May 23.
Whenever that aged lawyer, Mr. Clarence S, Darrow, takes the lime-light something is bound to happen, and that legend is reaffirmed by the sequel to the issue of the report of the Board under his chairmanship appointed by President Roosevelt. to ascertain whether codes tended to promote monopolies or eliminate or oppress private enterprises. Whatever the President hoped for, when he appointed the National Recovery Review Board, it is clear that he has got, not what he expected, but a rebuff the exact importance of which depends upon how Mr. Darrow's committee is regarded as an authority on the questions submitted to it, That concerns—the rest of the investigating committee, and not Mr, Darrow, for it is obvious, considering the past career of the man, that he was appointed in control chiefly because his training would enable him to guide his colleagues as to the evidential value of the testi-many produced before them. Thus while the report will always be associated with his name he is no more responsible for it than any one other of the men who conducted the investigation with him. Nevertheless the' Board's report constitutes a grave indictment of the system—which President Roosevelt has inaugurated since his assumption of office, for the Board found that the, N.R.A. fostered monopoly and oppressed "the little fellow." Certain codes, it was were badly administered, ind the customer suffered under the URA, But it is only an in-dietment "and can amount to nothing more, The report is open to criticism that it is based on 118 enquiries into complaints against codes, an average of six complaints per code which is not im~ posing, On the face of it it does nothing more than put the administration on its own enquiry as to whether it has not gone as far as it should along the lines originally laid down, and whether the time has not come for it to retrace some of its steps.
Tt is difficult to assess the true value of a report such as this cable, sufficient already published to indicate that contains contradictions which may tend to vitiate the real import of the document. Thus after describing the term "fair competition" as merely resounding and illusory, the report goes on to argue that what a powerful producer calls fair, its weaker rival denounces as most unfair, There is, it is contended, no way to rev concile the difference, and all competition is savage, wolfish and relentless and can be nothing else. It then recommends a return the anti-trust laws for the purpose of fostering competition, which the Board believes to be one of the greatest needs of the time. Price fixing by industry and price regulation by Government present in the eyes of the Board exactly the same difficulties and the policing of industry in order to prevent price competition, on which the American public has long relied to avoid the evils of monopoly, in~ efficiency in business and_high prices, What Mr. Darrow's Board appears to want is a return to the state of affairs which existed before President Roosevelt _as~ sumed office, indeed a complete retracing of all the steps taken and a reversion to the status quo ante. That naturally follows upon a denunciation of the URA. as a delusive experiment, incapable of ending the savage competition which is threatening the very life Ner "do the contradictions end All that had to change. That to Congress on the subject of the is held by some technical journals there. The report contains a great statesman, King Edward VII silver question he appears to have that there is little room for hope number of recommendations based was one of the first to realize it. given the protagonists for that metal that any international' plan primarily upon the startling one of the few to understand that a substantial degree of satisfaction sponsored by the President can suggestion that the United States Britain had a mission in Europe and at the same time to have succeed. That stabilization of the should adopt socialized collective even if it were only the prolonga~ allayed fears in China as to what metal is necessary most people will ownership and. control of industry tion of peace by embarkation on might happen in the event of a big agree, but, when it comes to a to be followed by a planned use that treacherous sea of difficulties rise in the price of that commodity. decision at what level it should be and development of the resources marked on the diplomatic map as From time to time considerable fixed, interests are so conflicting of the country. Such a pro-"The Balance of Power." That ten anxiety has been expressed lest. that ' the chance of agreement gramme would merely tend to years following the first official whatever silver policy was adopted seems to be remote. In the mean-establish one, and a larger mono-birthday passed all too rapidly and by the President should have a time the President will probably poly than at present exists. It the tenth anniversary came and detrimental effect upon the for-be faced with a severe fight in would wipe out once and for all went with little idea in the minds {tunes of this country. A quick rise Congress. American legislators any such competition as that which of Britons of the enormous sea of jin the price of the metal it was seem to be sharply divided on the the compilers of the report would tribulation through which they and feared would do China very con~ subject, Conservative elements like to see restored, and, if the many other peoples of the world siderable harm by increasing the are firmly of the conviction that socialized monopoly worked no had eventually to