Nogales international., 1936-02-01
Roosevelt And The Old Guard

None Of the pamphlets bearing such titles as
Roosevelt the Waster', Billions for Boondoggling
"Burdening Future Generations" etc., widely dis
tributed by the divers Republican national organiza-
tions and their affiates, contains any data direct
inferentia, which would permit comparison of the
Roosevelt administration with it's predecessor
Just what do the records show with respect to
the spending described in this literature as of astron-
omical proportions during the Roosevelt admnistra
tion and ignored unworthy of mention during any
portion of the Hoover holocaust?
The public debt reached it's postwar low-point
on December 81 1880, at which time the gross was
$16O26,O87O87. Deducting the general fund balance
Of $306 319 then the Treasury left the net debt
at SIS, ,719,283,7 ,768.
Twenty-six months later On March 3, 1933 the
gross debt had increased to $2O937 823,293 Mr. Mills
the Secretary of the Treasury left in the cash box
$158527 671 about enough to finance the government
for fortnight deduction of which left the net pub
lie debt on that date at $2O,779,295,622.
Hence the net increase in the public debt during
the last 26 months of the Hoover administration
$5,060,011, ,854
It is proper and enlghtening to compare this
item = which is so scrupulousy omitted in the lux
ury propaganda = with the record under President
Roosevelt.
In making the comparison we do not limit it to
26 months of Roosevelt but to the entire thirty -four
and half months of his administration up to and
including January 49, 1886 That period includes the
sale of 500 millions of bonds in December 1885, which
issue was several times over-subscribed, notwith-
standing the unprecented low rate Of interest and
the OmniOus warnings of Messrs Mills ct al. that the
offering would 'fail dsmally" That, incidentally,
was precisely what did happen to Mr.. Melons last
offer of the same amount and it was withdrawn.
The gross national debt On January 18, 1896,
stood at $3O,521 348,638 at which time there was
cash balance of O9 827 47 leaving the net debt
that date at $28423 521 491 Meanwhile the recover
able assets of the Federal Government - secured
loans and temporary advances to sefliqudating gov
ernment lending agencies - increased from two bill
lions under Hoover to more than S48OO 900 OOO
Therefore the total liability of the is re-
duced to around $23 100000 and that is 81 900
100000 less than the war time peak debt in 1919
However, dsregardng that permissible deduc-
tion, which would include the RFC loans secured by
revertng to the figure of 521 49 the increase
in the public debt the period of thirty and
one-half months firm March g. 1888 to January 18,
1896, 1854, ,225,869, as compared with the in
crease over the period of only twenty-six months
from December 81 $780, to March 8, 1888 of Sc, $780,
1854
In other words, while business conditions were
constantly growing worse during the final twenty
six months of the Hoover administration, banks were
folding up foreclosures homes factories and farms
were proceeding on unprecedented SCALE and moth
ing was being done by the government to attempt to
stem the tide of economic destruction and human mis-
cry the net national debt increasing at the rate
of 1876 million dollars per month
During the thirty-four and one half months of
the Roosevelt administration, at the end of which
business better than at any time in nearly six years.
and during which than million urban homes
and a million farms saved from foreclosure
agriculture was rescued from ruln factory payrolls
increased 122 millions per week, and gain of more
than 22 billion dollars year in the national income
the increase in the national debt was at the rate Of
221 million dollars per month";
And now that government revenues are constant
Iy increasing along with the steady sustained gains
in business activity and the cost Of carrying the pre-
sent debt is quarter of billion year less than dur
ing the era of Mellon-Mls-Ho control the ques
ton naturally arises
Has the 221 millions month average spending
under Roosevelt, which has tapered off in recen
months, been more beneficial to the people and tn
business Of the country than the 1876 mi ions month