Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-03-08
Alfred E. Smith Brings New
Attention to Bond Issues

Because former Gov. Alfred E. Smith
has become private citizen but retains
his knowledge of public affairs, his
statements before committee of Con-
gresS on the needs of the moment are
made subject of general comment
His views on the basis of taxation are
widely approved, but the proposal to
issue bonds for public works to relieve
unemployment IS debated, especially in
view OF the need Of balanced budget
His attack on imitation IS commended
by the New York Herald Tribune,
which adds: Certainly more debatable
but no less fortnight were his sug-
geStionS that the Federal Government
float a huge construction bond issue
and recognize Russia" That paper con-
tinues: Mr.. Smith is now in a position
to hew to the line Of his thought and
let the chips fall where they may. He
has nothing to lose and everything to
gain by candor. But, even SO, it is the
very rare politician who, even in retire.
ment, sloughs of the habit of non-com-
initial utterance." The Herald Tribune
feels that "he might have stated that
he had moved from the mental confine-
ment of official life into the open spaces
of private conviction"
"As to< Government expenditures, I"
says the Philadelphia Evening Bulletin,
"he showed himself extremely liberal.
A big public works program, without
too much r. F. c. red tape would be
relied on to restore purchasing power
and start the wheels of industry re-
volving. The Treasury sluices would
be opened to let unlimited funds gush
forth over the country. Liberty bond
issues and tactics would be repeated to
provide the billions to create jobs. There
were other points of the Smith program
more conformable to conservative views;
p1thy announcements against initiation
and for economy; pleas for govern
mental reorganization and the spread
OF taxation, deriving weight from his
own administrative experience and i'm
portance from his position as spokes-
man and leader of an important ele-
ment of his party. Before he had fin
ished Mr.. Smith had presented pro-
gram dealing definitely with most of
content of governmental policies for
the next four years"
ITO issue bonds for program such
as he recommends" In the opinion
Of the Charleston Is. c. Evening
Post, would be measure of infla-
ton, however indirect. That is not
to say that some such emergency
plan would not, in the curious way that
human laundering has of producing
contradictory results, accomplish good.
Logically it should not, but the whole
economic situation now existing is illog-
ical for in the midst of plenty there is
poverty and distress and we are suffer-
ing from overproduction rather than
from lack of resources. But there
should be no misunderstanding as to
what we are doing" The Evening Post
adds the tribute to the former New
York Governor that he touched on
a score of subjects, Illuminating each
Of them in homely and perfectly under
standable phrase, with a fund of prac-
and that comes like a breath of air
from the heights to blow away the
murk and miasma."
He expressed his views for relief in
frank language" says the Fort Worth
Star-Telegram, recognizing his stand
for bond issue and for moratorium
and concluding: when a little time
Is found after the New Deal job
of reducing the cost of Government
has begun to register, those subjects
might well be given much considera-
ton" The Oakland Tribune voices
the criticism: His main proposal, that
for bond issue, comes unfortunately
before Congress has done anything
toward balancing the budget. though
this is solely the fault of Congress.
Until 1t Is known how revenues are
to be raised or how much Of economy
can be effected. there will continue
to be some: hesitancy to add to the
national debt and risk disastrous
effects on the Nations credit"