The President's Message The chief interest of President Roosevelt's message
to Congress, at the opening of its special session on Monday, is in his admission of the industrial recession that has taken place since August, and in his proposals for combating it. The President has made no panic concessions to the opposi- tion of big business to the New Deal ; nor has he satisfied any of its hopes of a sweeping revision of taxes. Indeed, large reductions are difficult, since the industrial decline will in itself cause a shrinkage in revenue. And the President expresses as much as ever his dislike of and opposition to " monopolistic practices " and " concentration of economic power." He. promises, it is true, amendment of inequitable provisions in the Capital Gains and Undistributed Profits Tax, which by many is held to be the chief obstacle to the flow of capital into industry. But such relief will not be given to " speculative profits on capital." The President in effect invites business to co-operate with the Government, promises help especially to small business, and places his hope in stimulating housing activity, which has lagged behind other industries. The details of his proposals have yet to be known ; but it is already clear that they do not meet the expectations of Big Business.
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