Banking interests in America have been' discreet in expressing their diffidence before the enthusiasm generated in support of the Presi-Gent's Recovery campaign." No-one Wishes to see that campaign breakdown. The assured optimism of recent messages from Washington is not convincing, howeeer _appropriate it be to an endeavour which Gepends so largely on psychological achievement, There is an ominous rote in the reports of falling prices and the National City Bank's apprehhensions of the effect of growing labour demands, as set out in the Bank's July letter appear to be process of vindication. The sympathy with which the world is ob-Serving President Roosevelt's man-fol shouldering of his task is largely inspired by perception of the danger ously subversive forces beneath the surface in America. His stupendous effort to create a huge purchasing power which means a vast Structiie of new credit is essentially'
daring essay in inflation. Tt depends on the maintenance of the prices at the levels to which they have been artificially raised. That the "brain trast" are aware of the dangers ahead must be readily conceded. There seems. however, to bbe something heady in the atmosphere generated by the President's experiment. Tt suggests that brains may succumb to the dangerous intoxication of belief in the possession of a new power. While, therefore, the world is watch jing President Roosevelt. _with] interest and no tittle goodwill, it, cannot be blind to the symptoms which seem to be strictly in accord ith the usual evils of inflation. There ix too the important point hat, after eagerly espousing. the Jcause of international ce-operation, the United States of America ally seeking recovery by a fervid sorption in economic naticnaliem,
Text read from the printed page and cleaned; old type leaves the occasional error.