The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-25
M. E. Tracy Says:

N prosperous times" says Arthur Brisbane
this country had a net income of ninety
Ol4llon collars year Assuming that the
roosevelt administration should pile up a debt
OF i've or six billions, would that be serious?"
It certainly would not, and had Mr. Brisbane
stopped right there, there could be no quarrel
with his argument. But he prefers to elaborate
II man had an income of $4,000 year."
he continues, and incurred a debt of $4,000 or
$6OOO to help his children, in trouble, you
wouldn't call that breaking down his credit"
No more you would, but still Mr.. Brisbane Is
not satisfied.
IF a man. to help his children" he runs on,
'even spent his total income of $4,000 for one
year, you would say that he could easily make
that up in future years."
A S if that were not going far enough, he pro-
y pounds the following:
If this government should pile up as much
as ninety billion dollars in obligations, prefer
ably by reasonable currency imitation, would
that be too big price to pay for breaking the
depression and restoring prosperity"
While the proposition is debatable, think it
would. 1t would be much more likely to pro-
long the depression and retard prosperity.
debt of ninety billion dollars should not be men
toned without soft music and turned-down
lights. 1t sounds too much like funeral grafton.
You can depend on President Roosevelt
avoiding any such hazardous adventure, unless
he is run off his feet by optimists who mistake
national income for government income.
While the people of this country may have
earned or received a total net income of ninety
billion dollars in one year, the government did
not receive it, or anything like it, and couldn't
get it.
The naGional income has to take care Of
lot Of things beside the federal government and
federal debt. 1t has to run the various states,
counties, cities, towns and districts with interest
and sinking fund for their debts included 1t has
to take care of private debts which have been
estimated as totaling from one hundred and ten
billion to one hundred and fifty billion dollars.
Finally, it has to provide meat, drink, shelter,
education and amusement for one hundred and
thirty million people.
ONLY small fraction Of the national income
~ ever has been or ever can be applied to the
federal government or federal debt.
In 1928, when We were at the peak of pros
perity and the national income was supposed
to be right around ninety billion dollars year.
the federal government collected but little more
than four billion.
The greatest amount ever collected by the
federal government in a single year was six bill
and those who can remember it know what the
tax pressure was.
We came out Of the war with federal debt
of twenty-five and one-half billion dollars. By
1880 We had Whitfield 1t down to little more
than sixteen billions. AL the while we were
buoyed up by the thought that we could look
for some help from European nations. We still
cling to the thought. but that's about all. Dur
ing the last three years we have increased the
debt.
1t amounts to more than twenty-three bill
lion dollars right now. In another year it will
be bigger than it was at the end of the way.
President Roosevelt is in tough spot. and well
he knows it Suggestions that this government
could stand ninety billion dollar debt or even
half of it. do not help him. They only add fuel
to an already bright IRE under tbs printing
lpress-money pot