Jan. 5.
An unruly Congress was forecasted for President Roosevelt a few weeks back. A bitter fight over monetary policy was held to be in accordance with the precedents of American political history. When, in October, the President' announced his intention establish a government market for gold in the United States, the calm of the political surface was broken. Up till then he had been able to count on completely national support, partly because of a general feeling that the recovery of morale was wrapped up in whole-hearted endorsement of his Blue Eagle codes and the rest and partly because the buoyancy of the markets in the summer had created a definite feeling of satisfaction. That buoyancy was in the essence a prospective capitalization of. results vet to be achieved. When therefore Mr. Roogevelt's announcement of October indicated his dissatisfaction with the amount and the extent of the price-raising accomplished and also his readiness, if need be, to go further in the direction of inflation, opposition became vocal. Mr. Al Smith and Mr. Walter Lippmann led the attackers. Mr. Dean Acheson, Dr. Sprague and Mr. Woodin, eventually left the Presidential camp for variously assigned reasons. Mr. Morgenthau, a champion of the Middle West's inflationary ambitions, filled Mr. Woodin's room at the Treasury. Thus the situation was radically altered. Tt had been thought that Congress would drive Mr. Roosevelt to inflation. By his own definition of policy, he had shown
Text read from the printed page and cleaned; old type leaves the occasional error.