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American j±jjairs A Quarterly Journal of Free Opinion JANUARY, 1948 Winter Number VOL. X, No. 1 Principal Contents Review and Comment Editor 1 Winds of Opinion 6 Inflation as a Political Must.. .Virgil Jordan 8 A World Trade Charter Anyhow Garet Garrett 13 "To Govern Without Law" Mr. Justice Jackson 19 "To Secure These Rights" A Report to the President 22 Let Government Set the Table Washington Correspondence 28 Equal Distribution of Poverty M. J. Bonn 33 Social Gains in Great Britain Official 38 British Witness Sir William Y. Darling 40 The Broken Mainspring Winston Churchill 45 Reading 47 What of the Night? Selling Freedom Chaos in Europe 100 Years Ago 100th Anniversary of the Manifesto Dollars Cannot Save Us Senator Brooks 58 Why Not Try Freedom? Senator Byrd 60 Notes on a Trip to Europe .Ernest T. Weir 62 SUPPLEMENT —Nor Can Government Commentary on S. 984 BY DONALD R. RICHBERG An American Affairs Pamphlet By the Year $2.50 Single Copies 75 Cents Notes on the Contents Inflation as a Political Must. Dr. Virgil Jordan is President of the National Industrial Conference Board. A grim view of a grim subject. A World Trade Charter Anyhow. This is the third article by the Editor on the State Department's resolve to create an International Trade Organization, the principles of which now are written into the General Agreement on Tariffs and Trade that was signed at Geneva in November, to take effect by proclamation of the President. "To Govern Without Laws." This is a bitter dissenting opinion by Mr. Justice Jackson; it is followed by two other articles, "To Secure These Rights" and "Let Government Set the Table" all three of which may be regarded as studies in the course of government. Equal Distribution of Poverty. Dr. M. J. Bonn is well known both in this country and Europe as a distinguished elder among the econ- omists. He is writing now in England. After World War I, he was economic adviser to the German Government and later taught in the London School of Economics. His last article in American Affairs was entitled "The Dreary Revolution." British Witness. Sir William Y. Darling of Edinburgh is a Member of Parliament who has a way of speaking his mind that makes both the British Socialists and his own Conservative Party colleagues uncomfortable. He tells what it is like to travel the road of socialism. Selling Freedom. This is an article on the difference between liberty and freedom, with a look at Freedom Train. Dollars Cannot Save Us. This speech by Senator Brooks of Illinois was one of the notable contributions to the debate on aid to Europe during the special session of Congress. Notes on a Trip to Europe. Ernest T. Weir, Chairman of the National Steel Corporation, is a hard-headed industrialist who went to Europe to compare what he had been reading with what he could find out for himself. His conclusions are severe. American Affairs is a quarterly journal of thought and opinion. In that character it is obliged to touch many subjects that by nature are contro- versial. Its pages are intentionally open to views and ideas that provoke debate. By printing them the National Industrial Conference Board does not endorse them; it undertakes only to acknowledge the integrity of the contributors and the good faith of their work. Published Quarterly by National Industrial Conference Board, Inc. Editorial Office, W Park Avenue, New York 17, N. Y. Cable address, NICBOARD, New York. Subscriptions, $2.50 per year postpaid. Single copies 76 cents. Multiple subscriptions available to Associates of the National Industrial Conference Board for mailing to more than 25 separate addresses, $1.50 per year. Copyright, 1947, NATIONAL INDUSTRIAL CONFERENCE BOARD, INC. A mencan Affaiairs GARET GARRETT, Editor JANUARY, 1948 Published Quarterly VOL. X, No. 1 prefer free enterprise nations over those pursuing a Review and Comment socialist policy. That problem would take care of By the Editor itself. The British steel people, for example, wanting an American loan, might be told that the rate of interest would be 15 per cent. If they said, "But HE words American capitalism evoke an image that is prohibitive," the American bankers would Tthat now is extensively unbeloved in a wretched say: "The risk is high. After you have got your and envious world. It is a name we have. Is it a fact dollars the British Government may nationalize or is it a myth? That is to ask, are we a capitalist your industry and offer to pay us back our money people? The answer is not in what we think or say, with blocked sterling/' If to this the British steel nor in what the world thinks; what we do is people answered, "But we hear you are going to evidence. Imagine a nation in every way like this lend capital to