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 observ- 
able, except as a measure of reassurance. Ulti- 
mately the present governmental and banking agen- 
cies created for the purpose of systematizing data, 
together with the statistical organizations of private 
companies, may suffice to supply information con- 
tinuously, 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 Advis- 
ory Council would function only as a temporary 
body. Through his entire experience as Secretary 
of Commerce and in the war years as Food Admin- 
istrator 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 stabi- 
lize production and consumption. If this great 
experiment in codperation succeeds—even though 
other elements of stability will have had the decid- 
ing influence in the emergency of the panic of 1929 
—a new victory for industrial democracy will be 
achieved.