The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-10-02
F,R,DEFENDS
.EXPENDITUR Is
ADVERTISEMENT
Confident Bulge t
to be Balanced in
Year or Two
RISING INCOME
TO MEET NEEDS


President Roosevelt defended the
vast expenditures Of his admins
tration as IAN investment in the
future Of America" and expressed
confidence Of balanced budget
within a year or two" in his sec
ond campaign speech last night.
Scl cnty-fvc thousand persons
TANNED Forbes baseball field to
hear the chief executives explain
alton of the New Deal spending
policy and his arraignmcnt Of
, those who appealed to the govern
ment for help in 1888 and now
are critici1ing its efforts for eco
nomic rehabilitation.
Something had to be done. A
national choice had to be made.
We could do one of two things.
Some peOpIc-who sat across my
desk in those days--urgcd me to
lcs nature takes its course, and
continue policy of do nothing. |
rejected that advice. Nature was
in an angry mood" the president
said.
Rcciting that the government
borrowed to spend instead Of tax
ing to spend, he summed up ac-
complishments as follows:
"The national income was 80
billions in 1882. In 1885 it was
SO billions, and this year it will
be well over 60 billions. If it
keeps on rising at the present
rate. as | am confident that it will
the receipts of the government,
without imposing any additional
taxes will, within a year or two,
be sufficient to care for all ordi-
nary and relief expenses Of the
government - in other words, to
I balance the annual budget"
During the course of his ad-
dress, the second major campaign
uttcrancc this week, he contraStcd
the expenditures with certain
other expenditures between 1920
and 1880"
During that period" he said,
mot merely eight billions but
many more bilious came out of
American pockets and were sent
abroad - to foreign countries
where the money was used for in
creasing foreign ornaments, for
building foreign factories to COM
pete with us, for building foreign
model dwellings, swimming pools
and slaughter houses, for giving
employment to the foreign unem.
iployed-foreign boondoggling, il
you will.
"Those dollars were just as gooc
American money - just as hare
earned-just as much reward OF
our thrift-as the dollars we have
spent at home giving work to thu
unemployed. Most of those dol
lars sent abroad are gone fol
good. Those billions lost to us un
der previous administrations, do
not include the other billions
loaned by the United States t.
foreign governments during anc
Immediately after the war.
81 ask you the simple question
Hasn't it been a sounder invest
ment for us during these pas
three years to spend eight billions
for American industry, American
farms, American homes and thu
care of American citizens?"
Mr.. Roosevelt explained that h,
used the figure eight billions a
representing the net increase il
the national debt brought abou
by government emergency borrow
ing.
Over a billion and half of tina
money, he said, went for paymcn
of the soldier bonus now instead
of i'm 1945 and the other six AM
half billion for Conservation o
human resources through the CC(
camps and work relief; conserva
ton of natural resources of water
soil and forest; billions for secur
ity and a better life"
while many VINO crltlclZe 10
day were selling America short
we were investing in the future o
America" he said.
There will be many people n
remarked, who twill tell you tina
the increase in the national deb
is IS billions instead of eight
That is technically and morally
lust as correct as if some on.
wnre r. trv and scare you about
the condition of your BANK oS , not
ing you of its liabilities ana ''0'
telling you Of its assets. ,oro1
"That is technically ana mora i,a,,
ly just as correct as te,iln ,,lvo y NJ ia
good people here III feh fs:rt
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