all the emphasis of his message on a discursion into the international situation without any firm specifications specifications sped sped- as to his idea of domestic needs Fighting President On the other hand Roosevelt may decide during the holidays to assume again the role of a fighting president and seek to rally his supporters for a new deal attack on the domestic front perhaps adroitly tying up foreign menaces with economic and political political political cal menaces at home Some of those men who have been closest to him in the past Fire are re betting on this In case they're right it is not difficult to forecast the general tenor of F. F D. D Rs R.'s remarks He will say that until private capital demonstrates its capacity to take the initiative in bringing about recovery re recovery recovery re- re covery and keeping the economic ship on even keel it will be up to the government to do that He will argue that business by and large is willing and eager to march on but that a few key men in positions of economic and financial financial financial finan finan- cial control are impeding the re recovery recovery recovery re- re covery parade because they dont don't want to play ball unless they can rule the roost If the president does follow this line of attack the effect if not the word will be a threat or promise to expand government government government gov gov- spending Ready Heady to Step In One train of Roosevelt thought which you may mayor or may not recognize recognize recognize nize in the message to congress was expressed in a recent speech to the Consumers' Consumers National federation federation federation feder feder- at New York by Assistant Attorney General Robert H. H Jackson Jackson Jackson Jack Jack- son Roosevelt's close adviser confidante and aid The speech was approved at the White House Jackson said The attempt last spring to taper off government expenditures expenditures expenditures expendi expendi- tures was spoiled by the failure of private enterprise to realize that the consumer could not be gouged without serious effect upon the survival of private enterprise it it- it self The government not only knows mows it must step in if necessary necessary necessary sary i if private enterprise cannot I adjust to conditions but the go is organized to do so soi so time as it was not organized the emergency days of 1933 I IThe The biggest task facing Amican Ame Am Amelean ican lean business is how to restore th tb t t. t unemployed to our exchange sy syi sy- sy tern tem by accepting their services services- I the only thing they can use f money money money-in in exchange for the pro net of industry If big busin busine holds back from production an ar w unemployment grows an I ible demand will arise which responsible government can i iff J nore for more rather than thanIe la k government expenditures Th 1 hJ creased government will mean increased taxation Copyright 1937 for The |