Evening star., 1933-12-19

Unimpaired public confidence in the
credit of the Government is seen IN the
oversubscription by three times OF the
recent Offering of nearly a billion dol
lars worth of Treasury notes.
The prompt response was hardly
anticipated" says the Philadelphia Eve
ming Bulletin, which believes that it
will help the administration nightly"
That paper advises that it is "a certiti-
cate Of confidence that should be good
in reassuring the banking and business
mind of the country" The Atlanta
Journal says: This far-ringing act of
faith in the Governments program is
highly significant in that it came at the
crest of a concerted drive by enemies
of the administration to weaken public
confidence. ReactionarieS and radicals
alike distrust the President, but the
common sense and work-a-day patri-
otism of America support him"
The good old ship of state America
sails on and on and on" eXclaimS the
Portland Oregon Journal, declaring
that the Jeremiahs are discredited,"
while the Rochester Times-Union is
convinced that the event shows that
criticism of the administrations none
tary policy has not sapped the conf
dence of investors or interfered with
the Governments financing" Other
papers which find evidence of renewed
confidence are the Cincinnati Times
Star and the Dallas News.
The Fort Worth Telegram offers
the verdict: There are $4,000 900
Americans who are not afraid of lost
confidence either in money or the pro-
gram of President Roosevelt. When
the next Government bond issue is prof
fered it will be oversubscribed also.
Government bonds, purchasable and
payable in legal tender currency-on
or of the gold standard-will be grabbed
eagerly as offered long after the pessi-
nists have dried up"
Nobody in this country has reached
the point of selling America short y
AYERS the Abilene Reporter, while the
Lima, Ohio News indorseS the state
ment from the Treasury that the credit
is ''as strong as the Rock of Gibraltar" +"
and the Scranton Times observes "a
growing conviction that the President
is pursuing the proper course in launch
ing his monetary program" The Hart
ford Times states that Sound re-
financing should. of itself, enhance
credit" The Houston Chronicle makes
the comment: The financing is for a
very short time, of course, and there
fore is not test of long-term credit
conditions. Nor for that matter can
the purchase of any Government bonds,
since they are so readily transferable,
be considered a true test of longtime
investment sentiment. Nevertheless the
response to this offer of the Govern
ment is very reassuring. It is a re-
markable demonstration of confidence,
and since confidence breeds confidence,
we may hope that it will have a far
reaching effect in creating that essen
tia1 psychological commodity which is
so greatly needed to bolster all ac-
tivity in the country at this time"
1T indicates that there is plenty Of
money in the country awaiting invest
ment.'' in the opinion of the Morgan
town Dominion-News, while the Provi-
dence Journal says: 'Tne stagnant
condition of the new securities market
affords the Government today, as 1t has
for a considerable period in the past,
seeking FUNDS IDS from investors.' The ne
Newark Evening News offers the facts
THE call loan market and the stock
exchange reacted favorably. These are
indications OF the country's confidence
in its Governments securities. With
this response opportunity for the in
hationists to bring pressure on the
Government is leSsened.''
For the time being" certainly, thinks
the Springfield Union, "this financing is
assurance of the Presidents purpose
not only to avoid the use of the ex-
treme infiationary measures already
authorized by Congress, but possibly to
resist all efforts of the coming session
Of Congress to demand the payment OF
It may also indicate a purpose to seek a
basis for the stabilization of the dollar
at some figure within short time"
"The time vii come" suggests the
Gary Post Tribune. when this short