v

THE MICHIGAN DAILY

SUNDAY, APRIL 5,19aCi


. .....

IN

THE

WORLD

OFN

BOOKS


Economic Auth
Cause And Cu

NATIONAL ECONOMIC SECURITY.
by Prof. Arthur B. Adams. Uni-
versity of Oklahoma Press. $2.50.
By PROF. PRESTON SLOSSON
(Of The History Dept.)
P we never find our way out of the
woods it will certainly not be from
lack of guide posts, though it is per-
haps unfortunate that they point so
many different ways! One of the
most plausible and persuasive of our
recent guides is Dean Arthur Adams
of the Oklahoma University College
of Business Administration. Of his
technical competence there can be no
question; he is not only a life-long
student of the business cycle and the
author of several books on economic
theory but he has had the practical
experience of serving with 'the Fed-
eral Trade Commission under the
Wilson administration (Roosevelt is
not the first President to have had a
"brain trust"); it is certainly worth
pausing to listen to what he has to
say.
Dean Adams attributes the depres-
sion to the unequal distribution of in-
come in the United States, which re-
sults in the piling up of rich men's
investments without any correspond-
ing increase in poor men's purchases.
"If the portion of the nationalincome
saved and invested in new capital re-
sults ultimately in producing a quan-
tity or supply of consumer's goods
and services with a value in excess
of that part of the national money
income which is used for the pur-
chase of such goods and services,
there will develop a market surplus
supply in them. This is precisely
what happened in the United States
in the twenties" (p. 51). Again,
"There' was never a time when as
large a portion of the national in-
come was saved and invested as in
the twenties; .also there was never a
time when current production ex-
ceeded current consumption as much
as it did in this period" (p. 75).
Another question often asked ec-
onomists, and variously answered by
them, is whether the great depres-
sion of 1929 was merely a dip in the
trade cycle, like the depressions of
1837, 1857, 1873 and 1893, or some-
thing unique, perhaps presaging an
end of the capitalist system, or even
an end to Western civilization. Dean
Adams holds an intermediate posi-
tion on this question. He points out,
that most of the well-known depres-
sion phenomena were present in this
case as in others, "the vicious cycle
of a downward movement in sales,
prices, production, income and em-
ployment" and then the subsequent
convalescence. But he contends that
some novel factors were also present.
One was the surplus of labor even
during the boom period, due mainly
to improved machinery and indus-
trial methods; another the long-
time effect of the World War ("Only
part of the inflation and industrial
and economic maladjustments were
liquidated during the depression of
1920. Therefore, in the depression of
1929 it was necessary to liquidate the
consequences of two booms instead of
one," (p. 75); another the absence
of any "frontier," whether in agri-
culture or in big new industries, to
help recovery as in times past. These
complications rendered it probable
that if the depression had simply
been permitted to run its course, as
on all previous occasions, when norm-
al conditions returned they would
not mean the American conditions of
1926-29 but something much more
like postwar British "normal" ec-
onomic life "with a limited produc-
tive capacity, a great army of unem-
ployed supported by the dole, and a
low standard of living" (p. 83).

