Evening Star Newspaper, April 21, 1929, Page 29

" Part 2—8 Pages ' FEDERAL RESERVE BODY v HAS DEFIED POLITICS . Powerful Board Ind i Scope of | ifferent to Pressure. How Organization Is Made Up. Powers. \ BY BASIL MANLY. IGHT men are gathered around a massive mahogany table in a boardroom in Washington. They are discussing the financial policles of the richest nation on earth. Their decision may cause a crash of billions in stock market values. ‘|he gained as chief national -bank examiner for the United States. This is th: Federal Reserve Board—a singularly modest group of unassuming men, who shun publicity and dissny few evidences of the enormous powers which lie within their hands. Some- times they are pictured as mensters with horns and tails, sometimes as ' It may make a million men rich or a million men poor. It may create a erisis in London, Paris or Berlin. These eight potential masters of the destinies of nations are the members of the Federal Reserve Board, which rules the greatest banking system in the world. To them the monarchs of the world must turn before they de- termine their fiscal policies. Even the proud British Empire did not dare at- tempt to return to the gold standard until assurances of co-operation and , financial support had been received from the Federal Reserve Board. They , hold in their hands potential influence over the financial systems of the entire ‘world, and if they have not used these powers to the limit it has been because of self-restraint and not from lack of authority. ! _And yet, if clothed with a magic eloak of invisibility, you could pass the closed doors which guard this august financial tribunal with a secrecy as great as that of the President’s cabinet room or the chambers of the Supreme Court the chances are that you would | Tecognize only one man in the room. ‘That one would be Andrew W. Mellon, | ex officio chairman of the board, who seldom attends its meetings and takes little active part in.its proceedings. The seven other members of this great financial agency are so little known to the public that they might almost be called “the men whom nobody knows.” ‘They make few public 4 hes. Their pictures are seldom in e papers. They never pose for the movies. And they have never raised the question whether they should pre- cede or follow the Vice President’s sis- ter at diplomatic functions. Modesty of Governer. The governor of the board, who has & sense of humor, sometimes tells of his experience et his first White House re- ception. He had recently come to Washington and paused as he sauntered toward the receiving line to admire some of the White House treasures. In true Western fashion he thrust his hands into his trousers pockets as he stood at-ease, Suddenly he felt a hand on his shoulder and the voice of a secret service man rasped out, “Come on, You'll have to-get your hands out of | m; g?c'ie:anm m%v.e on!” And thy ation’s bankin a8 he was told. Rk It would be difficult to assembl men more widely diversified lne;li::l-t ground, training or experience. They include a 'big business man, s bank examiner, a banker, an editor, a college Dprofessor, & lawyer, a merchant and a e s no accident. The law pro- vides for geographical diversity preseribing that not more than o:Z member of the board shall be appointed from any Federal reserve district and states that the President in making his appointments “shall have due regard to a fair representation of the different commercial, industrial and geographical divisions of the country.” Under the law at least two must be “experienced in g or finance” and one must be a farmer. The purpose of Congress in providin; for this diversification of out‘l’mk lng interest was to insure that the Nation’s financial policy should not be controlled or determined by any financial clique or by any section of the country. And to _safeguard still further against the influence of the big banks, which was greatly feared when the Federal reserve act was written, it is specified that no member of the board may become an officer or employe of any bank Within two years after leaving office, unless he has served out the full term for which he was appointed. Andrew W. Mellon, Secretary of the ‘Treasury, and by virtue of his office chairman of the Federal Reserve Board, needs no_introduction. Trained in his father's bank and with a lifetime of experience in every phase of domestic and international finance, he brings to the board not only business wisdom, but great national prestige. Governor Is Youngest. Roy A. Young, the present governor, s the youngest man on the board. Less than 30 years ago he was a mes- senger for the First National Bank of Marquette. Like one of Alger’s heroes, he went up the banking ladder rung by rung until in 1919 he was appointed governor of the Federal Reserve Bank of Minneapolis. From the standpoint of honor he again advanced a step when he came to Washington in 1927 as governor of the Reserve Board, but in dollars and cents it meant a drop