514 AGRICULTURAL RELIEF CONSTRUCTION Sec. 25. For the carrying out of the declaration of purpose, there isjherewith granted all of the necessary powers. SEPARABILITY OF PROVISIONS Sec. 26. If any provision of this act is declared unconstitutional or the appli- cability thereof in any respect shall be held invalid, the validity of the remainder of the act and the applicability to other parts shall not be affected thereby. SHORT TITLE Sec. 27. This act may be cited as ‘“ The Federal trade act.” ELEMENTS IN FOREGOING BILL 1. Industrial democracy, a new institution: The foregoing bill provides: for self-regulation in trade among the business firms, subject to a veto power and power of initiative in the Government’s legislative department for the protection of the public. (Secs. 1-8.) The methods of self-regulation are stated at sec- tions 2-14 of the trade bill and sections 1-15 of the agricultural bill. The result of the system is to be regulated competition in industry, including agriculture, to include the limitation of acreage in the various crops in this country (sec. 7) and abroad. Also in mining and in the factories the self-regulation and Government supervision will attain an equilibrium of incomes, so that each industrial group, including agriculture, can purchase its fair share of the full-time output of the other groups. Such is to be the outcome of an intelligent regulation, here and abroad, the new system being industrial democracy, parallel to political democracy. It is to be a middle course between the unworkable communism and the old-age rule of the few. The middle course is to be equal rights in private enterprise, an outcome from regulated competition. It will be civil liberty, freedom. It will end the dreadful underconsumption. Everyone will be benefited. 2. The legislative department: In the proposed system the legislative depart- ment of the National Government is to retain a veto power as to the policies proposed by the Government commissions (sec. 4 in the trade bill and sec. 3 in the agricultural bill). No longer are the Federal judges, appointed for life, to possess a veto power as to economic policies, a system that was installed in Gov- ernment commissions in this country after the voters had lost the power to rule by the installation of machine-rule party government (p. —). But now in the new age of universal suffrage a reconstruction in government and industry is taking place. It is to end the economic underconsumnption, so that factories. mines, and farms may run full-handed. 3. The administrative department: In the proposed system there is restored to the President a responsibility for the proper administration of the executive departments, by providing that in each Government commission its decisions shall be by the President's appointee in the department—the Secretary of Agriculture in the agricultural field. This is the policy that is being advocated by President Coolidge. The existing independent commissions for the decision of policies as well as the decision of questions of fact was invented in Illinois to defeat the granger uprising at the polls in the 1870's. There was defeated the rule of the people (p. —). Now there is to be restored an effective system of representative government, in connection with regulated competition, to result in an unprecedented prosperity. 4. The judicial department: In the proposed bills the judicial department of the National Government is to receive the judicial function (secs. 5 of the trade bill and 4 of the agricultural bill). The Federal judges, appointed for life, should not be vested with legislative power to veto economic policies. 5. Summary of the bills: The foregoing suggestions for two bills in Congress are the application of the principles of industrial democracy, that are in the Fed- eral reserve system, with improvements. y 6. Yurines needs: Further needs are (1) for the passage of a bill for stabiliza- lon of the price level (p. 29) as a basis on which to stabilize the individual prices; (2) various other developments are to be brought about in connection with indus- trial democracy, so as to restore equal rights in private enterprise and end the underconsumption. ’