Show I rEY THE T II E AMERICAN A E R I CAN WAY WAr WAYA I IA 11 I If f y A Snare and D Delusion elusion By BV George Peck George Peck I In America there is considerable activity by those who I maintain the fruits of prosperity can only be properly distributed distributed distributed dis dis- dis- dis through measures of rigid Federal control and that our American Capitalistic System of free enterprise and opportunity opportunity opportunity op op- op- op must be systematically extinguished In other words they clamor for the abolition of private industry even of private ownership of property Class Class occupational and sectional jealousies are being fostered and our young people are encouraged to form themselves themselves them them- selves into organized pressure groups to struggle with the Federal Government and with each other for the sharing of wealth wealth which they are aie are not urged or 01 encouraged to create If those behind this movement were entrusted with executive executive executive ex ex- ex- ex power they would find that to satisfy the they inflame and to reconcile conflicting claims which they encourage w would uld be bP a task beyond their power The trouble with their teaching is that they place all the emphasis on dividing rather than on cr creating wealth Injustices in division or distri distribution ution as they become manifest should be and must be corrected but it should be fairly obvious that if our high already standard of living is to be improved or even maintained at present level more more wealth must be created for ultimate division No man has been able to show and few would suggest that as much wealth can be produced under state control and operation of production and distribution as under our system of free enterprise To a large degree this country's development has been due to the daring initiative and resourcefulness of our people It would appear incredible that we should now turn our backs backson on the system on the forces which have made us a great nation Surely we will not condemn our sons to live in a world from which h adventure and enterprise have been banished banished banished ban ban- forever Several years ago the Honorable Arthur A. A Ballantine Under-Secretary Under of the Treasury in the Hoover administration tion and for a short time in that of Franklin Roosevelt in a aletter aletter aletter letter to the New York Tribune Herald pointed out that the the put theory is a snare and a delusion From here on I quote the concluding paragraphs of Mr Ballantine's letter It is urged that with industry in private ownership th there re will be periodic depressions times such as we have had in the past when supply and demand are out of balance balance balance bal bal- ance industry loses and employment lags In the future we weh h hope pe measurably to bridge these gaps by unemployment r insurance r 4 4 of If dislocation there must sometimes be it is perhaps t better to have the losses fall upon private owners than upon f the government itself And the only alternative to private industry with its defects as well as its virtues is to have havethe havethe havethe the government provide employment for allA all A That remedy would come very close to the decreeing p of products and the fixing of each mans man's and womans woman's job jobby jobby by the State The cure would be worse than the disease 7 What then of excessive or dishonest profits for there J certainly are such Here the answer is to see that goods i are honestly and fairly represented to see that competition is kept open both of those are measurably attainable without resorting to an anything thing like state o ownership ip of indu industry try r The profit and loss motive rightly considered is IS the friend not the enemy of man It does not defeat but develops the supply of goods which we as consumers really want The glip phrase production for use not for profit is a Will O 0 The V Wisp Sp which would lead America to the engulf engulfing engulfing en en- gulf gulfing ing marsh of f economic stagnation j |