The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1938-04-19
EVOLUTIONARY MOVES ALWAYS
- LEAD TO OTHERS
(From United States News

For there comes time inevitably when
these inflationary moves have to be re-
newed More billions must then be Dor
rowed. Some of the prominent pump
primers in the governments inner circle
are already saying that $4,000, 900 is
only Il drop in the bucket. They criticize
the President on the ground that his new
pump-priming plans are inadequate. i
Mr.. Roosevelt asks the American people
to continue to lend their savings to gov
eminent that makes no pretense OF meet
ing it's expenses. The tax burden is already
so great that it has broken down the ma
tional income and brought unemployment
and curtailed consumption. Yet the maxi
mum taxes collected thus far are INSULT
cient Even when using the pay roll taxes
for current operating expenses, the funds
are not enough. Mr. Roosevelt in his mes
sage said the Government would have to
borrow at least S1,500,00O,000 of new
money the next fiscal year Undoubtedly
there will be further borrowings.
Ordinarily when one borrows at bank,
the previous experience becomes pertinent.
Some indication of how borrower intends
to pay back must be given if credit is to be
extended. The Administration relies ON the
citizens, however, not to ask such questions
but to keep on lending. 1t is the history of
such illusions that, sooner or later, the peO-
pie refuse to lend. Then come the forced
loans" and paper money gradually declines
in terms of prices for goods. Commodities
become more valuable than paper money
Gradually prices rise to fantastic levels.
In Germany, in 1928, it took weeks
wages to buy a loaf of bread. The stories
of the German initiation are too recent in
our memory to be repeated here. The blow
falls heaviest on the poor people 1t is for
them that the battle should be waged now.
Mr.. Roosevelt talks glibly about his re-
form measures. but he fOrgets something
else he said to Congress on March 10, 1888 ::
TOO often in recent history liberal governments
have been wrecked on the rocks of loose fiscal
policy" ~
Was he thinking then of the Labor Gov
eminent in Britain which foundered on the
rocks of a badly unbalanced budget? Was
he thinking of the German Republic which
bankrupted itself only to have a Hitler
arise on the ruins and erect a terrible die
tatorship? In his message last week, the
President said quite persuasvely: ~. =
History proves that dictatorship do not grow
out of strong and successful governments but out
OF weak and helpless ones. If by democratic meth
DDS, people get a government strong enough to
protect them from fear and starvation their de-
mqeracy succeeds, but if they do not they grow
impatient r.- -'..
Wherefore, the only bulwark of continuing lib
er1 is government strong enough to protect the
interests OF the people and people strong enough
ahq wei enough Informed to maintain its sovereign
coRtrol over its government.
Does such government exist in America
today? Has any government ever been
made strong by offering a policy which
threatens government credit? .,..~...,
Only the people acting through their
Congress now and throughout this year of
elections can save the American dollar and
the American democracy from the raw
ages OF unlimited borrowing and unlimited
spending. ....~.... .-...
Constructive alternatives have been out
lined again and again. They await action
now by New Majority in Congress.