The Western news. [volume] (Libby, Mont.) 1933-current, 1933-12-21
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National Topics Interpreted "a fTf7YIR16A
by William Bruckart knEI1fF
by William Bruckart

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 debt structure that will
become 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 s23, at the end of
November, and that the net result OF
the security sale as of December Is
was to add approximately $225000, 900
to that sum. Then, second fact.
the only way the government has to
raise money for payment OF It's 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. 1t Is
subject that is going to interest our
children and probably their children,
too, unless there Is some brake pressed
Oh the rate OF spending.
AS far as the safety of an Invest
ment In government 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 / might add, when the
times comes, Ii 1t ever does, that a
United States government obligation
is no good, such money rs anyone has
invested In 1t, being United States
money, will have no value either. So
that phase Of the situation gives me
no cause to worry
1t il to the necessity for ultimate
payment of these obligations, this vast
national debt, that | 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. 1t lis made to appear that some
one is going to suffer through 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, 1t appears the Roosevelt adj
ministration has determined to "spend"
Its way out OF the depression. Money
Is being spent like water, and II 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. II they are at
work. they will spend their earnings
2 Aul Du5luESSCS llIab supply
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 repeat, this
debt has to be paid. unless the Ameri-
can people want to be collectively dis
honest and have their government
print paper money with which to meet
the obligation. That LIS plain and un-
adulterated Reputation OF debt.
Which brings me to the point again
OF whether 1t is not just about time
for somebody to call halt. II the
nation is willing to 20 on and on with
spending at the present rate, we
must prepare to pay the fiddler to fur
nish the music for the dance.
I'D 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 actlVitles iol
the five months OF
the current fiscal year aggregated
1902, 826,805. or that total, S293,514,
800 was spent In November alone
which would seem to indicate that the
business OF spending has only latel,
started at high speed. Further proc
of the increased speed of spending ha!
been given In incomplete statistics fol
December, together with the constant
ly recurring announcements by Presi
dent Roosevelt of new spending agen
cies like the civil works administra
tion which Will spend s400,0O0.0OO be
tween December l and February Is
1884.
The treasury's tabulatlons OF ex
pendtures by the several recover,
agencies show the following layout 0
cash between the start Of the fisca
year. July and the end of November
public works administration, S131
473,0aa8 national recovery administra
tion, Sl.842 ,439; agricultural adjust
ment administration. $28,700219; farr
credit administration $4,000, 900
civilian conservation work, $119,759
860; Reconstruction Finance corpora
ton, 1854 .022, 45O; Tennessee Vale