the Belgian steel people at 4 per one, including the sentiment, except only that its cent," the American bankers would say: "That is economic philosophy is definite and uncompromis- true. It is a better risk. We think American dollars ing. It is a capitalist nation, and everybody expects will be safer in Belgium." And if the British steel it to behave in that character. How would it now people said, "But this means that the British steel behave? What would it be saying to Europe? It industry will be transferred to Belgium," the Amer- would be saying to Europe: "You need these three ican bankers would need only to say: "That is things and these only—food to eat while you are something for the English people to think about." hungry, a supply of raw materials on which to act Only twenty-five years ago that would have been with your labor, and some new machines to improve the natural behavior of a capitalist people, per- your industrial equipment. As for food, we have a fectly understood and giving no political offense surplus and you are welcome to it. We have shared whatever. The British especially would have under- our food with the world before and we know how. stood it, because they handled their own capital We will not only send it; we will distribute it by the that way. And after all, what more could the world hand of the Red Cross or maybe through our expect from a capitalist nation than food without Quakers, who, as you have reason to know, do a price and access to its money market for loans? We very good job of it. If you are humiliated to dip your shall not behave like that. Seriously to suggest it is spoon into the American bowl, we are sorry but that to give offense. Therefore, this paragraph would be cannot be helped. As for raw materials, you may entirely fanciful but for the purpose, which was to obtain these by resort to the familiar device of stalk the answer to the question proposed: Are we a commercial loans, the use of which you know as capitalist people? If you do not see the answer, then well as we do. For new machines you need capital perhaps it got away; or, it may be that you are loans. We have a surplus of capital and you are looking at it and do not see it, because it is en- welcome to borrow it. Our people will provide it and dowed with so much protective coloring. our bankers will lend it to you on terms that are customary. That is to say, we give you free access to the American money market both for commercial loans and for new capital, and we do this in con- sideration of your very evident need, notwithstand- F we speak not of communism or socialism but of ing the fact that only a few years ago we passed a I capitalism and anti-capitalism there may come law closing the American money market to any some clarity in our thinking. The fact that the European government that was in default on its political intentions of the principal countries of debts to the United States Treasury. Those re- Europe, beginning with Great Britain, are definitely pudiated debts are now forgotten and we say no anti-capitalist has been systematically obscured. more about them." That would be all. It would not Where it cannot be denied there is a technique of be necessary to say that among borrowers we should writing it away. The Committee on European Eco- AMERICAN AFFAIRS nomic Cooperation, speaking for the sixteen Mar- National Chairman of the Committee for the Mar- shall Plan nations, says: shall Plan, Henry L. Stimsonsays in page newspaper advertisements: "The various countries handle their economic affairs by diverse means; some work to a long-term plan and "We must remember that freedom demands toler- others follow relatively unrestricted private enterprise. ance and that many Americans have much to learn The means of carrying out this program will therefore about the variety of forms which free enterprise may vary from country to country." take." The suggestion here is that the difference between a Among the economists, the planners who call them- planned economy and a relatively free economy is, selves liberal all alike take the line laid down by after all, very slight, and a great capitalist nation James W. Angel of Columbia, who writes for The like the United States can afford to treat them all New York Times: alike. The Harriman Committee, reporting to the "We commonly identify 'democratic' with 'Amer- President on the Marshall Plan, says: ican/ We also commonly identify the term 'democratic* "Aid from this country should not be conditioned on with that which relates to a set of political ideas and the methods used to reach these goals, so long as they principles with our own particular forms of economic are consistent with basic democratic principles.

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