The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-10-02
+. r. Defends L.
Investment OutgO
Continued from page one)

lNOHllllNNu AlOAii s'S-N S''N
that none of your bank deposits
or insurance policies are sound. y
This barb was aimed directly at
Col. Frank NJ. Knox, Republican
vicc-preSidcntial candidate, who
addressed Republican rally here
last night and reiterated his con-
troversial declaration in an Allen
town. Pa. address Il few weeks
ago that because of the present
practices of this (Roosevcl) adj
miniStratiOn, no life insurance pol
icy is secure, no savings account
is safe"
Mr.. Roosevelt continued:
when YOU are told that the
United States treasury has - bill
lions more of liabilities than 1t
had in 1888, you should also be
told that it has six billion dollars
of increased assets to set of
against these liabilities
At the conclusion of the adj
dress. Patrick Pagan, head Of Dis
trict No. 3 of the United Nine
Workers. gave the president a
gold medal and said:
81 also present to him the 4O,-
600 votes of miners in District
No. ) and the votes of every union
coal man in America
Celebrating his discussion OF
governmental finances, the preSi-
dent declared:
I'm three years our net nation
al debt has increased eight billion
dollars. But in two years of the
late war it increased as much as
twenty-five billion dollars. Nation
al defense and the future of AM
erica were involved in 1917. Ma
tional defense and the future of
America has been cheap at that
price. It was more than defense
it was more than rescue. 1t was
an investment in the future of
America.
"And, incidentally, tonight as
an anniversary in the affairs of
our government which | wish to
celebrate with you and the Amer
lean people. 1t is October /, and
it marks the end of a whole year
in which there has been not sin
gle national bank failure in the
United States. 1t has been 80
years since that kind of record
has been established. You and ]
can take this occasion to rejoice
in that record. 1t is proof that
the program has worked.
And now a word as to this
foolish fear about the crushing
load the debt will impose upon
your children and mine. This debt
is not going to be paid by oppres-
sive taxation on future genera
tons. 1t is not going to be paid
by taking away the hard won saw
ings of the present generation.
at is going to be paid out of
an increased national income and
Increased individual income pro-
duced by increasing national pros
perity.
"The deficit of the national gov
eminent has been steadily declin-
ing for three years running, al.
though technically, this year it did
not decline, because we paid the
bonus this year instead of 1915.
Without the bonus the deficit
would have declined this year.
The truth is that we are doing
better than we anticipated in
1888. The national income has
gone up tasted than we dared then
hope. Deficit have been less than
we expected. Treasury receipts
are increasing. The national in
come was thirty-eight billions in
1892. In 1885 it was fifty-three
billions and this year it will he
well over sixty billions. If it keeps
on rising at the present rate rs
| am confident that it willDtho
receipts of the government, with
out imposing any additional taxes
VIII, within a year or two. he sur-
ficlent to care for all ordinary and
relief expenses of the government
--m other words, to balance the