Evening star., 1935-11-29

Two days ago, there were S,lIo,0UO
persons at work on various useful
projects throughout the Nation. The
small remaining number have re-
ceived orders to report to work on
projects already under way or ready
to be started. This result, I believe
you viii lagree with me, constitutes
substantial and successful national
achievement.
Permanent Benefit.
Aside from the tremendous increase
In morale through substituting work
Tor dole, there is the practical side
OF permanent material benefit. Within
sight Of US today stands q tribute to
useful work under Government super
viSion-the first slum clearance and
low-rent housing project.
Here. at the request Of the citizens
OF Atlanta. we have cleaned out nine
square blocks of antiquated. squalid
dwellings, for years O detriment to
this community. Today those hope
less old houses are gone and In their
place we see the bright, cheerful
buildings Of the fleetwood housing
project. Within q very short time
people who never before could get n
I decent roof over their heads will
live here in reasonable comfort amid
healthful. worthwhile surroundings;
others will find similar homes in
Atlanta's second Slum clearance. the
university project; and still others
will find similar opportunity in nearly
all of the older, overcrowded cities Of
the United States.
I take it that 1t has been equally
worthwhile to the Nation to give jobs
to the unemployed in the construction
of vast network of highways, In.
cluding thousands Of miles Of farm
to-market roads. In repairing great
numbers Of schools and building hun
dreds Of new ones in city and country,
In helping cities TO put In sewers and
sewage disposal plants and water
works; in constructing cold storage
warehouses and county recreational
buildings; in creating aviation fields;
in giving q million boys a chance to
go to c. c. c. camps and to work
on forestry and on soil erosion pre-
vention; in controlling malaria; in
pushing health projects: in putting
white collar workers into jobs Of
permanent usefulness to their COM
munities. and in giving youth an
opportunity for better education.
Into the ears of many of you have
been dinned the cry that your Gov
eminent is piling up an unconscionable
and back-breaking debt. Let me tell
you a simple story: In the Spring of
1888 many Of the great bankers Of the
United States flocked to Washington.
They were there to get help Of their
Government in the saving OF their
banks from insolvency. To them I
pointed out, in all fairness, the simple
fact that the Government would be
compelled to 60 heavily into debt for
a few years to come, in order to save
banks and insurance companies and
mortgage companies and railroads, and
to take care Of millions OF people who
were on the verge Of starvation. Every
one OF these gentlemen expressed to
me the frm conviction that 1t was all
well worth the price and that they
heartily approved.
In order to get their further judg-
ment, however, asked them what they
thought the maximum national debt of
the United States Government could
rise to without serious danger to the
national credit. Their answers, re-
membering this was in the Spring Of
1888, were that the country could
safely stand national debt Of between
S55, 00,000 900 and $4,000 600, 900. I
told them that a rise in the national
debt to any such figure was, In my
Judgment, wholly unnecessary, and
that even If they. the bankers, were
willing I could not and would not 90
along with them. I told them then
that only moderate increase in the
debt for the next few years seemed
likely and justified. That objective
holds good today; but remember that
at that time many bankers and big
business men would have been willing
to put the country far deeper into debt
then shall ever let it go.
II the bankers thought the country
could stand a debt Of SIS, ,00o, ,0oo, 900
to $4,000, 10000 in 1888, with values
as they were then. wonder what they
would say the country could stand to-
day, in the light Of an enormous in
crease Of values Of property Of all
kinds all along the line since 1888.
Invest Way Into Future.
Your Government says to you: you
cannot borrow your way out OF debt:
but you can invest your way into o
sounder future"
AS a matter Of actual fact, Of course,
the gross national debt under the
last administration rose from a little
over $4,000. .ooo,0 900 to s21, 900 .ooo, 900.
The day I came into ONCE I found
that the National Treasury contained
only $l58,000, 900, or, at the rate Of
previously authorized expenditures,
enough to last the Treasury less than
q month. Since March 4, 1888, the
national debt has risen from SAL
ooo, 900, 900 to $2s 500, 900, 900, but it
included in this figure is nearly ST.
5o0, ,000, 900 Of working balance in the
Treasury and nearly $4,500, ,0o0, 900 OF
recoverable assets which the Govern
ment will get back over a period Of
years. and which will be used for the
retirement Of debt.
As things stand today, and in
the light Of q definite and continu-
ing economic Improvement, we have
passed the peak OF appropriation
revenues without the imposition Of
new taxes are increasing, and we can
look forward with assurance to o
decreasing deficit. The credit Of the
Government Is today higher than that
DID. .E-nEX