President Roosevelt's announcement that he intends 0. veto the Patman Bonus Bill was not unexpected. His attitude towards that. measure which Lot$2,000/000,000 worts "of fresh euro as designed t0 provide for the Isnue
feeney to pay off the Government's obligations to war veterans has been tone of opposition throughout, s0 that in" announcing his intentions the President was nots much Ainging 4 challenge down to the Oppestion in Congress as accepting one which they made 1 him. "On the other hand the agreement between the Chief Execu five and the Board of the National Recovery to extend the NIA. for two years, despite the Senate's. vote prolong it for only ten months. is very definite gesture the exact imulcations vot which it may not be peasibie to auses at. the moment Gndoubtedly the President has had ivory extensive extra-constitutional powers granted him since he. frst fascumed ofice, but it is doubtful If Ihe would thus seq the Senate at defiance were he not sure of the sent ment of the House of Representatives which is: reported to be in favour of [continuance for the period which he desires, "Whatever opinions may be held at present regarding the New Deal, and there is a growing feeling that the whole programme "is. not wholly successful, it has to be Tilted thatthe President. and his elvisers have of yet had an_op-Portunity of setting all the. plans Afsot which they have had in con~ templation, Thus the large amount lof money voted for public undertak-{ngs has not yet been brought into play. Tt Is. possible that when that vast' sum. comes into' operation a Feneral Improvement in the situation may come about. Equally, of course, Te'may not, Dut, inva matter wiiers the only test of a policy must be its ultimate success oF failure, limitation of the time of ts application may prevent a final assessment of its merits, In any event it must be mitted that President Roosevelt con tUnues on his way with that strength lof determination which characterized his earliest acts on assuming office. Too much algnifcance should not be laced on the latest developments on Wall Street, where a better business outlook, and the imminence of g: v-ferment spending on ils huge reilet work programme are regarded of she factors contributing to the rally. Such expenditure can only do me fullest possible good if the money maintained in elzeulation but ff foes into hoarding at the earliest possible moment the amount of good it fit do will of necessity be very
Text read from the printed page and cleaned; old type leaves the occasional error.