Carbon County news., 1937-10-15

those things sometimes when we
ought not to do them simply be-
cause the instruments are available
and we do not stop to count the ul-
tlmate cost. To the extent, then, that
the federal reserve board probably
has made borrowing easier 1t has
tempted certain percentage Of cit
liens, or will tempt them in the
future.
The condition of easier debt that is
now resented is, as have said, on
ly one of many temptations and in
ducements for getting into debt that
has been offered by the Roosevelt
policies. 1t is unnecessary to re-
count here how many pieces. of
legislation, how many executive and
administrative rules have been
made to permit citizens to use mon
ey that is not their own. They are
almost numberless. The result has
been, is, and will continue to be the
creation Of a lot Of debt that will
hang over us all for years to come.
The federal government itself has
taken the lead in getting into debt.
The latest Treasury statement shows
that the United States government
owes more than thirty-seven billion
dollars. That amounts to $281 .63 for
every man, woman and child in the
United States. Compare that with
the national debt as of 1882 when it
stood at $19, 500, ,0OO,OOO or a debt of
$155.9S for every living person in
the United States.
I do not know when, If ever, this
gigantic national debt will be paid
off. / think prob
ray OH ably the American
Sometime people. with tradi-
tional tenacity win
stick by the job and get it done some
time, but must refer to the job as
very slow process. It required
twelve years after the World war
debt reached its peak of twenty-six
billion to reduce it by ten millions.
That reduction was more rapid than
had ever been known before in any
nation and it was made possible be-
cause Of the prosperity which we en-.
joyed during those twelve years.
It would seem, therefore, that we |
must consider not only a slowing
down of individual debt making, but |
a sharp curtailment of national debt |
making as well. If we do not, a
yawning cavern Of unsounded /
depths awaits us.
Some weeks ago Mr. Roosevelt
sent instructions to the various
agencies Of the government to save
ten per cent out of the operations for
the current fiscal year to help in
balancing the budget. There were
no ifs, nor ands, nor butts about
President Roosevelt's instructions. I
The spending agencies were told
simply to lay aside that. ten per
cent which, in the aggregate, would
amount to around four hundred mil
lion dollars. The President said
during speech at the great Colurn-
bia river dam the other day that he
hoped to balance the budget in the
next fiscal year. Most other people
hope that the Presidents hope is
realized because Mr.. Roosevelt has
stated several times that the budget
will be balanced next year, and
some of us are beginning to wonder
whether his budget balancing state
ments are not like the statements
which President Hoover made at
the beginning Of the depression.
He said, you will remember, a num-
Der of times that prosperity is
just around the corner" a corner
that still seems to be next year.
But Mr.. Roosevelt must be COM
nended and criticized at the same
time for his budg- |
Budget ct balancing ideas.
BALANCING Mind you, no criti-
cism can possibly +
be attached to the objective-a bal
anced budget. But commendation
must give way to criticism on some
Of the. things that are happening |
under the fiat order for reduction