Evening star., 1933-02-27
Baruch Emphasis on Credit
Called Valuable Federal Guide

OF the Governments credit by wasteful
expenditures does not please the in
f1ationists, but it IS encouraging to COM
merce, industry and finance. Millions
Of Americans will hope that it reflects
the settled convictions of the President
elect"
The warning that the budget must be
balanced and that the national credit
must be maintained. as viewed by the
Oakland City Times, should carry
weight with Congress and the people"
That paper calls for adjustment with
minimum Of additional taxation"
The Philadelphia Evening Bulletin COM
ments on his advice: 1t would be boot
less to berate an expiring Congress for
its failure to grasp the budget bull by
the horns. But 1t should not be futile
to point out what is the first and most
imperative job Of the succeeding body
the setting in order of the national
finances, to the end that the credit of
the United States shall continue to oc-
cupy an impregnable position and that
the rest of the world may be set help
ful and encouraging example"
He presented a program" in the
Judgment Of the Houston Post, much
of it quite desirable, but to carry out
which would require an extraordinary
exercise of power. as for example, a
slashing reduction of principal and in
terest on farm mortgages, quite appeal
ing, but beyond the pale of legislation,
put forward doubtless by Mr.. Baruch to
cover his retreat from imitation of the
currency. One way out Of this farm
mortgage difficulty would be a consid-
cradle increase in the silver coinage,
even the two-bit pieces but evidently
Mr.. Baruch is dead set against any such
policy. favoring instead an international
agreement on silver Mr. Baruch's
suggestion of reduction of the Fed
eral budget by saving is good, as also
is his proposal to abandon present
methods of Treasury financing, for the
Treasury ought not to be mixed up in
the countrys banking and currency
concerns to the extent made possible
under the Federal Reserve act"
Nest of his points are good" de-
clareS the Spokane Spokesman-Review,
while the Louisville Courier journal Of
fers the comment: There is no
tlons. He has proved his soundness at
every turn since his craftsmanship of
the War Industries Board under Wood
row Wilson. He has proved it so
notably that every President since, and
including Wilson, has sought with
profit his advice. The views of no man
in America on the conditions which are
the subject of the Senate committees
inquiry are more worthy of thoughtful
consideration than the views of Ber-
nard Baruch. And he is as clear in
defining them as he is firm in holding
them. When he expressed them before
the Senate committee no member of
that body could fail to comprehend
their meaning CT could doubt their sin.
cerity. And the sincerity of a mar r
like Baruch Is powerful force ir.
itself. He did not minimize the deS-
per2te situation he was asked to dis
cuss. He did not dodge its difficulties
or blink at the penalties of unwise treat
ment of it. But wise treatment of it
will insure full restoration of national
health. And wise treatment is simple;
there is nothing confusing or compli-
Gated about it."
This testimony impresses the New
York Sun as indicating that "the in
vestigation Is not as idle as it PROM
ised to be-" and that paper presents
the query and comment will the
members OF Congress who were present
and those who were not present believe
that Mr.. Baruch spoke for the Nation
when he urged balanced Federal
budget as the very foundation stone of
recovery? Though Congress has paid
greater heed to economy at this ses-
sion than at the last, there is still no
convincing evidence of disposition to
take balancing the budget as seriously
as 1t deserves to be taken, as seriously
as 1t Is taken, for instance. by man
like Mr.. Baruch. Congress seems in
clined still to temporize with an issue
thet nee15 . be gra:psd firmly and
settled definitely"