Single sheet, 24½x18¾. Editorial is titled: "The Rake's Progress" and lambastes FDR's economic policies. With an entire autograph paragraph in pencil and several ammendations, all in pencil signed "WR" and "WRH" in two places.

Hearst has changed the subtitle from "The United States its Wasting its Wealth in Reckless Extravagance" to "The United States is Wasting its Substance in Riotous Extravagance". The new paragraph reads in part, "These figures overwhelming as they are ignore the item of four thousand million dollars of additional debt assumed by the Government in guaranteeing the Home Owners Loan Corporation and Tennessee Farm Mortgage Corporation bonds-most of which the government will have to pay. Nor did President Roosevelt adequately emphasize this painful fact..." A very good document showing Hearst's editorial management in action.