Today is the 70th anniversary of the creation of the National Recovery Act, Glass-Steagall, and several other New Deal laws that helped make the 1930s the “happy days” that they were. (They were actually American attempts to imitate European fascism.) The New York Times is offering copies of its June 16, 1933, issue for sale, and you can read the lead story describing the legislation here. A quote:
“Senators Wagner and Robinson of Arkansas and Representatives Doughton and Ragon were present at the signing of the Industrial Recovery Act. President Roosevelt’s statement follows:
“History probably will record the National Industrial Recovery Act as the most important and far-reaching legislation ever enacted by the American Congress. It represents a supreme effort to stabilize for all time the many factors which make for the prosperity of the nation and the preservation of American standards.
“Its goal is the assurance of a reasonable profit to industry and living wages for labor, with the elimination of the piratical methods and practices which have not only harassed honest business but also contributed to the ills of labor.
“While we are engaged in establishing new foundations for business which ultimately should open a return to work for large numbers of men, it is our hope through the so- called public works section of the law to speedily initiate a program of public construction that should early re-employ additional hundreds of thousands of men.
“Obviously, if this project is to succeed, it demands the wholehearted cooperation of industry, labor and every citizen of the nation.”
