The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1934-06-22

citizens during III
the. next two
years, is, Do
the efits
outweigh the
harm done? ~
But m a n
while, there is Lewis Haney
another question, and that is the
cost to taxpayers and others. AS
I have several times pointed out,
it is an earmark of your "idealist"
that he goes after his ideals re-
CARELESS of practical limitations,
such as costs. However we may
like it's theoretical aims, are we
counting the cost of the New
Deal?
Without going into the injury
to individual freedom, both polit-
ical and economic, we may con-
slider the monetary OUTLAWS as one
side Of the question.
The first year of New Deal
reforms" has just ended, and (
one result is that we find our
public debt over $27, 200, 900, 900,
which is a new high record.
And further increases are GER
tain. Among the few things
which are certain in connection
with "the experimental ap-
proach," are "debt and taxes"
We find the governments
budget unbalanced and the cur
rent deficit growing. Few now
expect the budget to be balanced
In 1896. Indeed, the President
himself has admitted that the
half million appropriated for
drought relief" reduces the
chances.
One result is that taxes get
higher and higher, and the Gov
erment is casting about for new
sources of revenue. This reduces
the purchasing power of the only
people who have money Of their
own to spend. (The government,
and those to whom it doles out
bonuses. live on other peoples
money!
Unfortunately, however, taxes
are not nearly enough, so the
Government continues to borrow.
And on top of that, it has re-
sorted to a system of levies on
capital through currency deprecia-
ton. By Selling gold and devaul-
ing the dollar, it has taken away
a large fraction of the purchasing
power of our incomes.
When the Government now tells
us how many dollars it has, we
must ever remember that about
40 per cent of these represent its
arbitrary debasement Of our cur
rency.
And for what is all this mass
of debt, taxes, and currency de-
probation being used? What do
we have to show for it?
The Treasury holds some IL
billions of "War debts" practically
all of which are in default.
It has in addition, some 5 bill
lions of stock and notes OF the
RFC, FIDC, Hole, ETC., which
represent the Governments other
war-the so-called "war on depreS-
sion"
All this $4,000, ooO,O in paper
was paid for out of the taxes
and loans of the people. Only a
small fraction is likely to be
repaid.
We are spending millions for
the support Of a growing army
of public employees. from the
new undersecretary Of agri-
culture down. Think Of the
millions wasted under the Blue
Eagle! Just as Satan finds
work for idle hands to do, so
government finds work for
its unnecessary employees.
There is a growing army Of
persons who are turning to the
government for doles Of one sort
or anOLQer, anu WHO are HOAe
and more likely to vote for the
hand that feeds them.
Then, too, we have a growing
mileage of roads and cubic yard
age of dams. A 1922. 900, 900 high.
way bill has just been signed by
the President. This so-called
"capital expenditure" is not in
come.yielding, but is largely for
"relief" purposes. Moreover, it
debauches State finances, for the
States must now match the Fed
eral expenditure, bringing the
total cost up to a billion dollars,
although already about IS per
cent of the States costs are for
roads.
In the rural South, for ex-
ample, the formula is: Debt
Federal cotton bonuses-new au-
tomobiles - more roads - more
debt.
In my opinion, we are squan-
6ering away toward initiation and
debt rnr4I1diati0N TS IT. MT tina