The midland journal. (Rising Sun, Md.) 1885-1947, 1933-04-21

H.
lied to take such paper, many munici-
palities would be under no check or
inhibition against spending; they could
run high, wide and handsome, in car
rying out local improvements or local
schemes without having to reckon
their payment-at this time. So it be-
comes obvious that to permit such dis
| counts, sooner or later those towns
and cities which failed to live within
their income would be compelled to
burden their people with taxes far be-
yond the present burden. Or the Fed
eral Reserve banks would have to lose
and the currency issued against those
warrants and other obligations would
be worthless.
The condition growing out of the
emergency banking act insofar as it
has developed the
Short-Sighted backwash Of de-
Leaders mands for additional
discounting privilege
demonstrates probably better than any
| other circumstance now at hand as to
the short-sighted policy so many al
legged leaders have adopted. Here In
| congress, and elsewhere throughout
| the country there has been a continual
| outcropping of movements which seek
| to promote action by the Federal gov
eminent without consideration for the
future. The bulk of them seem not to
take into thought that ultimately the
| obligations thus created have to be
| paid at some time in the future.
OF course, there always has been
merit in the argument that the pres
ent conditions will eventually end and
| that what we know as prosperity will
| again prevail. In that event, it is ex-
planned, some of the burden ought to
be shared. The same argument was
presented many times in congress re-
specting the reduction of the war
debt. 1t was held during the treasury
administration of Secretary Mellon
that he was paying off the debt too
| fast: that some of the burden ought
| to be passed on to future generations
because they share the benefits OF
World war victory, and that Is quite
| correct in the view of all observers
here. Yet, no country and no people
who have persisted in remaining ever
| !astingly in debt have survived when
| the crisis came anew unless they had
| paid off their debts.
Right now the wisdom of the Mellon
debt-paying policy is evident. Had
| not the national debt, which amounted
| roughly to $4,000, 100000 when Secre-
tary Mellon took charge, been rapidly
| reduced, the federal government never
could have met the drain of deficits
| like it has in the last three years. The
f, tax burden, aside from running ex-
| penses for the government, would have
| been beyond comprehension of the
| American people. So apparently with
out attempting to analyze their pro-
grams from the perspective Of the fu-
ture, many Of these breeders of ideas
| are willing to establish themselves as
community benefactors or national
statesmen by postponing the evil
days Of payment.
| have discussed these plans and the
| philosophy they involve with a good
many senators and representatives IN
congress. Privately, except in a few
| instances, they admit the fallacy Of
spending now and paying in the fu-
ture If there is any other way to oc-
complish necessary ends. Publicly,
however, they may make much noise
| in support of such things as the dis
\ counting Of municipal tax warrants
| or bonds or other obligations. because
they think their people want them to
support such things.
| The corps of Washington newspaper
correspondents is sorely puzzled over
the problem Of the
Puzzled newest addition to
About Moses their ranks. George
Fl. Moses, former
Republican senator from New Hamp-
shire, has turned reporter after many
years in the senate.
It Is not that the regular cor
respondents fear the competition of
Mr.. Moses in the regular run Of news,
but they foresee difficulties from ad-
vantages which he holds at the very
beginning. AS a former senator, Mr..
Moses is entitled to enter the senate
chamber. privilege which no other
writer has, and that viii enable him
to sit down and chat with the senators
where the other members OF the
press gallery either must look on pro-
ceedings from their seats In the gal
lery or await the convenience of any
senator whose presence is desired.
The senators nearly always respond
to a request for an interview. sent
them by a page. but in the meantime
the ordinary reporters "cool their
heels."
BY a curious Quirk, 1t was Mr..
Moses who was largely responsible for
the senate rule that prohibits cor
respondents from entering the senate
chamber. He was chairman of the
committee on rules at one time and
| 5,,rino his ch0irma nshfn the committee