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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


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*