almost always loses. Only a very small minority of the people of
this country believe in gambling as a substitute for the old
philosophy of Benjamin Franklin that the way to wealth is through
work.

In meeting the problems of industrial recovery the chief agency of
the government has been the National Recovery Administration. Under
its guidance, trades and industries covering over 90 percent of all
industrial employees have adopted codes of fair competition, which
have been approved by the President. Under these codes, in the
industries covered, child labor has been eliminated. The work day
and the work week have been shortened. Minimum wages have been
established and other wages adjusted toward a rising standard of
living. The emergency purpose of the N.R.A. was to put men to work
and since its creation more than four million persons have been
reemployed, in great part through the cooperation of American
business brought about under the codes.

Benefits of the Industrial Recovery Program have come, not only to
labor in the form of new jobs, in relief from overwork and in
relief from underpay, but also to the owners and managers of
industry because, together with a great increase in the payrolls,
there has come a substantial rise in the total of industrial
profits--a rise from a deficit figure in the first quarter of 1933
to a level of sustained profits within one year from the
inauguration of N.R.A.

Now it should not be expected that even employed labor and capital
would be completely satisfied with present conditions. Employed
workers have not by any means all enjoyed a return to the earnings