THE PRESIDENCY: Trustees

Political gossips last week chuckled gleefully over a new story. It was the kind of story which probably lacked literal truth but even as a fable it by no means outraged the general fitness of things. The story:

Philip James Roosevelt, first cousin once removed of the late T. R., partner of the venerable investment firm of Roosevelt & Son, lately wrote to his distant cousin Franklin D., saying:

Dear Cousin Franklin:

As you know I am trustee of the estate left you by your father. It is very difficult to invest money safely in these times. I should be much obliged if you would answer the following questions so that I can administer the estate to your best advantage as beneficiary: Do you intend further to devalue the dollar? Do you intend to continue Government spending to the point where serious inflation will follow? What do you intend to do about silver?

Promptly an answer went back from the White House:

Dear Cousin Phil: You’re the trustee.

A few days passed and Philip wrote again:

Dear Cousin Franklin:

In view of your lamentable lack of co-operation with regard to the estate of your late father, I have put all its funds, formerly invested in various securities, into Government bonds.

Now, you’re the trustee.

Chief obstacle to factual acceptance of the story: Roosevelt & Son last week denied that either the firm or Philip Roosevelt was trustee for any estate inherited by Franklin D.