"I'm a tough guy."

Such was the President's widely quoted remark upon his return to the capital two works after Congress had overridden his vote on veteran benefits. Truly it seemed as if amid a blaze of fireworks, Mr. Roosevelt was to demonstrate again the stirring example of leadership which he gave during those fortunately brief but impressive months of the banking crisis.

But now as May prepares to make way for the more lethargic June days, the "tough guy" shows alarming signs of softening on all fronts. The silver bloe has been granted its token of peace. The protests against the NRA are resulting in definite modifications in every direction. And even Richard Whitney and his little hand of warriors at the Stock Exchange are finding cause for rejoicing. Far from supplying forceful leadership and bringing congress to its kaccs, Mr. Roosevelt has been embarking on tactics which smack strongly of the days when he was Governor in Albany and Jimmy Walker was Mayer of New York.

Just why? That is difficult to answer; reports from Washington of late show some confusion even on the part of some of his closest supporters. The most obvious reason is that he is anxious to have congress adjourn by June 9. Admittedly, it is much easier to govern without the help of these 600-odd factions legislators and then also the difficulties of war debts and such problems can be handled better alone.

Yet the reason must lie deeper than this. With probably the most capable politician that has ever occupied the Presidency in the White House, such a game is not played unless there is some necessity for it. At present the Literary Digest poll shows that Roosevelt is keeping the support which he obtained in the 1932 campaign. But lately there have been signs from the country that the cake is not quite as sweet as it once used to be. Undoubtedly he could remain firm and carry his program through. But this would cost him some votes before he was through. With the so-called honeymoon about over, he has to set himself to the difficult task of keeping his support behind him. The safest way is to make a big gesture and really give only a little.

Two billion dollars of silver will not make a radical difference. It is the velocity of the turnover, not the amount of currency in circulation which is the important thing. The NRA has attempted too much; it needs some modification. The Stock Exchange Bill too, has some unfair aspects, so give way a little.

All these changes show an amazing docility. The chief danger which lies in them is that once you surrender a little point the next demands are not only mere vigorous, but more forcefully presented. The vital thing today is to keep the realization before the country that they have a leader at the helm. This is the discouraging feature of the present retreat.