Republican Losses.

So big a part is taken now by the United States in the economic and political events of the world, that the Congressional elections, though they did not include the fight for the Presidency, must be considered a world-event. Depression inevitably meant a swing towards the Democratic party, but it was hardly expected that in 1930 the Democrats would have won practical equality with the Republicans in both House and Senate. However, this has happened, and the two great parties now divide the responsibility of facing the slump. They seem to know of nothing better than raising as much public money as possible to provide work for the more than four million unemployed. But the American colossus has at last reached the stage already experienced in other countries—the stage at which depression cuts revenues and thus cuts at the sources from which relief work issues. The simple plan of taxing yourself out of trouble might work if the trouble had not already undermined taxable wealth.