Evening star., 1938-04-17

still more may be put into circulation by
the Government. 1t is too early to say
more than that Washington is seriously
weighing these proposals.
But even if the total pushed out is no
more than $4,000, 900 900, it is a striking
sum. If We estimate the total income of
all our people, exclusive of this relief and
pump-priming income, at $50 900, ,O00 900
in 1889, $4,000, 100000 spent by Uncle
Sam will mean direct addition of g., per
recipients, another 81, per cent. The diff
Guilty is that no one knows Just how often
such money is spent or turned over before
it finally comes to rest
The American people have had so many
shots in the arm that they have become
inocculated to the billions germ Not merely
congressman, but. unfortunately, news
paper writer's and readers. are unimpressed
by procession of zeros following a dollar
sign We keep track of the coins in our
change purse, or a household budget, but
We rely on others to keep track of the
public debt. Penny wise and bond foolish.
How much is 81 900 100000 to you and
me? Or. to put the question in everyday
terms, how long would it take you to spend
81 900 100000 if you never went to sleep
and spent 81 every minute of the day and
night? Could you spend it in a year or
two? Or maybe three? 1t that's what
you think, you are wrong For, starting
to-,
through the last of 100000 900 in the
middle of the year 1899 A. D. 1t would
take you 1901 sleepless years to spend
$1,000, 100000
$40 Minute-19O Years.
So, if some multimillionaire Brewster"
were to give you just a few hundred
millions, you'd have a hard time spending
it all. Even at the rate of $40 minute
it would take almost 100 sleepless years to
spend 81 900 900, 900, and at the rate of $l0O
a minute, day and night, 10 years. It is
therefore apparent that when Federal ex-
penditures run to $1,000 600, 900 per annum,
that's some spending, and a public debt
of over $4,000 900 900 is plenty, regardless
Of what they tell you the per capita debt
is in England
The Lincoln Memorial is a splendid
structure. Built when prices were
high, it cost, with its approaches, about
S3,000,000. Four billion dollars added to
next years budget would be enough to pay
for 1888 such Lincoln Memorials. When
the billions are spent, do we know or care
what we'll have to show for them?
How will the Government meet these
vast expenditures? It hasn't so much cash
lying around loose, and so must borrow
heavily
AS for the cash, when Mr.. Morgenthau
was asked to look over the Treasurys daily
statement the first thing that struck his
eye was an item: Assets, gold, $780,
100000" That looked like lot of bull
lion, but most of it could not be touched,
because it represented the reserve against
outstanding currency and bank deposits.
Quite bit of the gold, however, could be
used. as well as handsome nest egg rep
resenting silver imitation Finally the
Treasury always keeps on hand a billion
or more Of cash and deposits In banks.
How 1t All Adds Up.
Mr. Morgenthau would therefore lot
down on his desk pad the following SPEND
ing power on hand:
Exchange stabilization fund
idle portion) 81 800. .0O0. 900
Inactive ("sterilized') gold 1888 ,000. 900
Remaining gold profits from
1884 juggling ---,- $4,000, 900
Treasury working balance"
dncluding 100000
eold> ----------------- 1905. 900, 900
Silver bullion, representing
as yet unused Treasury
profits to date on the silver
program, about 777,00O,000
ounces, having q silver
certificate" value Of about 1902 900, 900
Total spending power on
hand IS, 435 ,o0o, 900
Not counting such devices a. further re-