pass. It was a adverse trade balance which it the President has gone farther better than the individual struc~ proud thought that the loose federa-already finds some difficulty in than he should, protagonists of the ture, the same evils of business tion of nations which went to form financing. Some idea of what was metal are just' as strongly con-inefficiency and high prices which the Empire needed only to be bound likely to happen had the President vinced that he has not gone far" the Board finds inherent in the with bonds of a common loyalty. It not inserted safeguards against a enough, and there is just the system which it so earnestly con~ must be a cause for humble thank-rapid rise in price is contained in danger' that, in endeavouring to dernns. What is, perhaps, the fulness in these years that so inthe message received from this please both, little may in the long most significant aspect of the completely conceived a tie stood the journal's London correspondent. run be achieved. This at least is issuance of this report is the strain put upon it during the years He reports:—'It is known that clear; the President has gone as far comment it has aroused. It was of stress, and yet a reason for sur-China has privately intimated that as he has, reluctantly, and it was to be expected that General prise that the more material bonds if President Roosevelt raises the only after'long drawn' out negotia~ Johnson would make a heated were so lightly ignored. It was price of silver abnormally, she will tions that he made the concessions reply to the criticism contained in loyalty to an idea alone which retaliate by depreciating the contained in the measure which the report, and it is doubtful brought the Colonies to effective dollar." Tt was rumoured some has been sent to Congress. It is whether his letter to the President support of the Motherland in those weeks ago that certain Chinese auunlikely that he will yield any will do anything to allay the years of sacrifice, and reinforced thorities were dallying with the further to the desires of the silver uneasiness that the report must of the stubborn British belief in the idea of depreciating the dollar to representatives who are, after all, necessity create. What, perhaps, impossibility of defeat. A grand fan extent similar to that effected merely concerned in getting the is of greater importance is the num-thought indeed that the flower of with regard to the American dollar. best terms for the people whose ber of journals that have now an Empire was ready to lay down A reduction of the value of the case they represent, regardless of come out in criticism of the URA. its life because of fidelity to a pri Chinese unit to 59 per cent. of its the widespread results that might Their comment has not "yet ciple contained in an unswerving normal worth would have disas~ ensue. Amendments calculated to reached the stage of open hostility, allegiance to an imperial concept. trous effects upon China as a stretch what has already been con-but there is sufficient to show that If ever there were a time when whole,-and especially upon this ceded, even if they passed Con-though the American press has justifiable pride in Empire was port. "It would have the effect of gress, would probably be the sub-been comparatively silent possible, it was on those anniver-Jalmost doubling the cost of imports Ject of Presidential veto, in which opposition to the President's great saries which were celebrated during in terms of the new dollar, making. event it would mean the destruc~ experiment, with but very few the period 1914-18, a time when the them practically _unpurchaseable tion of the Bill as it now stands exceptions, there is a likelihood in greatest possible demands were and consequently practically and the complete frustration of the near. future of the latent made upon the fortitude of a proud putting an end to the import trade any progress towards the settle~ opposition' in some quarters be-people, a time when the gloomy which is suffering so heavily under ment of a very vexed problem. As coming much more _clamant. clouds' of possible defeat obscured the heavy imposts provided for in 'a compromise what the President Whether that will be for good or the outlook replacing hope with the the Customs tariff, and, though it proposes is to be welcomed for its bad remains to be seen, but this grim qualities of determination. would cheapen exports in terms statesmanlike qualities, and if he is clear, surprising as the Board's And yet it was a time when some-of foreign currency. the present has failed to please everyone he at report undoubtedly is, there is thing greater than pride and deter-state of world trade would prevent Toast has acquired the merit of little likelihood of ' President mination were required: the Empire any advantage being taken of that seeking to minimize the evil effects Roosevelt being deterred from the had been brought to a realization of fact. To bring the matter closer. attendant upon any silver pro full execution of his programme, that "humble and contrite heart" of home to the individual, it may be gramme which envisaged a rise in programme which cannot be which Kipling sang in his grand pointed out that those' who have the price of the metal, tested by interim investigation, recessional and the sons and recently signed leases providing. but by ultimate results. daughters of the Motherland emerg-for the payment of rent in the Jed into victory with that humility present Chinese dollar or the
Text read from the printed page and cleaned; old type leaves the occasional error.