The Coming American Boom
FOR THE SECOND TIME, FRANKLIN D. ROOSEVELT FACED THE CHIEF Justice on the front portico of the Capitol to be sworn in as President. For a man who took almost childish delight in breaking precedents, he must have derived a good deal of satisfaction from the fact that he was the first President, under the new law, to be sworn in on January 20 instead of March 4. Aside from that, it was the standard type of inauguration, including the rain.
But the scene in the great wide country had changed vastly. The nation was having its disasters, but they were natural ones--rivers swollen and farms inundated--but no great economic disturbances were in sight. Roosevelt appeared before the throng as the great physician who had healed the nation. True, the patient was not wholly recovered. The national income, payrolls, industrial production were still 20 per cent under the 1929 figure and building was only about one-third of what it had been in 1929. Farm commodities were still under their 1929 price. But things were moving up.
The tremendous victory of the President at the polls had done something to his enemies. A sense of political frustration had swept over the business leaders of the country. Many of them were so beaten down by the popular endorsement of the President that the fight was taken out of them. A vague presentiment troubled them that some new condition had come which they did not fully understand and that the best thing to do was to make the best of it. Newspapers and magazines were saying that the Republican party was done.
Above the depressive undertone, however, was a rising tone of