The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1918-08-27
PAYING THE WAR
DEBT
Continued from page four

bonds. but as a regular thing and as
q business proposition. The nation
has to get back from spending to
an earning and saving basis. And all
that will involve far-reaching
economic reorganization and read
justment.
5 The Democratic party is notori-
ously a money-waster, whether In
control of national, state or munich
pal affairs. It has been lamentably
weak on constructive business policy.
'fhe people know that. They have
watched Democracy preform in New
York City, in Washington and in
scores of other places where 1t has
gained temporary power only to be
Ousted becauce of it's own excuses
and incompetence.
Even in the excitement of war the
public has not forgotten that four
years ago there was widespread un-
employment in the United States;
that industry was slowing down; that
we were In the throes of buy-a-bale
movement to save the southern cot
ton planter from ruin; that the
Underwood tariff law was manifestly
failing to do what the Democrats
had said it would do; that Secretary
McAdoo was juggling the treasury
figures to minimize the Importance
of the rapidly increasing deficit; that
he was "reimbursing the treasury"
by selling Panama Canal bonds.
The nation four years ago and In
time of peace was paying current ex-
penses with borrowed money. The
administrator was headed straight
for embarrassment and financial con-
fusion when the world war was pre-
ipitated in Europe. Soon war orders
from the allies began pouring in and
prices scared. Exports doubled and
redoubled. Wages were advanced,
the farmers got higher prices for
their produce, the manufacturers
were deluged with allied gold and
prosperity was extended to every
body. It was all war prosperity
Then the war came to us. The
bars were thrown down and every re-
straint on spending money was re-
moved. We began borrowing by the
billions and taxing ourselves by the
hundreds Of millions. The people,
in spirit of loyalty accepted %
per cent increase in their freight bills
approximately SO per cent, in their
railway fares; they paid taxes and
surfaces without even inquiring why
or wherefore, believing it was neces-i
sary to have the money to win the
war. They haveGBtOpped at nothing
and questioned nobody, but there
will be an end to that when the war
is won and we have to get back to
an everyday schedule.
II will not be possible then for
Secretary McAdoo to sell Panama
canal bonds Ito reimburse the treas
nry' for the money the Democratic
revenue laws do not produces; he can
not expect every year to have con-
gress appropriate s20O,OOO,0O0 OF
borrowed money to make up for the
failure Of his farm loan bank plan;
he will not always have at his dis
posal the $4,000, 900, 900 congress
handed to him in his war finance
corporation, from which to dole out
100000, 900 loans to the Bethlehem
Steel company, or other sums to va
rious industrial concerns seeking
funds.
Business will have to stand on its
own bottom eventually. The Govern
ment cannot continue indefinitely to
pour out funds. In fact, even now
McAdoo's war finances corporation
can make no advances for term OF
more than FIVE years The billions
he is putting out with such lavish
hand must be returned within the
period of the next administration.
That would involve tremendous
economic readjustments even in nor
NAL times and is certain to be par
ticularly difficult in the confusion of
postwar conditions.
Then there will be an end to the
time when every situation may be
met by shoveling out gold from the
treasury and borrowing more billions
when the supply runs ! ow. That
term will be an axious one for the
people, even If the government is in
the hands of the nations ablest
economists and constructive states
men. That crisis is unacceptable, and
now is the time to prepare for 1t.
The issue before the voters this fall
is whether they prefer to entrust to
the Democrats or to the Republicans
the very practical proposition of
getting the nation and its Industries
back on firm basis after the war.
They know the records and policies
of both parties. The question be-
fore them is not mere politics, but
one of business judgment.
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NOTICE FOR BIDS