The Washington times., 1935-05-24

Lewis Haney ;ofIofod &C.,.
he says, wealth is not created,
nor is it more equitably distrib-
uted by this method"
Concerning debt, he says "a
government, like an individual,
must ultimately meet legitimate
obligations out of the prOduc-
ton of wealth."
Concerning the cry for "more
currency" he says, "the banks
have at this moment more than
ample credit with which to ex-
pand the activities of business
and industry generally"
Throughout. he stresses the fu.
ture effects of deprecated cur
rency in reducing the real incomes
of those who depend upon salaries
and savings.
With these thoughts the sober
citizenry of the nation, of all
parties, will agree. At the same
time, the average man will be
vaguely surprised to find one who
has been leading the country into
debt, and avoWedly attempting to
initiate prices, talking this way.
And while Il say amen" to the
above passages, have some ques-
tons to ask.
~ Mr.. Roosevelt strongly at
tacks the idea Of granting ia
vOrS to special classes. From
this speech, one would suppose
him to De above any shadow of
class favOritism.
How then, I would ask, does he
justify his gift of an artificially
high price of silver to the silver
mining interests? Was that not
political coercion by minorites?"
How does he justify the special
distribution and bonuses and
price fixings for certain farmers?
~ Mr.. Roosevelt is firm and
positive in asserting that the
letter of the contract be OBJ
served, and that the "bOnus" is
not due until 1945.
Why, I ask, should that worry
him, when his administration has
repudiated gold payment promises
in Government bonds and notes?
What about air mail contracts?
(3) Mr.. Roosevelt says that
the failure of Congress to pro-
vide additional taxes for the
bonus payment would alone war
rant his veto.
How, then, does he justify the
$4,000, 100000 work relief" pay
ment? He says, That budget
asked for appropriations in excess
of receipts to the extent Oh four
billions of dollars" Where, I ask.
are the additional taxes that
would alone warrant such an ex-
penditure?
az Mr.. Roosevelt describes
feelingly the condition of those
who would suffer by a deprecia-
ton of greenbacks. He argues
that the veterans themselves
would on this account not bene-
fit in years to come.
ask what he thinks about the
depreciation of the dollar which he
himself has already ordered, and
the further depreciation which
he contemplates? How about the
40 per cent devaluatlon? How
about the reduced buying power
of dollars which his inflationary
policies are now producing? Are
these any better than the depre-
citation that might result from a
paltry two billions of greenbacks?
5. Mr.. Roosevelt states that
the issue of greenbackS would
give no important stimulation
to business, as the notes would
merely get back to the banks.
Why, then, does he go on to
argue that these greenbacks would
lead to uncomfortable prices
and to "the destruction Of the
value of Savings?"
Does he himself not seek rising
prices and deprecated money? If
not, what dose his monetary
policy mean? If not, why is he
loading the banks with the Gov
eminent paper? His kind of
paper returns quickly to the
banks" too.
The President would have
done well to have limited his
veto reasons to the special priv
lege point.
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