The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1937-11-15
MoRTGAGING THE FUTURE

Strange as it may seem there are cltl-
ZeuS of this country who are not news
paper "SolomonS" who are in complete
agreement with the views of the press on
the problems and issues now confronting
the nation. A prominent citizen Of Con-
way. S. c.. H. H. Woodward, is not an
editor-neither is he a federal ottice-hOld-
err, or under any other form of compulsion
to swallow the new deal, hair, hide and
tallow. He is q frequent contributor to
The Charlotte Observer ana we find these
observations in his latest communication
under the caption, "Mortgaging the Fu-
ture:'
when the social security laws were passed
believed the scheme was intended to get the United
States Treasury out of the hole this administration
was putting it in
After these laws have been running for year
or more l am still of that opinion.
"The declared purpose of the social security laws
was to provide an ever increasing reserve out of
which workers would be paid pension after reach
ING the age of siXtyfve, and on the other hand IN
sure relief by cash benefits in the event of unem-
ploymcnt 4 young worker is at this time paying
taxes on every dollar Of wages paid to him for the
purpose as ne or she SupposcS of providing fund
out of which he will be paid an annuity after ne
or she has reached an advanced age. in the event
he is thrown out of work, he will be paid at least
a percentage Of his regular wages while ne is idle
and doing nothing.
But what is the government doing with his tax
money? Why it is using it right now today to pay
the enormous cost of government. The way it does
it is 70 sell the accommodating funds a lot of its
government bonds. Think for minute and you
will see that a government bond is nothing more
than a promise TO pay, and the only way 1t ever
can be paid is out of tax money. The tax money
paid in by the workers and their employers is not
saved except against long time ahead in the flu
ture when other heavy taxes will have to be laid
on the backs of the people to pay the money in
once more to take up the government bonds Now
the men who conceived this plan knew these things
better than you and l. They knew that the money
would be used for present needs, and when the
time should come to pay off to the benefciaries
still other and no doubt higher taxes could be and
would be levied to pay the cash in again
in the meantime the paying of the taxes by
both worker and employer for old age benefits and
on the other hand by the employer for the unem-
ployment insurance is making less work and rob-
bling the people of their substance.
"In our own state here in view of the low price
of cotton, it seems shame that we should be re-
Quired to pay these additional taxes when we may
not be able to pay the regular levies to run our
own state and county government"
Dear readers, accept the foregoing for
what it is worth. 1t is merely the opinion
of a good South Carolina citizen and sue
cessful business man, one who has helped
to make that State and the nation what
they are. Without such men and their cap
ital and enterprises the new deal is sunk.
Where is the tax money coming from if
not from them, their businesses and indus
tries? And without billions of tax money
to chuck in rat holes, and with which to
subsidize voters, the new deal wouldn't last
as long as a SNOWFALL in hades.
We make these assertions boldly in spite
of the ponderous deliveranceS of radical
witch doctors, ancient or modern and at
the risk of mourning the wrath of one of
the pupils of the aforesaid witch doctors,
our local H. l.. Mencken. ..-.