Western news and the Libby times. [volume] (Libby, Mont.) 1920-1933, 1933-04-20

| Federal Reserve banks were author
lied to take such paper. many munich
| palties would be under no cheek 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 1t 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~fheir people with taxes far be-
,rerTf 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 1t
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
outcronping of movements which seek
to promote action by the Federal gov
x,cfIn far tho
future The bulk Of them seem not to
take into thought that ultimately the
obligations thus created have to be
raid at some time In the future.
OF course. there always has been
merit In the argument that the pres
emf conditions will eventually end and
that what we know as prosperity Will
again prevail. In that event. 1t Is ex-
planned some of the burden ought to
be shared. The same argument was
presented many times In congress re
speeding the reduction Of the war
debt. It was held during the treasury
administration Of Secretary Mellon
that he was paying OF the debt too
fast. that some of the burden ought
70 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. Yef, no country and ne people
who have persisted In remaining ever
Aasfinnfy- feht-hayez survived when
The crisis cnme anew unless they. had
paid off their debts.
Rfght now the wisdom eff the Mellon
deht-payiHg policy Is evident. Had
| NOT the national debt. which amounted
roughly to so4.OOn,Dnn,OOO when Score
| tary Mellon took charge, been rapidly
redured. the federal government never
could have met the drain Of deficits
like 1t has In the last three years. The
tax burden. aside from cunning ex-
penses for the government. would have
hpen beyond comprehension of the
American people. So apparently with
ont 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 henefactors or national
statesmen by postponing the evil
days of payment.
hive discussed these plans and the
philosophy they involve with good
many senators and representatives In
congress. Privately except In few
Instances. they admit the fallacy OF
spending now and paying In the flu
tnre II 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 snch things.
The corps of Washington newspaper
correspondents Is s0rely puzzled over
the problem Of the
Puzzled newest addition to
About Moses their ranks. George
| H.. 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 former senator, Mr..
| Moses Is entitled to enter the senate
| chamber, privilege which no other
writer has, and that will 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 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
| during his chnIrm0nship tho committee