30 The Siock Market Crash—dAnd After
nate action of many men and business bodies. It
will take time. So that the effect of the President's
action cannot, in the nature of things, be soon observable,
 except as a measure of reassurance. Ultimately
 the present governmental and banking agencies
 created for the purpose of systematizing data,
together with the statistical organizations of private
companies, may suffice to supply information continuously,
 of a kind that will enable business to
achieve and maintain a better equilibrium. In that
case President Hoover's expansion program may
be turned over to these established agencies when
the emergency is past.
This, apparently, was the President's purpose in
his announcement that the National Business Advisory
 Council would function only as a temporary
body. Through his entire experience as Secretary
of Commerce and in the war years as Food Administrator
 and organizer of relief abroad, Mr. Hoover
has found that the method of voluntary codperation
between government and business for the meeting
of national emergencies is entirely dependable. No
new government bureaus are necessary. Business
leaders and labor leaders by codperating with each
other and the government have the power to stabilize
 production and consumption. If this great
experiment in codperation succeeds—even though
other elements of stability will have had the deciding
 influence in the emergency of the panic of 1929
—a new victory for industrial democracy will be
achieved.