Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-07-07
Fifty Years Ago
in The Star

That the financial status Of the Amer
lean Government was considerably more
satisfactory fifty years ago that it is at
present is evidenced by
National the following in The
Star Of July /, 1885:
FINANCES The balance sheet
which the Government
could show for the fiscal year ending
Yesterday was unique among nations.
In a time of universal depression in
business. the United States was able,
not simply to make both. ends meet. but
to paw its creditors siXty-eight million
dollars out of its surplus revenues. This
exhibit is in startling contrast TO that
of every other government in the family
of nations Even such a rich and wisely
managed country as Great Britain is
considering the eXpediency of increasing
its debt TO defray current expenses.
Our Government is thus doing a
very profitable business at time when
other nations and the world OF trade
generally are groaning over the dull
state of the market. Our debt, to be
sure, is still large, but the Nation does
not feel its weight and it is being re-
duced quite as rapidly as sound prln-
ciples of finance approve. Our creditors
are very well satisfied with their invest
ment and the banks are anxious lest
the too speedy payment of our obliga-
tions destroy the foundations of our
present admirable banking system.
Moreover, it is not probable that
there will be material falling of IN
the revenues An attempt to abolish
the internal revenue would meet with
strenuous opposition from those who
object to cheapening the price OF alCo-
holic liquors and tobacco at the expense
of the necessities of life, while the
strong labor interests will antagonlze all
efforts to reduce duties below the pro-
tective level So long as We have a
war debt. therefore. it is not likely that
the Government will reverse its policy
of gathering large surplus each year.
There are dangers, no doubt, in an
overflowing Treasury. Wealth of all
kinds brings its characteristic tempta-
lions. But mankind has always shown
q readiness to assume the risks that go
with a fortune. Large wealth. OBJ
served that sagacious philosopher,
Artemas Ward, commonly ruins young
men; I should like to be ruined One
temptation is, of course, that of eXtrava-
gance: but is it out of place to remind
the Government that another very COM
mon temptation of wealth is parSimony?
For each rich man who SquanderS his
money a dozen may be found who
hoard it, and governments may fall OF
the same fault. 1t will jar on good
many nerves today, i'll homes where
anxiety sits as an unWelcome guest, to
read in one paragraph that the surplus
revenues for last month were thirteen
million dollars, and in another para
graph to be told in a triumphant strain
that by wholesale discharge of Gov
eminent employees the Nation saves
$2776O a day, or the vast sum of $8,328
monthly.
when trade is dull and labor finds
no work, the Government can often
relieve distress and restore prosperity
by adopting liberal policy. Ours is
not a paternal Government and our
population do not expect to be supported
by royal gifts, but at a time like the
present it is of very doubtful policy for
the Government to add to the pre-
vailing distress by peremptorily throw
ing large numbers of persons in its
service out of work. especially on the
plea of economy, when its Golfers are
briStling with wealth"