(See front cover)

Two years ago a Democratic wind blew through the Valley of Depression and the House of the Elephant fell. As houses go it was stanch. Only four times in 75 years had it suffered material damage from political storms and each time was presently repaired. But never until the Great Engineer turned loose an economic tempest with which a lesser engineer in the White House could not cope, never until 1932, was the House of the Elephant wrecked. For 20 months the wreckage lay where it fell, untouched. Only a...

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