The Capitol Commentator
The Capitol Commentator WHILE there is no love fast herWeen the Administration and the Houses of Morgan and Rockefeller, it is confusing Sometimes to observe the manner-in which both great...
...JJJITH the special session of Congress only two weeks off, there is evidence that a curious reversal of party egjr...
...Kuhn, Loeb & Co., whose interests dovetail with the Morgan interests from time to time, also have found Mr...
...Davis' manipulatioos are wondering "which interests" of the United States...
...Balancing the budget involved emergency brakes on spending...
...The Capitol Commentator WHILE there is no love fast herWeen the Administration and the Houses of Morgan and Rockefeller, it is confusing - Sometimes to observe the manner-in which both great financial giants manage to "get everything under control...
...It is expected at the capital that the conference will be dominated by the British . . . And the British, it is pretty well known, use Morgan & Co...
...Likelihood: New drive (this time in Congress) on she SEC and all other obstructions to "the good old ways...
...The question to be decided is not so much...
...But the financing did not occur and so the Now Dealers are no happier over balancing the budget than they were when -feeing twitted for not balancing theTnadget...
...It concerns that "ore dchbil," the bssggeo Pram thai pssWt of ^^SWy*us*S|^ pears unlikely that Rooaevekt— strain how he may—can prevent discussion is the Senate of issues outside of the special session program (farm relief, • wages Sad hours, etc...
...Just how important was the influence of the House of Morgan in this elevation is a question...
...At the critical moment, when this revelation Was made, Mr...
...teey may occur...
...but in view of past connections, this influence must have been considerable...
...Is the probability thai the stock market slump will be use subject of some bitter recriminaion...
...as their fiscal agents...
...This, in turn, involved new financing and expansion...
...Here's the peculiar situation: For several Congresses, the Tories have railed against Roosevelt spending and challenged him to balance the budget...
...i Take the esse of the Nine Power negotiations which got under way at Brussels this week, with Norman H. Davis, Washington's "ambassador at largo,'' representing the interests of the United States...
...Davis an excellent "ambassador...
...And most delicate, from the standpoint of both New Dealers and reactionaries...
...Davis was at the disarmament conference at Geneva —a conference which was broken down (according to the later disclosures of the munitions Industry) by American munitions concerns under the sway of the House of Morgan...
...This process of bodget balancing is closely linked with the stock market decline—and that decline Is more serious than generally teatlied (if one is to consider ifche fact that ad - missions were made this wash st the Department of Labor that employment started to dry sap with the first of the slump and is now almost at a standstill...
...But this condition is Sot so satisfying to the New Dealers as might seem on the surface...
...Result: Inference is clear that as soon aa Government began to pinch out the process of "priming the pump...
...And not/, as Congress prepares to reassemble, the horrifying discovery is about to be made that the budget is not only balanced bat that the government is now taking in more than it spends...
...the country started to slide back right to whore it was...
...All of which may be the bas^s for the outcry made by California's Senator Hiram Johnson: "We know perfectly well that Mr...
...Norman Davis, a member of a Chattanooga (Tens...
...How shall the powers restrain Japan in China...
...Observers who have watehed Mr...
...This, in turn, involved a demand upon industry to take up the slack of employment where Government left off...
...v Reason: With labor asm ding jobs, Tories can now say: "Yea, you balanced the budget, but ypu tightened up on business restrictions at the same time so that capital wouldn't take a chance...
...He received from Kuhn, Loeb $35,000 in 1925 for promoting two Chilean loans for them...
...but "How shall the powers restrain Japan <from endangering British interests in China...
...In 1933, there was s flurry of embarrassment ia the State Department when the Peoora banking inquiry disclosed that Davis had been one of the white-haired boys of J. P. Morgan & Co., to the extent of a S60,000 loan...
...Davis would not be going to Brussels unless, in advance, a program had been agreed on between England and this country...
...hanking family, owes his elevation to she important position he occupies in American diplomacy to his fellow Tennesseean, Cor dell Hull...
Vol. 20 • October 1937 • No. 44
