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Froa the point of view of political psychology, the most vigorous
attacks against the Roosevelt Administration sill in all probability
take the fora of an effort to stir up fear and alarm on two interrelated
financial grounds*
1* That the Roosevelt Mministr&tion has been unwarr&ntedly extravagant in its eacpea&iture® and d&ngarously imprudent in its boav
rowings*
£• That unrestrained spending and continued resort to borrowing
will destroy the national credit, lend inevitably to inflation, and
destroy the b&rd-earned savings which people have aeeuaulated in bank
accounte, life insurance policies, building &n& loan shareft, &nd all
other foras of investment that are expressed in tera® of the dollar*
On these two points the Booeevolt Administration will be on the defensive unless its oonetary and fiscal actions of the past three year*
can be stated and expounded so forcibly as to appeal to the mind of the
independent voter, to whom certain other actions of the Roosevelt Adairdstation still appeal with great force* Among the most notable of
the actions that are in high favor with impartial persons regardless of
their political affiliation are the following*
X* The quick cloan-up of the banking ness and the subsequent
guarantee of bank deposits*
2* the saving of hoise* and fares froa foreclosure and the subsequent revival of the long-depressed building industry.




- 2 8» the prompt aea«mr©s to relieve the huaan privation and rout
resulting from long-continued unemployment find exhaustion or destruction of savings*
4* The ragul&tion of security and coaaodity speculation end the
protection of investiaents against adele&ding information and fraud.
§* Tha repeal of prohibition and the wiping out of bootlegging.
6« the capture of notorious bandits and gangsters and the vigorous
suppression of kidnapping, bank robbery, and racketeering.
7« the protection of young saen and woaen not yet assimilated fcp
private industry and the protection of the persons no longer able to
work against destitution in their old age*
8. the restoration of public confidence from the defeatism of depression and deflation, the rescue of agriculture^ industry, and invest**
sent from the catastrophic fall in price©, the stimulation of business
activity and employment, and the steady raising of the national ineoate
from the paralysing level of lt$$*
the problem of the platform a&kers, keynoters, and campaign speakers,
then, Is to sake the aonetery and fiscal actions as understandable and as
appealing to the political psychology as these other actions are* If this
Is done the whole Democratic eeapaiga can be conducted In the affimfttive
and on the aggressive, and the voters whose minds are open to persuasion
between now and Hovoatber can be moved by fear, not that the monetary and
fiscal policies of the Roosevelt Adalriietr&tion will be adhered to, but fcy




fear that the monetary and fiscal policies which characterized the l&at
three Re public an administrations will be reverted to*