Evening star., 1934-01-18

Presidents message Is due to the ex-
traordinary and unprecedented emer-
gency expenditures made necessary by
the deplorable condition Of our coun-
try. This condition was not Of the
Presidents making. 1t existed when he
became our Chief Executive. am not
offering criticism Of the past admins
tration, but I do know that a most
fronted all of US.
The President believed it would be
better to put people to work than to
grant doles; that it would be better to
expend money for public construction
for the benefit of the people than to
have our citizens .starve from hunger
or die from want of warmth and shell
ter. He believed it would be better to
utilize our great resources-even at the
cost Of an increased national debit
in doing so the great banking system Of
the country could be saved and security
and hope given to the depositing public.
He believed by emergency expenditures
! for agriculture, If we might increase to
some fair price the products Of the
farm, the entire country would be en-
riched. So it was, that to combat ex-
ceptional conditions these large expen-
ditures were made and our national
debt increased.
Even though taxes now are numerous
and heavy, one thing is sure-the Amer
ican people have received more benefit,
have experienced and witnessed more
relief through Government expenditures
one way and another from these taxes
than ever before in the history of the
country. Then, too. even though the
national debt has climbed and will
| continue to do 50 In this emergency,
We are assured in the fact. that because
Of these expenditures and this debt in
crease, we have been able to destroy
the depression and to sustain values so
that today American holdings, whether
in property, commodities or securities,
have increased to many times more
since March Of last year.
Loans to Be Paid.
| Then, too, 1t must not be forgotten
| that much of these Government ad-
vances will be returned to the Govern
ment. The hundreds Of millions loaned
on homes and farms and to banks.
whether in the taking of preferred
stock or in direct loans, to insurance
companies, cities, towns and States for
public improvements, will largely be
| repaid. WI1l6 Ll1eTe Is q UcIlC1t, OuI
budget shows healthy and sound con-
dition. During the past six months
the ordinary expenditures have been
less by two millions of dollars than
have Government receipts. Today reve-
nues are sufficient to meet the ordinary
| expenditures Of the Government. For
the last six months total revenues have
been about 43 per cent greater than
for the corresponding six-months' pc
Rod Of the last fiscal year.
Assume that every advancement
made by the Government-whet in
the form Of loans or whatnot. amount
ing to several billions Of dollarS-is
lost. And no one contends that. As
sumo that the Government through
the latest gold move upon the part OF
the President, will not receive the bill
lions of dollars estimated as profit from
the devaluation of the dollar. And no
one contends that. Assume that cur
national debt will be Increased before
this emergency Is overcome to slightly
more than $4,000, 100000. We can
then, by limiting the period to even 25
years, nquidate that indebtedness
through an annual sinking fund re-
quirement Of three-fourth Of billion
dollars a year with an interest rate OF
31s per cent. In that case, ordinary
expenditures and debt retirement viii
| amount to approximately three and