The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-01-18

quest for the new
N0fIouot appropriations, fnan-
Debt cial students are
wondering more and
more when the end Of this government
spending is 10 come. II viii be re-
membered that Mr.. Roosevelt said a
year ago that the total public debt
should not exceed S31. S34 100000 and
that that figure should be reached
around June 50. 1885. When II is con-
sidered that the present public debt
exceeds SIS, 5O0.OO0.OO0, II becomes
difficult 10 understand how the Presi-
dent VIII succeed in sticking 10 his
original assertion 10 hold the national
debt AT the figure named.
The Treasury department has just
released its annual report and this re-
veals an increase in the public debt Of
approximately six billion dollars since
June so. 1888, an eighteen months rec
ord Il has made the total cost Of the
recovery spending program aggregate
something over twelve billion dollars
since January I. 1881. when the spend
ing spree really began. To make the
vast amount more readily cOmpre-
hensible, If you take the tine 10 figure
II OUT you viii find that the govern
ment has been spending borrowed
money ar the rate OF almost twenty
three thousand dollars q minute In the
last four yesrs. To Illustrate further
the magnitude OF this sum a figure ex-
pert here has calculated that there has
been about one billion minutes since
the birth OF Christ and, therefore, the
federal government in the last four
years has added about twelve dollars
70 the public debt for each Of the min
utes since Christ came on earth
But 10 get back 70 the present plan.
presentation OF the budget with its
maximum outlay Of around seven bill
lion dollars recalled 10 some leaders
the assertion by the President respect
ing the topmost limit for the public
debt. In the budget message which he
presented Just q year ago Mr.. RoOse-
welt boldly stated his belief that ''the
government should seek 10 hold the
public debt" 70 the figure Of $31, S34.-
100000.
Furthermore, he added, the gov
eminent during the balance Of this
calendar year should plan 10 bring its
1886 expenditures including recovery
and relief within the revenues expect
ed IN the fiscal year 1886" The fiscal
year 1885 begins next July l. And
frequent announcements from the
n
q balanced budget in that time is quite
unlikely. In addition. the treasury
said in its annual report that taxes
always Jagged behind in rejecting re-
c0very Of the country. For example,
income taxes 10 be paid on March 10,
1886. and in the subsequent install
ments Of that year VIII be the result
OF levies on earnings Of the current
calendar year. No one expects earn
ings IN 1885 10 be normal II is OBJ
vious, therefore, that the balancing Of
the budget In the fiscal year begin
ming July I. 1885, becomes almost q
physical impossibility unless the Pres
ident should do the unexpected by
cutting OF every one Of the sixty-ive
and should cut OF all federal funds
for relief OF the destitute. If that
we're done. II is estimated by fiscal ex-
perrs that ordinary receipts by the
treasury would come close 70 meeting
the ordinary cost Of the regularly es-
tabIished governmental agencies
There had been frequent contentious
BY avid New Dealers that Mr. ROose-
velt's second budget
President recommendations
VieLUs Change would provide clear
picture Of his gener-
al fiscal policies. II their statements
remain true, they resulted in setting
up one Of the most paradoxical condi-
tons in the history Of this nation
Looking back over the whole RoOse-
Telt period. the thing which observ-
ers have never been able adequately
TO explain is who or what effected the
change in the Presidents views on
fundamental financial questions. II is
too obvious 10 precipitate an argu-
meut that the Presidents views have
changed. When one goes back TO his
first message 10 congress or beyond
that 10 his campaign speeches and the
platform upon which he made the race
for the Presidency, II is futile 10 at
tempt 70 reconcile those utterances
with the subsequent spending and Dor
rowing program in which his admins
tration has indulged- II viii be re-
called that Mr.. Roosevelt declared In
his inaugural speech an intention 70
balance the budget and wipe out the
deficit left on his lap by the Hoover
administration. He went on 10 say
that If congress in its generosity voted
sums that placed the budget out Of
balance II was under the necessity at
the same time 70 provide taxes 70
raise the excess expenditures.
Since there can be no dispute that
Mr.. Roosevelt's views have changed
and he has acted In accordance with
his new found principles, the interest
ing thing is who brought about the re-
vision Of views on the part o. the
President Some OF the Presidents
virulent critics have asserted IN the
opening days Of congress that Mr..
Roosevelt was wholly uniformed as
10 the needs with which he was con-
frou1ed when he was making his cam
paigu speeches They say he found
his original promise 70 be all wet and
he took the only alternative 70 staEe
OF a bitter row In his own party,
offering much money for congress 70
spend.
Among the Presidents friends,
have heard private expressions that
Mr.. Roosevelt had been nisIed by some
of the group who held his ear st the