Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-07-07

FISCAL POLICY
UNDER ATTACK
Borah Sees 1000 Years of
Debt; Draws a Gloomy
Picture"
tBy The Associated PrAssl

Washington, July 7.-An assault on
the fiscal policy OF the administration
and the legislative program Of the
majority in congress was made in the
senate Thursday by Senator -Eorah.
Republican, Idaho. . He declared the
government had failed except in a
most limited degree to relieve the bur-
idens Of the people and that there was
ahead a program which would add IL
those burdens not only millions but
billions Of dollars.
In that program Senator Borah
named the soldiers bonus which he
calculated would cost from $4,000
100000 to 5000, 900, 900; the ship
subsidy bill, which he said. would
cost from $4,000, 900 to 500. 900, 900
u year, while at the same thine re-
lieving some special classes of a large
part of their taxes: the proposed S.
100000 loan to Liberia and the bill
to. create rs additional federal Judges.
THE fact is" said Senator Borall,
that the constant increase in govern
ment expenditures has reached the
point whNre it has gotten on the pub
lie nerves and the people of the coun-
try are beginning to manifest it in
different ways-somc times in the bal
lot box. sometimes in strikes, ONE
times in riots and bloodshed and the
first and prime duty of a party which
has the future of this country in its
charge is at all hazards to refrain
from increasing expenditures and if
possible. decreasing them.
1000 Years of Debt
IF we Judge the future by the past.
we now have an Indebtedness which
it will take us more than one thous-
and ears to lift. to say nothing OF
h constantly increasing burden in
the way of increased from year
to Year by reason OF the increased
budgets.
"rhc nation which will fead in the
future. which will control and dom
mate, will not be the nation Of armies.
not the nation Of .navies. but the ma
ton Of economic power Of prosperity
ct home. of financial reserves. OF
means to tai carc of those things,
and it betpoves u.s., therefore not only
BY reason of the call which will be
made upon US here in this country
but by reason of the condition which
surrounds us throughout the world.
to conserve and reserve all the eco
non7ic and financial power that We
have. in order to mcct"the c~xigency
when it ONES
The course which we now are rur-
suing. inamy judgment. the fiscal poll
cics. which We are pursuing will prove
more dangerous in the end than q
foreign foe."
X McCumbcr Takes Issue
Replying to Senator Borah, Senator
McCumber4 of North Dakota, chairman
of the finance committee. said the
gloomy visions" pictured by that
senator would be dispelled by courage
and Intelligence to meet future condi-
tons as they had been met'in the
past. He took issue with Senator
Borah as to the cost of the bonus. a v
ing the treasury actually estimated the
cost at about $500. 900, 900.
"In the last three years Senator
McCumber continued. the national
debt has been reduced $500. 900, 600.
Conditions are not as gloomy as We
would think after listening to the SEN
ator. from Idaho. God Knows we made
enough in this country while the SOL
nlers were fighting to pay the debts
we owe them 40 times over. Neither
do 1 believe we arc going to bow
vows, because Of extravaganza, We
are r~etrenchinR. We will continue to
DO SO. but we will, pay II honest and
moral obligations"