The Washington times., 1935-07-12

~ LldI, as usual
w we tind a con
- |S|$% flict of policies
Lewis H"ney here. The spend
ing will be highly inflationary.
But the taxing will tend toward
deflation!
While it is likely that Mr.. Roose.
welt is chiefly interested in his
reforms" as a political issue on
which to run for reelection, this
conflict of economic results, is
typical.
As to taxation Tor rather con.
fiscatiOn of large incOme), tho
House leader, after a conference
with the President. was asked,
DO you intend to go through
with tax legislation" His reply
was, Eyes, and we hope to expe-
dite its consideration" He stated
that Mr.. Roosevelt desires his
revolutionary tax bill to be
passed at this session, and
quickly.
So that is that.
AS to the spending program,
Mr.. Roosevelt Is reported to
have issued orders that the work
plan be pushed. He has called
upon PWA directors in all States
to spend the four billion dollars
within IL months.
He said: I'VE want the work
done now. We don't want 1t to
run over into 1887 and 1888, If
possible. We want to spend all
that we possibly can in the fis-
cal year or the next II and one
half months"
Thus he seeks to put these bill.
lions of borrowed funds into circu-
lation and artificially stimulate
industry by next summer. Then
as the political campaign devel-
cups, the resulting show Of pros.
perity' would help, and folks OIL
the "Quoddy," in the Tennessee
Valley, and elsewhere would say,
Don't shoot Santa Claus"
Meanwhile, the English prime
Stanley Baldwin, in ad-
Parliament, was saying
that lavish expenditures on pub
lie works are of doubtful value.
Note his remarks about us. He
said:
I'VE have seen in another
country, an attempt in state ex-
penditure of an unprecedented
magnitude. Some good and
useful results are observable,
but 1t does not appear to me it
has succeeded in producing the
desired natural revival Of in.
duStry."
1t appears that in England, un-
has been reduced to
two million, which is lower than
at any time in five years. In
duStrial production there has in
creased to within l per cent OF
the 1929 level.
Despite our enormous spending.
our unemployment has also re-
enormous. and increased
last month. Industrial produc.
ton in the United States is about
80 per cent under 1929.
l will add that in the opinion
Of most careful observers, there
is no chance that the money we
are to spend will ever pay out.
1t will remain public debt. It will
eventually mean either initiation
and reputation, or a terrible tax
burden.
Another aspect Of government
spending is seen in the silver buy
ng.
Recently the artificial price of
silver collapsed. Then the U. S.
Treasury stepped in and bought
millions Of ounces in the London
market. Tons of this metal are
being stored by the New Dealers
in a useless hoard.
What good does it do? Who
benefits from this outpouring of
our money, except foreign specu.
latorS who are enjoying a ride at
our expense?
American taxpayers are going
10 pay for taking grossly over.
valued silver off the hands of
Oriental spectators.
Mr.. Roosevelt meanwhile told
press conference that the buying
policy will continue. That would
require buying enough to rig the
silver market up to $129 an ounce.
At this writing, it is under SO
tents.
And If all this money has to
be spent, why not give it away
for a soldiers bonus, or some
thing?