Show Confidence The Missing l Element Twelve months ago the American American Amer Amer- ican people entered a New Year They entered it with the profound profound profound pro pro- found hope that it would witness I industrial recovery that it would prove the success or failure of the governmental experiments that were ere being inaugurated in 1932 that the great problems of unemployment unemployment unemployment declining purchasing power distressed agriculture and uncertainty uncertainly on the part of pro- pro owners perty-owners investors and industrial industrial industrial indus indus- trial leaders would be to at least some extent solved They hoped the year might be the turning point of the long period of depression de de- de- de that that it would show where we are going The greatest experimental 12 months in the history of our our nation nation na- na tion has ended and another New Year looms During the past year there has been progress in some directions directions there there has been retrogression in others Some businesses have been stimulated others others' have sunk deeper into leth leth- argy Whether there has been an any increase in regular employment employment employment employ employ- ment is questionable During the current winter close to are being sustained by organized relief Reports from fact- fact gathering organizations show that those industries which sell perishable perishable perishable perish perish- able goods to the consumer shoes consumer shoes packaged foods clothing fuel and so on are on-are are doing better than at any time lime since the depression But the reports likewise show that our basic industries those industries those which employ the bulk labor in normal times and represent the greatest amount of invested capital capital capital cap cap- ital such as steel railroads electric electric electric elec elec- utilities utilities are are either static or orare orare orare are sinking back toward the abysmal abysmal abys bys- mal levels of 1932 In some instances instances instances in in- stances of which the electric utilities utilities utilities u- u are a case in point industries industries indus indus- tri tries s are doing a greater volume of business but business but due to higher taxes and legislated increases in operating costs are earning less profit which results in growing hardships on millions of investors who depend on earnings from savings savings savings sav sav- ings for living expenses The most difficult aspect of the recovery problem is this There can be no recovery without CONFIDENCE CONFIDENCE CONFIDENCE CON CON- and as yet uncertainty uncertain uncertain- ty not confidence remains uppermost uppermost uppermost upper upper- most in the minds of millions People who have money that would ordinarily be he invested in industrial undertakings who would create jobs buy supplies build homes and stores and factories and develop farms are frankly afraid that their capital will be I taxed out of existence or regulated ed out of e or condemned I by legislative fiat or destroyed by governmental competition with industries in which they might place it This element of fear extends down from the largest industries and affects the whole industrial structure The railroads and utilities utilities utilities u- u for example face on one hand the very definite problem of reduced business rising taxes and earnings while on the other hand they are threatened threatened threatened threat threat- ened with the potentiality of government government government gov gov- ownership Under such condi conditions who can be expected to invest money freely and without without without with with- out fear to develop industries and bring back bacle payrolls to normal levels The security of banks insurance companies and similar institutions is absolutely dependent upon the security of basic American industries industries industries indus indus- tries in which their depositors' depositors and policyholders' policyholders money is in in- in vested Anything which strikes at the welfare of basic industries strikes immediately at their welfare wel wel- fare fare and and therefore at the welfare welfare welfare wel wel- fare of every person who has a dollar in the bank or is the owner owner owner own own- er of an insurance po policy icy To blame these conditions on a aman aman aman man a party or a group would be unjust National distress naturally naturally nat nat- breeds experiment the need for alleviation is so great that It seems as if anything were worth trying But a great responsibility responsibility responsibility res res- res- res falls upon those given high public office in such times times times- namely the responsibility of protecting protecting protecting pro pro- our con constitutional rights and privileges There can be no greater duty and no more necessary necessary necessary essary public task If mistakes are made they will be forgiven forgiven- but they should be corrected not continued There arc are signs that this is being being be being be- be ing done now signs now signs pointing to toa toa toa a between political political political poli poli- and industrial leaders If these groups honestly seek to cooperate cooperate cooperate co co- co- co operate to iron out misunderstandings misunderstand misunderstand- ings and differences our nation will make malie real progress progress toward recovery recovery we we will regain the priceless ingredient of good times CONFIDENCE Let it once be known that investments will be encouraged and protected by government government government gov gov- that the honest business has nothing to fear from poli political influences that savings will vil be beheld beheld beheld held inviolate by those trusted with the management of our national national national nat nat- ional affairs that private property proper proper- ty rights will be held sacred and the road to prosperity will stretch clearly ahead There should be no despair on the part of the people Our land landis is still fertile Our industries are still sUll great Our intellectual abilities abilities abilities abil abil- have been increased by the ordeal of depression Only that intangible element Confidence based on the knowledge th that t our constitutional ideals will be maintained maintained maintained main main- not destroyed is is needed now Industrial News Review |