The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-10-13

classification, and 1t aids no one to
set off Is emergency expenditures over
so per cent Of the total expenditures.
No one probably can tell how long
these expenditures will continue, and
they must be met out Of receipts un-
til they are discontinued. It Is like
whistling to keep up ones courage,
and 1t has the distinct disadvantage Of
misleading the public, II not the adj
ministration itself. The government
would show a more realistic and whole
some attitude on the question Of ex-
penditures and debt II this distinction
In expenditures were eliminated. To-
tai expenditures as compared with to-
tai receipts would then give factual
and, Of course. more shocking picture
Of the real budget situation. In the
last analysis these accounts show q
disposition to avoid realities, to divert
attention, TO count Is temporary what
may continue for years, and to be
nonchalant about serious condition
in our fiscal affairs. These things
add to, rather than minimize, what
the president is reported to have
called the public's filters.
Sixth, there are no definite indica-
lions that the government has aban-
doned the false notion that it can
spend its way Of Of this depression II
business itself cannot prosper. Neither
has the government shown any sealiz-
alton Of the fact that 1t cannot en-
ploy enough people to generate pros
perity II private business. because Of
the increasing burdens placed upon It.,
Is unable to reabsorb its share Of en-
ployees. Unless business Is encour-
aged to revive and reemploy very
much larger number Of laborers, no
government. short Of q thorough-go-
ing socialistic one can hope to en-
ploy enough people to solve the unem.
pioyment problem. As public expend.
itures for the employment Of people
increase, the burdens on business will
tend to increase, and point may be
reached in which the whole business
machine will bog down again. A gov
eminent should show great concern
about the rapid increase in its debt
when its spending Is obtaining such
meagre economic results Is those
shown thus far.
Interest Load ID Heavy
Seventh, 1T the end Of the fiscal
year lo33-l934 the interest on the
public debt lacked only $6l 900 900 Of
using up the entire revenue from the
income tax. At the end Of this year
the additional interest burdens result
ing from the unbalanced budget plus
the AZ per cent Of certain expendi.
lures required for the sinking fund
doubtless will exceed the total federal
income tax. This means that there
must be increased taxes and these
will come at Z time when people are
already struggling under terrific bur-
dens. Unless business RECEIVERS rather
rapidly, people may not bear these
increased burdens much longer. Ger.
tainly they cannot bear them indefi-.
nitely. When additional taxes can not
be raised. when budget deficits con-
tinue to rise. and when government
securities can no longer be marketed
at favorable rates. then We will have
arrived ct the stage Of collapse In our
public credit and the government will
be forced to issue fiat money, after
which will follow the deluge and ma
tional destruction Of our economic and
social system.
Let Us not forget that outside Of
war human beings have never sue
ceeded in devising an instrument more
destructive Of human welfare than
initiation. We must fight
that of with every resource ct our
And unless We change our
fiscal policies very soon, We may find
ourselves swept into this consuming
vortex with no hope Of rescue or re-
coveyy Ia our life tins.