There was also something to be said for the thesis of the President's apologists that the New Deal, properly so called, did not start until after an effort had been made to co-Operate with business without result, Monetary manipulation and the vast spending programme was only adopted when the big national effort to unite business and Government in the early days of the N.R.A. had failed. They go on to add the warning that if business, now being given its second big chance, does not respond then the Administration will be forced to fall back upon government expenditures.
So much for the recovery side of the shield; as for the reform side the President's position is unchanged. He is still determined to bring about changes in the industrial and agricul-can be built. He has, however, realized that business ce-operation, necessary not only for recovery bu for the satisfactory completion of the reforms he advocates. Business men are therefore no longer scapegoats and whipping-boys, but the President's trusty advisers Congressmen, like the Presideht, have reached the conclusion that business must no longer be barrassed but helped, though by a slightly different route. They discovered while in the midst of their constitu-endes that public opinion had begun to blame the Government for the business recession instead of ascribe ing it to the shortcomings and shortsightedne: of businessmen themselves. "Dor't let anyone deceive you; we planned it that way," said the President of the recovery. It the Government claimed the credit for recovery it must take the blame for the depression.
Text read from the printed page and cleaned; old type leaves the occasional error.