from $25,000 to $12,000 a year. In Edmund Platt, who has been vice Harvard and Eastman’s Business Col- lege, he went into the newspaper busi- mess, where he specialized on financial news. As writer, editor and publisher, | he studied banking from every angle. ‘When he came to Congress in 1913, it ‘was natural, therefore, that he should seek a place on the banking and cur- rency committee, where he helped to write the Federal reserve act. prej + ferret out and interpret facts.” Educated at Harvard and the Universities of | Paris and Munich, he taught economics at Cornell, Chicago and the University ' of California before he was appointed ' President Wilson one of the members of the board at its creation in 1914. Another original member of the board + who has held ofiice for 15 years is ( Charles 8. usetts, A - ”Bflnflno(bfiw | lawyer by profession, but with a decided Iheq&!w%h‘unfiumt ames, member of the board, is a merchant and a practical reputation Southern business ) demi-gods who can do no wrong. But at closer range they impress a casual observed as swere, earnest American citizens struggling with a task that may be too big for any group of human beings to handle. ‘There are no “lame ducks” among the men who manage and control the Federal reserve system, and examina- tion of its personnel shows an unusual freedom from political influence as compared with other institutions cre- ated by Federal legislation. Among_the members of the Federal Reserve Board there is only ore former Representative. This is Vice Gov. Ed- mund Platt. He is in no sense a “lame duck,” as he was chairman of the powerful House committee on banking and currency when he resigned to ac- cept an appointment to the Federal Reserve Board. Nor was his appoint- ment a matter of political preferment. He was a stanch Republican and Wood- row Wilson was a Demccrat. No “lame ducks” ave to be found among the governors of the 12 Federal Reserve Banks or the chairmen of their boards of directors. Only two of the governors have ever held political office, George W. Norris, governor of the Philadelphia bank, was director of the department of wharves, docks and fer- ries during the “reform” administration of that city under Mayor Blankenburg. Prior to that time he was a successful banker. W. J. Bailey, governor of the Kansas City Bank, was elected Governor of Kansas back in 1903, but at the time of his appointment to his present posi- tion he was a banker with more than 25 years of practical experience. Such freedom from politics is nate urally to be expected among the gov- ernors of the reserve banks. They are chosen by the directors of the several reserve banks, all of whom are hard- headed bankers and business men. The fact that politics does not play s ccn- trolling part in their selection would seem to be indicated also by the fact that governors of the Boston and Phila- delphia banks are Democrats, while the governor of Dallas is a Republican. Appointment of Agents. When we turn to the Federal reserve agents, who are appointed directly by the Federal Reserve Board in Wash- ington, it is more reasonable to lock for evidences of political influence. Their duties are less technical than those of the governors, but their power and influence as chairmen of the boards of directors is great. The salaries, rang- ing from $18,000 to $50,000 a year, m:lk‘: these tions “plums” which cal any politician’s mouth to water. And yet among the 12 Federal re- serve agents, there is only one who has ever held political office. This is Rolla Wells, chairman of the board <f ai- rectors of the St. Louis bank. He was Mayor of St. Louis from 1901 to 1809, and treasurer of the Dcmiocratic na- tional committee during Wilson's first administration. His selection as Fed- eral Reserve agent and chairman of the board did not come, however, until the Coolidge adminisiration, when a majority of the members of the Fed- eral Reserve Board were Republicans. Known as one of the ablest business men of that district, his appointment was in no sense determined by ‘This apparent immunity of the eral Reserve System from politics is not a matter of luck or accident. It is due in part to the fact that a number of leaders of both parties have from the beginning regarded this great fina: cial system as an institution whicl should be kept clear of the evils of patronage and have discouraged all attempts to use it as a place for d serving Democrats or needy Republic: ans. Even more, it is the result of the steady resistance by the Federal Re- serve Board. ftself against all attempts to drag it into politics. During the campaign of 1920 James M. Cox, the Democratic candidate, is sald to have wired W. P. G. Harding, an Alabama Democrat, then governor of the Federal Reserve Board, that un- less larger credits were ;flnud to farmers, there was danger of losing the election. Gov. Harding wired back: “The Federal Reserve Board is not & candidate for President.” It is no secret that some attempts to control appointments .for political pur- poses were made when the reserve sys- tem was created, but the real assault upon the integrity of the system did not come until Harding adminis- tration. Great publicity was then being given to the relatively large salaries paid by some of the banks and to the great profits which they had made dur- ing the period of post-war inflation. It was natural that some of the party workers should look with greedy eyes at such rich spoils of office. On one occasion President Harding himself wrote a letter inquiring about '+ | appointments to the class C_director- ship of one of the large reserve banks. The official reply did not directly an- swer the question, but stated gently but firmly the requirements prescribed by law, with the clear intimation that the board would not countenance politi- cal appointments. One of the members of the resigned d this pe- as 8 ?mum‘. against political pres- and the attempts thereafter prac- Attempts at Control. _ resentatives have i i g2 3 politics. | PO Fed- WASHINGTON, D. C, BY JAMES J. DAVIS, United States Secretary of Labor. i ECENTLY there died in Detroit millions of automobiles in Amer- ica and throughout the world. His mechanical ability and in- tunes not only for himself but for others. He had been one of the ploneers and leaders in an industry which em- But press reports of his death stated that in his old age, Industry—to which he had given so much—was able to offer ment, and that he died almost penni- less. This is but one instance of & condi- tion that urgently demands study. a man whose name is borne by ventiveness earlier in life created for- ploys hundreds of thousands of men. him but little in the way of employ- Ride anywhere through the industrial BY THOMAS CARENS. MONG the millions of young Americans who stood at Arma- geddon in that delirious Spring of 1912 and battled for Theo- dore Roosevelt was Arthur M. Hyde of Princeton, Mo.—34 years old, lawyer, realtor, farmer of sorts and jack-of-all-businesses. Also he was a litical figure of some consequence in the little town where he lived, for even at that immature age he had already served three years as mayor, and the eyes of some of the Republican big- wigs in Jefferson City, the State capi- tal, were upon him. To Arthur Hyde that 1912 excitement was a crusade rather than a- political campaign. He carried into it some of the religious emotionalism which had enabled him to build up one of the big- gest Methodist men’s classes in that part of the State, and which he had been exerting since boyhood in the then not 50 r cause of prohibition. And although he did not realize it at the time, it was to prove the turning point in _his career. p‘r: u;ok ocml‘:llennblz coura; of a promising young 1912 to go rampaging of on the itician in tight grip on the machinery of the or- ganization. Arthur Hyde knew he was risking his whole political future. He knew that if he conducted himself “properly”—in ott!rr wo:d.u, if he re- mained regular—the party would some day confer on him something ' bright and shining in the way of political adornment—perhaps something as rtant as a county prosecutor's job. ut he preferred the spiritual excite- ment of the Roosevelt cause to the placidity of setvice in the regular or- ganization. ‘Young Mr. H'y:e n;xle,r dl%h[et u:t‘t county prosecutor’s . e party lendzry- turned their backs on him after the 1912 campaign was over and Wood- row Wilson had reaped the benefits of the Republican schism. His High Positions. Yet, looking back over the 17 years t have intervened, Arthur Hyde - vince himself cannot_con that he made a mistake. Though he lost out on the ity to serve as county prose- fl. he has had some compensations. gx‘:s has been Governor of Missouri, tance, for four years. He has :xi,\‘e ized Republican leader of State now for some years past. and he could ] 8y E .ga fig § £ 5 | s g g 5 L i i 5 § i gfi’fi £ g8 [ B : g § % ;¢ : i i | ol i 8 E 3 H L £s £ d i g g years ago. machinery, cast aside. improved m - The Sunday Star, S New inventions have made it obso- lete. Competition forces the adoption of new labor-saving and cost-reducing and the old, representing the Investment of millions of dollars, uimciezy as a whole benefits, Both are | ped machinery and equipment that had | line on employment at 40 years of age. cost many millions of dollars within!In many cases the deadline is 45 or 50. One motor car manufac- turer, in order to place a new and odel on the market, scrap- UNDAY MORNING, APRIL 21, Past Industry’s Deadline Secretary Davis Discusses Problem of Employment From Standpoint of Older Men 1929, . GERMAN CABINET CRISIS SHOWS BLOC WEAKNESS Need for Unity on Home Front Is Held Vital—Hope for Fusion Is Pinned . on Stresemann. Weimar parties and the Peoples’ Party or between the Catholics. Democrats, Peoples’ ? happens, then before lon~ it is smashed by quarrels over religious or economic issues. But, on the other hand, if the economically conservative parties get together, it is not long before