The Daily Alaska empire. [volume] (Juneau, Alaska) 1926-1964, 1934-08-21
THE DOCTRINE OF FEAR.

In his attack the New Deal here last week.
Frank H. Foster, one of the three G. O. P. House
candidates appearing before local audience, voiced
the doctrine of fear that his party is undertaking
to promulgate throughout the. country Denouncing
the expenditures under the Presidents Recovery
Program "rotous," he declared within eight
months the Nation would be bankrupt. He foretold
the time, and that not far distant, when the credit
of the Government would be exhausted and predicted
disaster would follow that.
That is in line with the strategy that those now
in control of the Republican Party have adopted
which to make the current Congressional campaign.
But it does not agree with the doctrine Of the
progressive element of the party. The latter
seeks to support the Administrators forward look
ing program and to inspire confidence in its
success. In fact, some of the more conservative
Republican leaders believe the campaign strategy
that demands attack on the new deal is a
grevious
Among the more prominent of these is Gen.
United States. His views set forth in strong
and significant article appearing in the current
months issue of the Review of Reviews. He empha-
sized the absolute necessity for mass confidence
in the Presidents program and expresses in no
uncertain terms his personal belief in it. He
disagrees wholly with Mr. Foster to the imminence
of national bankruptcy In this connection he said:
In my judgment we are facing better
conditions In business and industry In this
country 1 predict this chiefly upon my
belief that the President will carry through
his announced program of balanced
tional budget in 1886. I believe he will
withstand the tremendous political pressure
upon him to continue emergency expenditures
after emergencies have passed He does not
strike one man who is afraid.
That balanced budget program and that
only will insure the general confidence in
the stability and soundness of govern
mental fiscal system and condition which
is necessary to maintain the present revival
in business and the ensuing prosperity
If the President holds to this plan of
balanced 1896 budget need fear the
effect upon business or confidence of
increased S10000000O00 in the Government
debt which the President has proposed to
cover his recovery and emergency expendi-
lures
One has little conception of the inherent
strength of national condition who re-
CARDS the maximum Government debt of $4,000
100000 as in itself dangerous to Government
credit. This Nation had debt in 1919 of
$26,594 100000 and within IL years. to 1880,
easily reduced the principal by $4,000
100000
Gen. Dawes also made an interesting comparison
between the American governmental debt and that
of Great Britain. The present indebtedness of the
United States, including Federal. State and NUM-
cipal debts is estimated at the sum Of $44 ADJ 85l
or an indebtedness of $35266 per capita. Great
Britains national gross debt alone is 7768 $40 0O(
pounds, which is per capita indebtedness of II;
pounds, equivalent to about 1855 existing ex-
change rates.
No one has charged yet that the credit of Grea
Britain is impaired. Its per capita national debt
is about two ande one-half times the total gov.
ernmental debt of the United States. Our nationa
fipnac fhoca Of Dr;to;p
We could easily afford to be twice three times
ae deeply in debt as Great Britain and still keer
national credit good.