ority Considers FREUC
re O f Depression ARCTIC ADVENTURE, My Life in
- -- the Frozen North, by Peter Free-
chen, illustrated with photographs
traditional economic theories of and maps, Farrar and Rinehart.
laissez-faire and also the strict inter- 3.50.
pretation of the constitution. But -
did it act wisely? Here again Dean' By PROF. W. H. HOBBS
Adams takes middle ground. He (Of the Geology Department)
classifies the New Deal measures THE AUTHOR of this remarkable
under three heads: relief, recovery biography is a polar explorer with
and reform. He approves part of experience on several great Arctic ex-
each program and condemns other peditions, though he was never in
features; for instance, he finds fault command of any. He has also been
with the attempt to raise prices by a journalist and is the author of four
inflation: "To bring about recovery widely read books, all dealing with the
of business through artificial prices Northland, which have appeared in
would tend to perpetuate these bad his native country, Denmark. He
consequences of the boom of the uses the English language with that
twenties and carry them over into a facility and beauty of expression
new boom of the thirties" (p.122). which has been so remarkable in the
On the other hand, he strongly ap- case of several well-known writers
proves of President Roosevelt's "soak- from foreign lands.
the-rich" tax program, saying "We Already he is widely known in
need not fear that the nation will America as the author of Eskimo (Liv-
have a shortage of necessary invest- eright, 1931), though probably best
ment funds needed for new capital from the film version of the same
expansion in the future; one of our story which was managed on several
difficulties up to 1929 was that there expeditions to the Arctic by Freuchen,
was a surplus of capital funds and a himself, who is starred as the brutal
deficiency of consumers' purchasing sea captain. Another of his stories
power" (p.150). . If the Supreme -------- -~~~
Court stands in the way of necessary
economic reforms, the constitution
should be amended to give the Fed-
eral government greater power (and
the author was born in Calhoun's
South Carolina at that!). Current Affairs Are
What are Dean Adams' own reme-N.n
dies? He does not content himself His New Comments Or
with negative criticism, but gives usI Inconsistent
a sight of his own medicine chest:(
(1) discontinue inflation, (2) scale I INTERPRETATIONS by Walter
down "old debts of farmers, home Lippman. Macmillan. $2.50.
owners, railroads, local governments,
and distressedbusiness enterprises By ARTHUR MILLER
and keep interest rates low, (3) dis-
continue the government public Some say Mr. Lippman sold out to
works program, (4) give the govern- the vested interests after a short
ment power to forbid agricultural career as a Socialist critic, some say
overexpansion: "The farmers should he is and was too unbiased to take
reduce production in their own in- any side or dogma for his own and
terest; in the future they should not no one is right.
be paid to do it, but penalized if they Asffar as serving as a guide to cur-
refuse" (!); (5) enforce the anti- rent affairs, the newest Interpreta-
trust laws, but permit codes of "fair tions are like the old, not useful. To
trade practices" (not including price be sure they heed no one doctrine
fixing) and give the government the and an invective against the Roose-
power to regulate hours and wages velt era occurs almost as often as
of laborers employed in industries does a eulogy. But like all of Mr.
engaged in interstate commerce; (6) Lippmann's work, they are so incon-
unemployment insurance "paid for sistent as to be almost whimsical.
by taxes on industry"; (7) Federal One had better look over the -news
bycotaxestion oindustcry ; at F dea of the last three years for an under-
ing interstate business; (8) a bal- standing of the New Deal for these
anced budget by simultaneously re- are not its interpretation, they are the
ducn edpndturysimand increasing interpretation, by and large, of one
ducing expenditures man's mind and mark the pitiful anti-
taxes (pp.262-65). climax of a development that never
* crystalized.
So far, I have attempted only ex- I said pitiful but that is the wrong
position and not criticism, since the word. It would denote that Mr. Lipp-
opinions of an expert are of more mann was at one time better than
interest than an amateur's views he is now. That is not true. He
has been the victim of zeal. He
about them. I might say, however, uttered and still does, fragments of
that astonishingly little is said in Socialist, Democratic, Republican and
the book about the international even anarchic doctrine and when he
factor in depression and recovery, took parts, doctrinaires held with
and European parallels and influ- hope that he was coming their way
ences are almost neglected; that the altogether. He slammed away at
factor of over-extended credit and the evils of Big Business and the
wildcat speculation in bringing on Socialists preened their feathers and
the depression seems too little em- overlooked his criticism of them. He
phasized. Finally, there is something abhorred what he thought dogma, and
a little naive in the concluding para- the business men rubbed their palms
graph which argues that there is no j overlooking his criticism of them.
danger in giving the Federal govern- No one daredunderstand him be-
ment "unlimited power to regulate cause if he was understood, what was
industry" since we elect our own becoming a literary institution would
t A d"do ns anv ne as- be broken..