there is a new row befween the Republicans and | BY FRANK H. SIMONDS. | HE recent cabinet crisis in Ger- ' many supplies one. more evi- | dence of the weakness of the bloc system of parliamentary government which prevails in 411, continental European countries and has been explanation of th{n vari- the SHOULD WORKERS BE THROWN INTO IDLENESS BECAUSE OF THEIR YEARS-FROM ETCHING BY WILLIAM» MEYEROWITZ, districts of America and you will see|recent years. This policy or process has beside railroad tracks and factory build- | given us the most efficient industrial or- ings huge conglomerate masses of ma-|ganizations in the world. Costs of pro- chinery, wheels and shafts and rods and | duction have been cut in half through levers piled in rusty confusion. This is development and use of new, automatic the scrap of American industry, useful | machinery; then cut again by still later chiefly as metal to be melted down and | inventions, and the remaining costs still ‘made into steel. Some of the Yiscarded | further reduced by additional inventive- machinery is old, some was installed ness and ingenuity. for manufacturing purposes only a few ‘This is useful and beneficial to society as a whole. But when industry scraps men and ‘women at 40 or 45, or even 50 years of age, and principally because they are of such an age, neither industry nor bound to lose—eventually if not im- mediately. All industry is not drawing the dead- Real Friend of Ruralist —Secretary bert, millions SECRETARY OF AGRICULTURE ARTHUR M. HYDE. of Agriculture under Her- and the Moses whom some American farmers are pre- pared to follow out of the parching desert of agricultural depression to the promised land of economic stability. ‘There are some. indeed, who insist that Arthur Hyde has not yet reached the end of the road whicl chose in 1912. He is now only 51 years 'h he gallantly the “baby” of the Hoover cabinet. farmers.are i:un g with cabinet for HE #§ the job assigned to-him? Well, | g lxl:d’ Ll:lc. when the end of the Hoover be. in hing, the Republican party the market for men who things. What if the im) it g:lltlcllly then— believable-that they will not Hyde has had an: is the ‘Arthur M. Hyde, as Secretary of Agriculture, Promises Better Days for the Corn Belt - * he stood beside another youngster from the Middle West—Joseph G. Cannon of Danville, Ill. Their service began simul- taneously, but they were marked for varying careers. Joe Cannon, in Re- publican Iilinois, was able to hold his seat with only two interruptions for half a -century. term, found Missouri reasserting its Democracy and was forced into re- tirement. He returned to Princeton, Mo, in 1875, buckled down to the law, and there, two years later, his son, Arthur, was born. A lawyer’s son, and destined for the law himself, he grew up in that agricultural region, the chum of boys who worked early and late on their fathers’ farms. He went away, finally, to spend four years at the University of Michigan and one at the University! of Towa, to return to Princeton as a! master of laws and to carry on the business which his aging father had built up. His Varied Experience. aus post-war dictatorships. | latest German case ‘the'need for unity lon the home front was beyond dis- going on in Paris and the question of the German future at issue, the So- cialist Democrats seized upon a trivial issue to precipitaté a national crisis. Nominally the issue was supplied by the:question of the building of a battle | erutser, but in reality the moral cloak to the Socialist operation appears rather thin when it is recognized that the actual discussion took place over sup- plying funds not for a new ship, but for one already half constructed. The | real issue was only one more of the | utterly bewildering peity partisan dis- | putes in domestic . | Two things combine to make orderly government .in Germany almost impos- sible. There is first the division of the' electorate. into-half a dozen groups | separated by unbelievable . Out. | of Germany, even at this late date, | we continue to see German politics | the’ struggle between ‘the republic and | reaction, between the new Germany |and the old, between those who would | restore the Kaiser and those who would ‘eomolldlu the democracy, but in real- |1ty most of the crises which have |come in recent years have been due | to political maneuvers such as one cussion. - With a reparations conference | f, | neither the taste for a dictator nor the ration, 35-40 years of age’ ‘Good open- {Club meeting, Ira Hyde, after a single | tion. But in not a few offices and shops ap- | plicants for positions or jobs who plead | guilty to being more than 35 years of age are told, with all possible polite- | ness, “Our policy does not permit us to | employ people over 35." Scan the want ad. columns of any newspaper and notice the number of advertisements that read: “Wanted, specialty salesman, not over 35”; “Wanted, machinists and lathe-hands, |t under 35"; “Accountant and suditor wanted by large