Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1922-09-27

branch of the government is left to
provide for payments falling due in
ever-increasing amounts.
"When the bill was under con-
sideration in the house / expressed
the conviction that any grant of bo-
nus ought to provide the means of
paying it. was unable to suggest
any plan other than a general sales
tax. Such a plan was unacceptable to
/ the congress and the bill has been
enacted without even suggested
means of meeting the cost. Indeed,
the cost is not definitely known. The
treasury estimates figure the direct
cost for the first four years Of it's op-
Grafton at s795, 100000 and total
cost in excess of $4,000, 100000. No
estimate of the large indirect cost
ever had been made. The certificate
plan sets up on reserve against the
ultimate liability. The plan avoids
any considerable direct outlay by the
government during the early years
of the bills proposed operations, but
the loans on the certificates would be
aoated on the credit of the nation.
This is borrowing as truly as though
the loans were made by direct gov
eminent borrowing and involves a
dangerous abuse of public credits
Moreover the certificate plan of pay
ment is little less than certified in
ability of the government to pay and
invites a practice on sacrificial bar
ter which I cannot sanction.
cit is worth remembering that the
public credit is founded on the popu
lar belief In the defensibility of pub
lie expenditure as we'll as the gov
ernments' ability to pay. Our heavy
tax burdens reach, directly or indi-
rectly, every element in our citizen
ship To add one-sixth of the total
sum of our public debt for a distri-
button among less than five millions
out of one hundred and ten millions,
whether inspired by grateful senti-
ment or political expediency would
undermine the confidence on which
our credit is builded and establish
the percent of distributing public
funds whenever the proposal and the
numbers affected make it seem po-
litically appealing to do so.
Not Easy to Add Debt.
| Congress clearly appraised the
danger of borrowing directly to fl
nance "a bestowal which without OBJ
legation and manifestly. recognized
the financial problems of the nation.
Our maturing promises to pay with
in the current fiscal year amount to
approximately S4,0OO,OOO,0O0, most
of which will have to be refunded.
Within the next six years more than
$40, ,0OO,00O,OOO of debt will mature.
The outstanding and maturing obli-
cations are difficult to meet without
the complication of added borrow
ings.
SIT is sometimes thoughtlessly
urged that it is simple thing for the
rich republic to add four billions to
it's indebtedness. This impression
comes from the readiness Of the pub
lie response to the governments ap-
peal for funds amidst the stress of
war. 1t is to be remembered that in
the war everybody was ready to give
his all. Let us not recall the COM
paratively few exceptions
"To war necessity there was but
one answer, but peace bestowal on
the eX-service men, as though the
supreme offering could be paid for
with cash, is a perversion of public
funds, a reversal of the policy which
exalted patriotic service in the past
and suggests that future defense is
to be inspired by compensation rath-
er than consciousness of duty to flag
and country.
"The pressing problem of the gov
ernment is that of diminishing our
burdens, rather than adding thereto.
1t is the problem of the world. War
infations and war expenditures have
unbalanced budgets and added to in
debtedness until the whole world is
staggering under the load. 1t is vast
ly more applauded to expend than
to deny. After nearly a year and a
quarter of existence and persuasion,
with a concerted drive to reduce