The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-06-02
From the Record
BY SPEAKER HENRY T. RAINEY
In the Congressional Record

1T has been charged that this administration is
L. r~ecklessly expanding money, that it is piling up
an enormous national debt, and the time has per-
hapS come to analyZe the recovery expenditures OF
the first year of operations under the leadership Of
Franklin D. Roosevelt. Apparently during thirteen
months of operations under the new deal" the
gross amount of our public debt increased S5,223,-
100000 until on the 31st day OF last month CMarch)
our apparent public debt amounted to $26, 1884, 10000.
But we had in the treasury at that time $2,OO3,-
100000 which ought to be deducted in arriving at the
amount OF our gross public debt. Deductlng this
amount we reach the inevitable conclusion that in
the first thirteen months of the Roosevelt adminis-
tration our public debt increased only $2,436,OO000O.
We have been underwriting investments of banks,
insurance companies, railroads, building and loan
associations, farmers, intermediate credit banks,
joint-stock land banks, and other companies and
banks, and We have taken from them their securities.
We have been underwriting municipalities and we
have taken from them their securities. If the recov-
cry program succeeds-and it must succeed-practi-
cally all of these amounts so invested will come back
into the treasury of the United States.
Using a new method of approaching the national
debt. in view of the vigorous criticisms to which the
present administration has been subjected, a diff
ferent result is obtained. If we have been under
writing the propositions I have mentioned, and if
we have been taking their securities, and if the
success of the new deal" means the payment of
these obliga ions-and it does mean the payment of
these obligations-then the correct way of approach
ing the national debt is to deduct from our entire
national indebtedness the cash we have on hand, less
the securities we are underwriting, and when we do
that we reach the conclusion that at the present
time our public debt, less cash and securities, amounts
to only S8,264, 100000.
Applying the same method to our public debt as
it existed on Feb. %, 1888, we reach the conclusion
that our public debt at that time amounted to $6,225,-
000, 600. Therefore, during the thirteen months Of
the Roosevelt administration the public debt in
creased only S. 39,O00000
1t is perfectly proper, I think, in estimating our
financial condition SO far as the national debt is
concerned, to figure in the $2,810,000.000 of increment
on gold we have obtained by revaluing the gold dol
lar. When this item is included we reach the in
evitable and startling conclusion that today our pub
lie debt, less cash and securities, is $771, 100000 less
than it was at the end Of the Hoover administration.
GIVES AWAY ONE AS BABES r
A T a time when farmers everywhere from gulf to
L n lakes, from coast to coast, are being strangled
to an economic death by those human hyenas known
as money lenders, at a time when 100000 men
still wear out shoe leather and hand and heart and
soul seeking a job that becomes ever more distant,
ever more a mirage, at a time when schools are
closing by the score for lack of funds, at a time
when dimpled babes cry for milk and the sorrowful
mother is in need of food and clothing, it is time
that this congress quit spending the peoples money
for the benefit of the private business interests Of
Chicago.-Eepresentatiye G. v. Truax.