manufacturing corpo- ing for private secretary, mot over 30 years,” and so on in endless succession. No one would deny.youth these oppor- tunities. But to deny employment to capeble men and women in the very (Continued on Sixth Page.) cratic, there could be but one outcome. feat failed to dampen ur Hyde. He had had this first taste pf State politics, and he' liked .it. He went back home to await his opportunity, Roosevelt died in 1919, and the men who had followed him mourned. The Roosevelt Memorial Association came into being, and in Missouri Arthur Hyde accepted the chairmanship. His activi- ties took him to every corner of the State, and he found to his amasement that men had not forgotten him. Stal-’ wart Republicans still recalled . the young crusader who had stumped the State in 1912, and their comments con- vinced Hyde that there might be other honors in stére for him. Eyes the Governorship. ‘There was & primary campaign com- ing on.in 1920, and the cer- tainty of a Republican sweep was in the air. The party’s nomination would mean something, and Hyde. decided -to take a fling at the governorship. Older men marveled at his courage. He was an ardent dry, for instance, yet wet St. Louis cast a large proportion of the Republican primary vote. Moreover, the party leaders had not | has warmed to him. They had already de- might in an assembly district in the m States. % How They Line Up. 1 Of the larger parties in Germany, | the Social Democrats are the most con- siderable and they count some 150 | members, just under a third of the | Reichstag. This party is republican, | and ‘to our- views radical, butefadical as Labor is radical in Britain, not as in all Buropean | y, & work- “red,” and in the revolution of | 1918 it broke the back of the real | bolshevist movement. Next in strength to the Social Dem- ocrats are the Catholics; together the Center -party and its Bavarian ally | count between 80 and 90 seats. But as | a party, while it is overwhelmingly republican, the Catholic group is al- ways maneuvering for its particular | ends; and:the last great crisis, which brought down the. .previous coalition, arose out of an effort of the Center. to give a purely religious turn- to the school question. On a square issue of republic . versus monarchy, the Center ‘weakest strongest—weakest, in numbers, since it counts less than 30 seats, and strongest in brains, since it is backed by the ablest and most Berlin newspapers. But while the Dem- ocratic, party is republican in its poli- tics, and thus an ally of the Social Democrats, its conservatism just as nat- urally brings it into accord with the Nationalists, who are at once Monarch- ists and Conservatives. Three Branches at Odds. ' Together these ‘three Weimar parties coyld’ count something like a bare ma- jority in the Reichstag, if they stood together, but in every domestic question, save that of the form of government, they ‘are at odds. Their differences make any orderly and coherent cabinet government out of the question for any considerable period of time. Between the Weimar Republicans and the Nationalists, who are nomi- nally, but by no means unanimously, Monarchists, stands the le's party, the party of big business and its smaller, but not unimportant, servants. Count- ing something less than 60 seats, it is, nevertheless, jcally the possessor of the balance of power between the Dem- ocratic and Nationalist groups. And it the enormous advantage of bein; the only German political party with cided that the nomination should go to a very well known Republican leader, E. E. E. McGimsey of W “Triple E” McGimsey was a formidable antagonist. He looked like an easy winner over the ex-Bull Mooser from the rustic Northwest. The best laid plans of the leaders, however, are ot:;: . | the members of the Reichstag. ‘phatically not pop! Rowever, Hydes friends owever, 3 he would forget about prohibition *for he had other ideas. and that McGimsey was straddle that Important- question, put- ting himself forward as a liberal in the di&s and :‘s“le»du in fi:eheoun‘ht:y. At moment Shupmeet Candidate Hyde brought- up the prohibition ques- a3 ,” he sald in substance, “and .Imw:ngr{nd fall on.that. I now ;ask my opponent to -tell the people of Missouri where he stands. That was the one question Mr. e oare. st 1 his was S0 ive the extremists on both sides. cost Hyde little in St. Louis,. was_anal stock Mc- if {of great leader, namely, Stresemann. Un- happily, however, it is not a united party and within pafty ranks Strese- mann always finds a rival in Scholz. Cabinet Must Have Reichstag. To conduct business in the German Parliament it is obvious that any cabi- net must have behind it a m}or'}ty‘ :: ul make such a majority it is patent that there ‘must be a combination between of utterly different ideas. Ol such a coalition could endure just as long as there was question of main- taining the republic. Not the “king ‘business,” but the parochial - questions policy are pending: ques- tions such as the division of places in the cabinet itself. o In this situation there ‘have been efforts to form a govern- on a itical but on an eco- c-u:uu and “the Democrats are willing ‘with the Peoples’ Party and the Nation- alists, who count some eighty-odd seats, in a coalition to enforce what we should eal conservative business principles. the Republican elements n ment not nomic is of agreement | B3 i ! 