Patented Prosperity
PATENTED PROSPERITY THE battle of words is raging-a battle whose objective is to convince the public either that our old friend prosperity is back with us, or that prosperity is dead and about to...
...American business has enough incentive, through self-interest, to reestablish itself quickly and solidly...
...But the facts, both favorable and otherwise, would make interesting reading...
...This is a quite simple statement of fact, but the headline might easily give the impression that high-grade men were suddenly, and in desperation, taking to manual labor...
...The paramount need is to clear our sources of information from any suspicion of bias or rainbow optimism...
...The body of the story went on to explain that the regular civil service lists for low-paid jobs as scowmen are ordinarily so scant that emergency employees have to be drawn for the work, but that since the present depression civil service applicants have grown so numerous that no outside employment is necessary...
...It is just as unfair and unfortunate to howl calamity as a political issue today as it was unfair and unwise to patent the chicken in the pot as a by-word in the last campaign...
...It can probably be multiplied in many directions...
...Much of it may be due to the difficulties of transition from one field of employment to another...
...Let us make it clear, at once, that we do not consider the health or the malaise of business as in any way traceable to the government...
...This, at least, is a fact...
...It is a high tribute to the underlying common sense of the American people in adversity that so far no overt attempt has been made to capitalize depression politically...
...Where conditions are serious, the facts should be stated bluntly...
...And in a covert way, the news values of unemployment are beginning to be played up in a fashion that is far from constructive...
...For those who read as they run, it would simply drive the conviction deeper that bread lines and soup kitchens were next in order...
...Here is the true opportunity of the Washington government...
...Hoover has an unparalleled opportunity to become a leader in actual fact by renouncing all title to being a leader in patented political magic...
...It knows how to handle facts with brutal directness...
...The facts lie hidden somewhere in no man's land, almost unattainable...
...We know of one steel rolling mill that was practically closed down in December...
...The ghost of the famous "chicken in every pot" has, unhappily, come back to roost...
...It is simply a matter of statistical record that cycles of speculation and punishment run their course independently of politics and governmental action...
...Our greatest constructive need today is for a reasoned optimism, based on impartial facts, and uncol-ored by senseless political prejudice...
...That leads to indecision- and business that cannot make a decision is the kind that cuts its payroll beyond repair...
...Its only serious enemy is the kind of optimism that breeds distrust and uncertainty...
...Hoover's to check the despair which threatened the financial world a few months ago...
...This would give added weight and authority to every statement showing a marked improvement in other quarters...
...On the other hand, we know of acute distress due to unemployment in far different quarters...
...No administration could have acted more promptly and energetically than Mr...
...But the danger is always there...
...It would be a bold gesture, but a very astute one, for the Republican administration to renounce all right and title in patented prosperity, and to permit the Department of Commerce to assume its proper neutral function of business clearing-house...
...During January it operated to capacity...
...From other sources and from the news columns of the daily press come black and dismal words...
...This distressing uncertainty, itself a powerful incentive to depression, is one of the first fruits of the attempt to patent prosperity as a major political issue...
...A New York daily, not overfriendly to the administration, recently carried the following frontpage heading: "Jobs Scarce, Civil Service List Men Take Work on Scows at $3.50 a Day...
...PATENTED PROSPERITY THE battle of words is raging-a battle whose objective is to convince the public either that our old friend prosperity is back with us, or that prosperity is dead and about to be buried...
...The habit of reaching for the last nickel of profit at the crest of a bull market is beyond the control of either preachment or law...
...From Washington and from individual observers here and there come words of encouragement...
Vol. 11 • February 1930 • No. 16