If

EN: Writes Vivid Tale
Of Arctic

is largely autobioaraphical and has}the so of a Dani' ] LtIIieIaln pasior V1 cV a CLLVI c L I Utz 1 5 tA.Lt,) L Gf tf..LYkV.L
just appeared in English Ivalu, the at c1 an Eskmouo mothcr. RYasm sens
Eskimo Wife (Furman, New York, and 'iieuclirn become lifelong ft iends,
1935). and Freuchen was closely associated THE LASI1 PURITAN. By George or to find peace in religion, for he
S Sanr yana . Seribner'.s. $2.75. rejects the latter as mentally dis-
Few men in the long history of polar in thle import ant enterprise of the hi.etsthe ltrt asmetall g ds-
t 'honest. On strictly Puritan grounds,
explorations have played so colorful Thule Colony for the betterment of By MARGARET N. NEWNAN e convinced himself that it is wrong
a part, and this is vividly portrayed the Smeh Sound Greenland Eskimos.
in this remarkably personal narrative. He thus lived eighteen years in Green- H E Last Puritan by Santayana be a Puritan, yet he w unable
for which a large and enthusiastic land and was for six years manager eught to arwise more curiosity and lost both the women he loved, and
circle of readers is assured. The bookI of this far northern colony, where he locughtato trouweomorehcuriosit and
has alreay been sected by the Book maied an Eskimo woman by whom thoughtful discussion than any other made himself thoroughly miserable
Club for the month of April. Long he had children that are now growing book this year, not only because its I until the World War put an untimely
before Courtauld had spent five up in Denmark. His years in North eminent author, c4 the age of seventy- end to his career.
months in meteorological vigil in an Greenland were, like those of all the three suddenly left his rarified philo- "The trouble with Oliver," says his
isolated Arctic station, or Byrd seven Eskimos, ever on the verge of starva- I sophial writings to iniulge in a pop- cOatui Mtrh.', "is that he never
months in an Antarctic one, Freuchen tion and with frequent hairbreadth ular novCl. but also because it deals realizes that all ladies are women."
for the same scientific purpose had escapes from, death which are never- wilh one of the most subtle and Neither Mario nor Oliver's other
lived a year of voluntary exile in theless taken as a part of the day's inhibiting influences still shackling friend, the coarse and fleshy Jim
Northeast Greenland. Whereas Cour- work. Many of these perilous experi- the American attitude today - the Darnley, labored under any such
tauld and Byrd had been safe from ences are portrayed in his remarkably Puritan spirit. delusion. Mario brought up in the
dangerous predatory animals, Freu- honest and truthful narrative. The u;isa de usm'n.eMar.ousrontuyght('of hr Eu. upi,. aythe
..,'i. ,.ptpSflr.,r.LrJ..yA 'anta -.Ca4hL.A-EuroLAanAtradition WAs thet.

Santayana Catches Essence Of
Puirf'iti' SpVirit In HNis Fimno Nve1l

}
r
a

chen had his dogs eaten by wolves,
and later was obliged to defend him-
self against them on perilous daily
trips during the dark Arctic winter.;
Physically, Freuchen is a giant, and1
he looks the Viking of his ancestral!
stock.
nn onsna of V.ic'a xnrl npdto n nt

EC
t

customs of the Eskimos in sexual ' L ' c "v't' t")" "'t1"~
matters, so different from our own, aIna, to suppose that Puritanism has
an thinc to di with 11it P ihp

ditopi te of all that Oliver stood
direct opposite of all that Oliver stood
fn WPvn hrohliemrt

Un one o ni s expe A1 s 11n Inne
Arctic. Freuchen was caught out in
a winter blizzard, he dug into a snow
drift for shelter, but had one of his
feet frozen solid. Gangrene later set
in and, being far from a surgeon.
Freuchen "fitted a nailpuller over
each toe in succession and banged
them off with a hammer." These
primitive amputations were to be but
a beginning, for in 1927 after his en-
gagement as a member of the second
University of Michigan Expedition,
the foot had to be again amputated
diagonally across the ankle, so that
he was unable to participate in the
expedition. Still later it had to be
amputated below the knee joint, as
those know who have seen the film.
Eskimo.
Early in his career, Freuchen be-
came associated in exploration with
the famous Danish explorer, Ras-
mussen, who was born in Greenland.
impression. He always held that
capitalism was compatible with both
corruption and progress. He pointed
to the former and believed, like a good
Socialist must not, in the latter.
The essential difference between
the Lippmann of 1914 and 1936 is
then, that his belief in progress has
solidified to dogma. But he will still
slam at dogma, the word, and write
dogma, the deed. He has conse-
quently been vastly overrated. Peo-
ple have been reading into him what
he begins to say and what they want
to hear. He is one mass of contra-
dictions and the only people who,
without studying him, understand