2 & §s i vl § § i H I i g | ! E £ B 18 £ gfi | i after ] i ® ¥ 1o | turbing rumors of his final retirement. influential of the | ra; Monarchists. And in either case a noisy if not humerous band of Communists are wlr:wnys striving to add to the con- us| Where Real Danger Lies. If there is any real danger to the re- Exhllc in Germany it does not today lie the direction of any present or pro- spective revival of monarchistic senti- ment. Rather it is a consequence of the apparent inability of the existing system to function. The causes which operated to make possible dictatorships in Italy, Poland, Spain and Czechoslo- vakia are unmistakable in Germany. Enduring paralysis both in domestic and foreign policy must inevitably produce weariness and disgust. On the other hand, Germany has present possession of any eligible Na- poleon or Mussolini. The sentiment gainst the Hohenzollern dynasty re- ains overwhelming, and the immediate andidate, the former crown prince, is ess a possibility than his august father. Moreover, Bavaria is as opposed to a Prussian dynntly as the Rhineland to any monarch. }.Euppmm of Bavaria were the head of the house of Hohen- zollern, there might be faint hope for a restoration, but he is not. Nor is there any soldier. If Hin- denburg were 40 or 50 instead of 80, and in addition ambitious, he might rule like Mussolinl. But no other soldier counts seriously, for Germany rm“:ms bitterly disillusioned as to gen- e Ludendorf’s Failure. Ludendorff, alike by his military fallure and by his post-war perform- ances, has just as completely discredited the military man as the Kaiser by his flight dissipated the illusion of the “All-Highest.” As. for political men, war figure, if one dismiss the late Frederich Ebert. first President of the republic, who died in oifice. But Stresemann is a politician, mot a dictator. His aspiration takes the form of a desire to bring about the creation of some great political party, through the fusion of those elements in various groups which are at once con- servative in economic matters and re- publican in the larger political question. In that direction alone iies any real prospect of German escape from the present morass. And, too, such escape depends almost exclusively upon the health and skill of a single man. Already Stresemann has suffered from one breakdown which provoked dis- itly he-is back at the old stand ith renewed strength, but, as recent evehts have shown, all the incoher- jence and bickering still co: t him. And he is further crippled by the of German foreign nJflrs. |by the continued occupation of the Rhineland and by the huge demands cft fi allies in the matter of repa- ent Germans Don't Want War. In any event one may safely draw from the present state of German pol- itics the reasonably safe conclusion that for an indefinite time, for two or three decades at least, domestic affairs, inner politics as the Germans themselves say, will absorb the energies and the atten- tion of the German people. The im- mediate post-war suspicions of & Ger- many rising from the ruins to execute a new attack upon Western Europe is patent nonsense. The German experi- ment in democracy, whatever its ulti- mate outeome, is likely to preclude am- bitious foreign ventures, provided only allied policy does not bring about & sudden fusion of all*parties in the face of what seems to all Germans a deliber-~ ate and deadly threat to German exist- ence and unity. ‘What is most promising in the sit- uation is the fact that the- German people, like the French after 1871, are tired of Emperors who cannot rule and of generals who cannot win. Perhaps in time they will also become tired of a republic which cannot function, but that is a question for the future and probably for the distant future. Thus it seems today clear that the real disarmament of Germany by her conquerors, the actual success in avert- ing a new struggle, was not the result of away her arms or her ships, but in forcing upon her a republic which in its present state of incoher~ ence would make her armies and fleets/ equally useless. And that was the)| strategy of Woodrow Wilson and not of Marshal Foch. i (Copsright, 1929.) i Mussolini Qutlines His Service to the Public The number of interviews granted by Mussolini to visiting foreigners and his fellow countrymen has long been & | matter of astonishment. Few, however, suspected that the audiences of this/ hard-working premier attained the pro-, portions which he revealed in a sort of “pep, talk” to his m-wo{ken in the | Fascist regime convened in' Rome for & quinquennial reveiw of the achievements S afE!