The Daily News TUESDAY, NOVEMBER 8, 1932. A FATEFUL ELECTION.

Taranaki Daily News, 8 November 1932, Page 4

The Daily News

TUESDAY, NOVEMBER 8, 1932. A FATEFUL ELECTION.

OFFICES: NEW PLYMOUTH, Currie Street. STRATFORD, Broadway. HAWERA,.High Street

To-day’s election of the next President of the United States * of America is something more important than an ordinary selection of the executive head of a selfgoverning State. By force of economic circumstance the Presidential election will indicate what is to be the fiscal policy of the Republic and its economic relationship with other nations. Much will depend hip on the verdict to be given to-day by the United States electorate. The two candidates are both men of high character, undoubted ability, and great experience in public affairs. One of' them, Mr. Herbert Hoover, is the President who will retire next year if he is not chosen for a further term of office. There is usually some advantage in fighting an election as the person or party actually in office. But with economic affairs in the United States in their present unsatisfactory state it is questionable whether Mr. Hoover is not actually handicapped by his high office rather than aided by it. In days of prosperity authority is permitted to claim credit for conditions upon which it may have had little real influence. On the other hand when depressions come the public is inclined to look for a scapegoat, and to find it in the persons of elected authorities. The depression in the finance, trade „and commerce of the United States, its cause and remedy, have perforce been the principal issues i upon which the election campaign | has been fought. Mr. Hoover claims that his Administration’s ! policy is showing the way back to prosperity. The President

stands for high protection, the release of abundant credit within the United States, as little interference in European affairs as is possible, no reduction in war debts due from European debtors unless accompanied by a measure of disarmament approved by the United States, and a vigorous effort to push sales of American manufactures throughout the world. On the vexed domestic question of Prohibition President Hoover ’s standing is not quite definite. It seems to indicate that some modification of the amendment to the Constitution, which established Prohibition may be desirable, but that its repeal would be unwise. In his latest speeches President Hoover has claimed that his policy is “winning through.’’ He asserts that the unemployed are being re-absorbed by industries which have responded to the greater flow of credit released through the legislative action of his Administration, and that trade in other countries will also respond to similar treatment. So far as the United States home market is concerned, it is possible that some recovery has been made possible by increased credit facilities. But there seems little in Mr. Hoover’s programme that will assist the rehabilitation of European States. Their debts to the United States will be difficult to collect if the markets of the latter are to be preserved for home manufactures only, and the disastrous effects of attempting to keep the trade of each country as a home perquisite are evidenced by the condition of Europe to-day. It is true that President Hoover has not refused to consider a rearrangement of debts, but unless any such re-arramgement can include payment by goods as well as by gold it is not likely to do much towards easing the strain which is keeping Europe prostrate. Mr. Hoover’s opponent, Mr. Franklin Roosevelt, considers that this closed door policy will ultimately have the same effect on the United States that it is having upon Europe. Mr. Roosevelt’s “policy” has been mostly a condemnation of the Hoover administration. It is definitely on the side of the anti-prohibitionists, and would leave the question of prohibition to be handled by the State authorities rather than by the Federal Government. Mr. Roosevelt is in favour of a lowered tariff, thereby making a flow of goods between the United States and other countries once more possible. , His fiscal policy has, however, been framed with much caution, and it remains to be seen whether, in practice, it would afford foreign traders much opportunity fob increased trade. As regards foreign debts Mr. Roosevelt seems to be prepared to reconsider the method of payment, and possibly some reduction in the amounts due. Like Mr. Hoover he is claiming support for a policy which he maintains will bring back prosperity. It is one which, in theory, at all events, seems to recognise that nations cannot live for themselves alone, that no nation can continue to trade as a seller only, and that to give up some of the home market will bring a good return in oversea trade. The issue is a momentous one. Upon the policy of the United States during the next few years may depend the peace and prosperity of many nations.