,

are described with even greater frank- C LU UUIany ng o o w pur y. Rtatneri or. Htie went through ie merry,
nes, i theatwerepossile thank iit is a natural revolt against nature, debonair, and sophisticated, sampling
composed of a cold, merciless pas- all its good things and taking what-
his earlier, Eskimo. For his Eskimo sion for reality, a hatred of all shams, ever suited his fancy, including the
had the greatest devotion, and she and a certain self-inflicted austerity conquest of Oliver's two sweethearts,
is made the heroine of his story Ivalu. and inability to enjoy life. Oliver, Rose and Edith. Yet successful and
the nineteenth century hero, is a charming as he was, he seems com-
tragic figure, for although handsome pletely overshadowed by the figure
As a member of the Eskimo colony and wealthy, the star of the Williams of the stark, desolate Oliver with his
at Thule, Freuchen knew intimately football team and top student in his courage and his doubts,
the four Eskimos who had accom- class, he is always questioning and As a novelist, some of Santayana's
panied Peary to the Pole, also the tortured by his desire for perfec- methods are questionable -his char-
two who went on the faked polar tion and an absolute Reality. Cursed acters rarely speak like human beings,
journey of Cook's, and Freuchen de- with too much conscience and sense yet they express fundamental atti-
scribes the Eskimos' near-adoration of duty, inhibited at every turn by tudes which are absorbingly inter-
for Peary and their ridicule of Cook. circumstances and tradition, he 1 esting. His Boston scenes are especi-
It was Freuchen who alone with an spends his life dutifully or expertly ally good, and there is a very amus-
Eskimo companion reached Peary's performing a multitude of tasks that ing chapter that would delight any
cairn on Navy Cliff in remote North- seem meaningless to him. Dominated lazy college student's heart, describ-
east Greenland and retrieved Peary's by reason, he is never able to yield ing how the gay Mario chose his
record more than twenty years after spontaneously to his natural impulses, courses at Harvard.
it had been deposited there. Around
the cairn the sand was trampled and
the footprints were plain. Writes
Freuchen, "I felt vastly inferior, and
grateful to him for the souvenirs he
had left us. The few matches that
lay exposed for twenty years, the
footprints of the man, himself, the
stones he had touched and built with
became dearer to me than the count-
less stories I have heard of him and F 0 R S P R I N G N E E D S
the many hooks written by and about
him" . I)Hundreds- ,of n lenim ma i d l i

Coming down off the ice cap onto.
the land, he described its beauty in
language suggcstive of Peary's own:
The warm colors were like welcom-
ing smiles. I heard the hum of the
bumblebee, a sound unfamiliar to me
since my departure from the green
pastures of Denmark, and saw the
gieen leaves of the little willows
which dared not lift their branches in
the air but crept furtively among thej
stones along the ground, pretending
that this was the way to greet the
summer and bask for a few weeks
in the Arctic sun."

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him are those with no point of view The interest of the reader is held
and with similar contradictory minds. from the first page till the last and
Of course the greatest test of this there are few pages without a special
view is his current job. The best thrill.
proof of the impotence, now and be- --
fore, and the inadequacy of his criti-__
cism lies in the fact that he is criti- - .-
cizing reactionary and conservative
along with liberals and radicals on
the pages of conservative papers. I
am convinced that he still thinks he
is criticizing them and that he still
believes in his anti-dogmatic, super-
objective self. What he has managedG A
GARE
ever, is to criticize the radical from
the usiess an' poit o vie an

--The Very Best of
;N INFORMATION


governme n Ul ue6 ayu b
sume that such power would be ex-
ercised against the interest or in
opposition to the will of the majority
of the people?" (p. 268). It evades
the real issue, for it is not the tyranny
but the inefficiency and incompet-
ence of the government that the in-
telligent American business man us-
ually fears. This nation is, no doubt,
inescapably on its way to a consider-
able degree of Federal Socialism, but
whether this be good or evil will de-
nn ntip l the i cdAn f thncP

.penc entirely on ue wisun of uose
who hold public office and assun'ja,
The government, therefore, was the weighty responsibility of regulat-
right to act, even tho it challenged ing private industry.
Member of Federal Reserve System.
VNSU%
Your Financial Problems
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lessened to a minimum 'when your budget pro-
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U . ~~bC

And he was becoming. an insti-
tution around the pre-war and post-
war days. I say becoming because
Mr. Lippmann had not as yet offeredI
much in the way of construction.
But he was a sensitive critic and liter-
ary and thinking men's minds took
it for granted that once he got started,a
he could offer the world a few sug-
gestions it could use. But he never
did.
Yet the impression may have been
given here that something, either
monetary or psychic sold a promising
mind into the arms of the Herald
Tribune and the Free Press. That is
not so. For from the very beginning
when Mr. Lippmann was intermit-
tently espousing Karl Marx he did
not understand Marx. He always
understood business and business
men. He criticized both Marx and
business. But while he cracked at
both he had his base on the side of
business. I believe he thought he
was criticizing both because he ex-
plicitly said so and still says so. But
what he thinks he is saying and what
he actually says are not alike. For
even while he was professing a liking
for Socialism, his books written in
that mind give an anti-Socialistic

Ithe business man's point of view and
the business man from the sameI
platform. And the result of his ca-
reer is not a more edified man to
any extent whatsoever. The clean
I and undeniable result is that Walter I
wLippmann has not written, he has
demonstrated political-literary pen--j
manship. He has and does disguise
admirably an inherent superficiality
C with originlity and occasional pro-
fundity. So he is now living implicitly
I with those he calls explicitly his ene-
mies. He stands now in his es-
teem, the most unbiased, objective,j
disinterested and therefore a quite
disgusting partisan of the system.
But there is nothing to cry about. It's
all our fault. We should have known
his measure before we bought him
I the suit.
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