The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1938-09-14
NEWSPAPERS OPINIONS
THE REcKLEssNEss OF FAILURE

Politicians never make any mistakes They
never acknowledge any failure. They always at
tempt to capitalize their failures by various de
vices and thereby continue to draw their checks
from the government
The huge and eXtravagant appropriations made
by the administration under present business con-
ditons give strong evidence Of the rcckeSSneSS of
despair as f&r as real economic recovery is con
cerned The chief purpose OF those Ill control Of
the government, it would seem, is either to bring
about fundamental changes in the American SyS-
tenn of constitutional industrial freedom, to keep
the great army of federal office holders, num-
bering almost a million, on the backs of the de-
pressed taxpayers at any cost.
1t is not unusual for individuals of certain
TYNE TO become reckless and eXtravagant when
they give up hope of eXtricating themselves from
impending bankruptcy In some cases they spend
layishy 10 deceive their creditors with bogus pros
perity and thereby delay the day of reckoning
The aGmiulstI seems to represent this type Of
individual today
The present spending "orgy" il radically differ
ent from that of 1893. The uncertainty due TO 4
change Of administrations iii the midst Of a de
preston together with the added uncertainty with
reference to the character and ObjectVes Of the
new party III power brought business into Il chaotic
condition The belief very general that the
abnormal economic conditions demanded and Jus
tilted temporary governmental stimulation. Hence
business IN general co-operated with the admins
tratiUn in its huge spending program as we'll as III
It's policy Of placing unusual restrictions on DuSl
ness. All this was the assumption that tins high
powered stimulation would cease As soon as bush
ness started Oh the road to normal recovery
But instead Of withdrawing the Stlmulants ana
narcotics that never have any curative power, the
administration capitalized them as constructive
economic forces and proceeded 10 make them pei
marent IN our industrial system. The president
then announced his fantastic buying power The
ory Of prosperity In substance tins means that
prosperity may be obtained and kept by giving
away money OH big scale, and by producing less
After adding about fifteen billion dollars to the
national debt in experimenting with this per
petual motion" theory in the realm Of business,
the deDresson returned No economist nor bust
ness leader Of first order Of ability con-
sidered seriously the bizarre theory of receiving
more by producing less and growing rich by Squa-
dering money IN extravaganza. This theory be-
longs to the world Of exaggerated fiction. 1t has
no place in the world of economic reality
The policy Of giving away money is always popu-
lar with the crowd and the new theory of getting
rich bv spending wa given overwhelming m
d0rsemeut A dope dream prosperity came, re-
manned a little while, and then vanished rs al!
dope dreams vanish. When politicians were 1orceu
to face the awful facts they decided to get on an
Other. big drunk, and forget the facts keco'erY
and economy" now regarded as belonging III
last years almanac Borrow, spend, distribute
billions as gifts to voters is the slogan now ana
keep the control of these gifts III the hands oi the
partisan political leaderS.-Gus W. Dyer, Probes
sor Of Economic and Sociology, Vanderbilt I'M
versity.