Evening star., 1932-09-15

tributed to the veterans the Sl12,-
100000 annually from now on, it
would represent the Governments
obligation. II these sums be kept in
the fund, the Government adds
compound interest on each INSTALL
ment and gives a life insurance
right. By paying the adjusted sery-
ice certificates at their 1945 face
value now the Government would
not only be paying all remaining 13
annual installments in advance. but
would be paying the compound in
terest upon them in advance
This would. I am advised. add
about s2,25o,Oo0,0c0 to the amount
which the people of the United
States. acting through Congress. un-
dertock to pay when they gave the
certificates.
Money Not Available.
No such sum is available. It can
not be raised by adding to the crush
ing burden of taxes which drain
every family budget in our country
today and weigh heavily on busi-
ness struggling in the midst of de-
preston. 1t cannot be borrowed
without impairment Of the credit of
the National Government, and thus
destroy that confidence upon which
our whole system depends. 1t is un-
thinkable that the Government of
the United States should resort to
the printing press and the issuance
OF nat currency, as provided in the
bill which passed the House at the
last session Of Congress under the
leadership Of the Democratic vice
presidential candidate. Such an act
of moral bankruptcy would depre-
ciate and might ultimately destroy
the value OF every dollar in the
United States. 1t would cause the
collapse Of all confidence in cur
Government and would bring wide
spread ruin to the entire country
and to every one of our citizens.
Daniel Webster 100 years ago stated:
He who Hampers with the currency
robs labor of its bread. He panders,
indeed. to greedy capital. which is
keen-signted and may shift for it
self; but he beggars labor, which is
honest, unsuspecting and too busy
with the present to calculate for the
future. The prosperity of the work
ing classes lives, moves and has its
being in established credit and
steady medium of payment" And
the experience of every government
In the world since that day has con-
flrmed Webster's statement.
Let US not forget that while we
have lost much in this depression We
still have much more to lose. And
our whole future may be said to de-
pend upon early recovery.
For many months the right-think-
ing men Of both parties have been
engaged IN organizing and mobiliz-
Ing the resources of the Nation to
promote the economic recovery which
Is the one sure and effective means
OF restoring the standard of living of
all Of our people and rescuing mil
lions OF them from suffering and
misery. The proposal to levy more
than two billions of dollars and to
pay 1t to particular group const-
tutes fatal threat to the entire pro-
gram OF recovery, to the success of
which all must look for their we'll
being, security and happiness. In
my judgment, the enactment of any
such proposal into legislation would
be a deadly blow at the welfare of
the Nation. I was elected to pro-
tect and promote the interests of all
OF the people. As long as I am
President I shall continue to Go so
ana 70 oppose with all of the
strength and influence at nv COM
mand any demand that runs counter
to the common welfare.