The New Deal for the Mineral Industries Viewed as a Misdeal

THE mineral industries in this country have now had about a year of national planning. Al. though the period is short, the volume of activity and legislation designed to make that planning effective has been nothing short of enormous. Those who have been privileged to see and study a few of the codes to regulate our mineral industry, such as those for oil, coal, steel, and copper, are driven to the conclusion that nothing was really known about the proper way to conduct those industries in this country prior to June, 1933; or if anything was known, nobody in actual practice made use of that knowledge. And yet those industries, in days gone by, helped to make this country the most prosperous in the world, and to maintain a standard of living even today higher than that of any other country. Without wishing to assume any first-hand knowledge of the Russian standard of living, I must confess that the evidence seems to indicate that even with dictatorial authority, national planning encounters unexpected difficulties. Perhaps what really wants