vored the investor. But on the other hand . . . gains have gone to swell the State's income rather than profits. Since 1934 6 per cent has been the 'interest rate ceiling'." ( London dispatch to Chr Sci Mon, 1940) (about July) (cf Bul #97)
(11)
In an editorial "Business and Blackmail", Sept. 2, 1940, the New Republic tells of the suits Thurman Arnold is about to bring against the oil companies. August 12, it was reported "The National Defense Advisory Commission has asked Mr. Arnold to postpone the anti-trust suits against twenty-two of the major oil companies on the ground that the government needs their loyal cooperation in carrying out national defense." They "have to be bribed to participate in the defense of their country". Through the ownership of pipelines which pay them dividends of 36% they cripple competition of the independents and gouge the American people out of 300 millions a year.

THE PRESIDENT'S PREDICAMENT

It was on the occasion of the dedication of the building at Hyde Park that is to house the President's papers, that the press reported his fatherly, benevolent address to the some score of assembled employes of the estate. It was like a feudal lord addressing his serfs.(1)

This side of the man is emphasized in the portrait drawn by John T. Flynn, "Country Squire in the White House" ($1.00, Doubleday, 1940).(2) The picture of the President as a strong man is due to "the unconscious propaganda" of "newspapers, radio, movies and people" more than to "the five hundred newspaper publicity men carried on the pay rolls of various New Deal bureaus".(3)

"The office of the president is the most powerful on earth. The people generally pay homage to the great office." The president suffers from an "excess of adulation and dramatization. His supporters rhapsodize about him. Presidents get blamed for not solving problems that no man can solve. That is what has happened to Mr. Roosevelt."

Flynn believes "that the capitalist system may well be doomed through the unwillingness of its own defenders to do the things necessary to save it, but that its collapse in this country now would be the worst of all calamities". Toward this Roosevelt is heading us.(4)

Flynn analyzes the Roosevelt myth by explaining his background,-- the 3% Dutch, 90% English blood, the dominance of his imperious mother who held the purse strings, the English influence at Groton and Harvard, his failure as a student, his inefficiency as a businessman, the relatively meagre family income to maintain position in the top millionaire class of the Hudson Valley families, the value of his name to pro

-439-

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