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6/13/36 — Copies delivered to The White House The Treasury Senator Wagner from th» point of viei? of political psychology, the aost vigoreua attacks ag&lnst the Roosevelt Adainle^ration will in all probability talc© the fora of an effort to stir up f w austf alarm on two interrelated fimuaciel grounds i 1. That tii© Roosevelt Administration has been >Jtnwarraiitedly travagent in it® exjpenditures and dangerously laprudent in it® bor~ E» That uarestrained spending and continued resort to borrowing will destroy the national credit* le«d inevitably to inflation, and destroy the h&rd-earned savings which people have accumulated in bank aecounts, life ineuraao.* policie&t Ixiildlfig and loan shar@0, &zid all other forms of inve^taent that are agpre&sed in t^ra® of the dollar* On theae tuo points the Rooeevelt Adainiatration will be cm the defensive unless its monetary and fisoal aotionA of the past three year* can be stated &iad ex]>oianded so forcibly as to appeal to the mind of the independent voter, to whoa certain other action© of the Boosevelt M « ainistrfition still appeal with great force* Asso&g the aost notable of the actions that &re In hi#i favor with ispertial person® regardless of their political affiliation are the following: 1* The qtiiek cXeax^ip of the banking mm and the subsequent guarantee of bank deposits* km The saving of hoses and f&ras from foreclosure and the subsequent revival of the long-depressed building industry* 3* The prompt J M & B U T Q S to relieve the human privs.ti.oa imd went resulting frosa lon&-eontimied wwyaploymeut &nd exhaustion, or destruction of airing** 4* The repslntioa of security aad commodity speculation and the protection of lavestaentg against misleading Information &ad fraud* S* Th& repeal of prohibition mid the wiping out of bootlegging* S* the capture of aotorious bandits and g&uigstera and the vigorous «appr©*Biott of kidnapping^ bank robbery, and recketeeriag» 7« Th© protection of young saen and i»osea not yet assiisilated 1^ private industry and the protection of the persons no longer able to ^ork ag&inst destitution in their old age* S* The restoration of public confidence froa the defostlsa of depression ami deflation, the resoue of cigri<iultur#» industry* and invest* wmt from the catastrophic fall in ^rlcee, the etissulation of busissess activity and eatploya«atf &ad the steady raising of the nettlonal im®m from the paralyzing level of 19££. the problem of the pl&tform soakers, keynoter*, end ceap&l&n 8'pe&kers» then, le to aake the aonet&ry end fiscal actions as understand&bl@ and ee appealing to the political psychology as these other actions tre» If this is done the whole Beaocratic caapaiga c«n b@ conducted in the afftantiv* and on the Aggressive, m& the voters whose aninds are ope» to pernmsioa between non mnd Hovember csn be jaoved by fear* not that the aonet&ry end policies of the Boosevelt idalnistratlon will \w adhered to, but by fa*r that the aoaetar^r and fiscal p9lioi»S whidh «h&reet@ri»#& th« last Hepublio&n aaalnistr&ticmB will b® reverted to*