The midland journal. (Rising Sun, Md.) 1885-1947, 1933-12-22
National Topics Interpreted

be good time to
take look at Uncle Sans debt and
see what the situation Is. Moreover,
1t appears to be advisable to analyze
that debt in the light of all of the talk
that has been going around lately to
the effect that we are permitting the
erection of a debt structure that will
become a milestone about the neck of
the taxpayers who, after all. are the
folks on whom a government bond or
other security rests.
Let us begin by recalling that the
national debt amounted to the gigantic
sum of $23,534, 115.771 at the end Of
November, and that the net result of
the security sale as of December Is
was to add approximately 1925, 100000
to that sum. Then, a second fact:
the only way the government has to
raise money for payment of its debts
and running expenses is by laying
taxes on you and me and Tom, Dick
and Harry. So the subject of the ma
tional debt gets right close to home
with all of us. Indeed, as. consider
the question of the national debt, it is
a subject that is going to interest our
children and probably their children,
too, unless there is some brake pressed
on the rate of spending.
AS far as the safety of an invest
ment in governments securities is con-
cerned, entertain no fear. No debt
is more likely to be paid than gov
eminent debt, owed by the United
States Of America. The market quo
tations may fluctuate; the prices Of
fered may fall below the par value of
the bonds or notes or certificates of
Indebtedness which the treasury is
sues, but the security retains its safety.
And to this 1 might add. when the
times comes, if it ever does, that a
United States government obligation
is no good, such money as anyone has
invested in it. being United States
money, will have no value either. SO
that phase of the situation gives me
no cause to worry. ~
1t is to the necessity for ultimate
payment of these obligations, this vast
national debt, that I want to direct
attention. AS the federal government,
like the state, the county and the city
governments, has to go back to the
individuals and corporations for the
money. it is made to appear that some
one is going to suffer through a period
of years to come.
Summarized, then, some justification
must be shown for the policies of Pres
ident Roosevelt that are resulting in
additions to the public debt that are
becoming grounds for fear Boldly
stated, it appears the Roosevelt adj
ministration has determined to "spend"
its way out of the depression. Money
Is being spent like water, and it is
government money that was drawn
from the pockets of the taxpayer. The
program is designed to spend enough
money to create jobs for all, or nearly
all, of the unemployed. If they are at
work, they will spend their earnings
and businesses that supply merchan-
disc and commodities generally will
have market. To start the revival
of this market, the government is
buying millions upon millions of dol
lars worth of supplies used in its vari-
GUS recovery plans. But l repeat, this
debt has to be paid, unless the Amefi-
can people want to be collectively dis
honest and have their government
print paper money with which to meet
the obligation. That is plain and I'M
adulterated reputation of debt
Which brings me to the point again
of whether it is not just about time
for somebody to call a, halt. If the
nation is willing to go on and on with
spending at the present rate, we
must prepare to pay the fiddler to fur
nish the music for the dance.
Up to the end of November, which
Is the last full month for which figures
are available, the ex-
Spending at penditures for emer-
High Speed gency activities for
the five months of
the current fiscal year aggregated
1892, S26,S05. OF that total, $293, 514,-
800 was spent in November alone,
which would seem to indicate that the
business Of spending has only lately
started at high speed. Further proof
of the increased speed of spending has
been given in incomplete statistics for
December. together with the constant
ly recurring announcements by. Presi-
dent Roosevelt of new spending agen-
cies like the civil works administra-
ton which will spend $4O0,O0O,OOO be-
tween December l and February is,
1884.
The treasury's tabuations of ex-
penditures by the several recovery
agencies show the following layout of
cash between the start of the fiscal
year. July and the end of November :
public works administration, $751;
473,023; national recovery administra-
ton, $1,S42,439; agricultural adjust
ment administration. $2S,700,219; farm
credit administration S40,O0O,OOO
civilian conservation work, S119,759,.
S66; Recon&truction Finance corpora.
ton. S54,D22 ,450; Tennessee Valley
authority. $769095; for capital of fed.