The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1935-05-23
THE MILLsToNEs OF PUBLIC DEBT


offers this contribution to the discussion o.
the federal public works program:
"If the federal government has, as North Caro-
lina's legitimate part of the new S5,OOO,OOO,OoO
relief chest, 10O,O0O,O00 to dump down into TINS
State just for the asking, then it is pardonable Tor
those in the front pews to be grabbing eagerly at
this mountain of gold or is it silver, is it green
back?
"But if North Carolina is going to be compelled
to accept this allotment the basis of loan, TO
be repaid some of these many years off, then it IS
a matter that might well be pondered over, just like
YOUR banker does when you go in to ask for bit
of an accommodation.
"Ths State is already fairly up to its ears in
money-borrowed. Its present debt-seryice account
takes greater part of your tax-dollar than any
other public service.
eve owe a plague of sight of money in North
Carolina
''The State itself is in debt to the dirgefu tune
of SITS 900 900 and the debt of the lesser units,
cities towns and counties and charter districts,
runs the total owed by the citizens of this common
wealth to $40. 100000.
"That is per capita debt of s17O and in pro
portion to our ability to pay, it's milestone"
The Times-News is not informed as tc
details of the rules under which the five
billions Roosevelt appropriation will be
expended, but as far as this newspaper
knows this money will be a donation By
loans will be made and no obligations to
repay the money will be incurred. That is
the understanding of this newspaper as to
the matter.
If this is the case with the five billions
appropriation, that sum will, be added to
the public debt of the United States and
all the taxpayers of the entire country Will
be digging to pay it of in the years TO
come. If all or any part of the sum is put
out as a loan to the States, which they will
later be required to return to the federal
government, that will change the status of
the matter.
AS part of the public debt of the coun-
try, North Carolina's pro rata of the five
billions will have to be paid by the people
of this State That would be true if the
State did not receive dollar of the money.
North Carolina is obligated for its part of
the national debt and there is no way to
avoid payment. As North Carolina will be
forced to pay the States share of the OBJ
legation created by the borrowing by the
federal government of this five billion doA
lars, regardless of how much of the amount
is expended in the State, it is clear that
the logical course in dealing with the mat
ter is to- get as much as possible. Nortl
Carolina will have to pay its part if it doe;
not receive dollar, and no matter how
great the sum received, it will not cost thu
State any more in federal taxes.
If the FIVE billions was loaned to tn,
States and they had to repay the loan, tn
logical course for North Carolina would b.
to decline to borrow. If it is to be give,
to the States and the sum is to become par
of the country's public debt, then for tn
privilege CD of paying it's pro rata of tn
amount the State will get in return onI
what it accepts as gift and expends O
the works projects.
The Times-News has previously calle
attention to the fact that if this FIVE billio
appropriation is added to the public deb
Norh Cardinals part of the total publ
debt will be some six or seven hundre