The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1938-07-25
NEWSPAPERS OPINIONS
BANKRUPTCY OR SANITY?

Billions of dollars are being turned loose on
public works projects in the name of federal
grants" from the government We all glad to
get it and rightly so, because it is our money
which is being granted whether we like it or not
But the impression has been created that all of
this is free" money that will not cost thing In
sense and for the present, it will not, but in the
long run it will cost and cost plenty
Under the title ''When You Read" DR.. Thorn
we'll Jacobs, president of Oglethorpe University,
writes in the Atlanta Georgian
These headlines sound good: 'Deluge of Spend
ing Bringing Prosperity Georgia Millions of Dol
lars Being Poured Into Civic improvements .
Thousands of People Getting Work and Wages.
Federal Government Estimates 81 Million Dol
lars Will Be Spent in the Next Year in Georgia.
Gigantic Program. Federally and Municipality
Financed, Totalng More Than $780, 600 Started
in Atlanta
But: Half of these millions borrowed Cor
printed) )by Uncle Sam. Georgia's share of these
deficit borrowings is about 100 million dollars
mostly wasted spent in competition with local
business-all of which she will have to repay by
the sweat of her brow repudate. Her net loss
on the transaction is, therefore, about 60 million
dollars This is the New Craftsmanship. Twenty
two and half million dollars of this will flow into
and as million out of the pockets of Atlantans.
Doubtful states of course, will fare better Rather
expensive poll-priming-for US.
when you read that nine million dollars are
given this city that 80 million dollars allot
ted state for that-control your emotions. You
have not even gotten your share of the plumber.
All that has happened is that the Federal govern
ment has burdened you and your children with ad-
ditonal loads by robbng the savings Of its prudent
and thrifty citizens to bestow them the impru-
dent and waStefu
THE transfer of private property from indvldu-
ais to politicians by of cOniscatory taxation
goes merrily on. Government is even going into
the real estate business and labor leaders Jabi-
LIANT Will they be so happy when the tax money
gives out and government begins to tell them
when and where to get off? Then who will offer
work to whom?
Secretary of War Woodring says present
troubles are small compared with those Of lS6O-G5.
He probably meant men.
Or J. K. Mccain thoughtful president of Ag-
mes Scott college, is worried because Federal DOM
nance of education appears the horizon. He
NAV well be- Our southern Democrats and adopted
Georgia president are busy wping out every indl-
yidual thing and person in America. They know
that the United States cannot exist half individual
and half socialistc. Cheer up, Doctor. you'll be
accredited from Washington soon.
If you are gambling on the stock market be
careful Remember what will happen just as soon
as the poll-priming is over. More debts, higher
taxes smaller earnings failures, lower values
''Mr. William McChesney Martin, Jr, newly ap-
pointed president of the New York Stock Exchange
predicts return to normal times. Similar to
those which prevailed in 1928 Mr. Martin is right
We are going back to normal times just as soon
as the Federal government goes bankrupt, or sane
but they will not be similar to those of l92s-
unless he refers to Germany.
Uncle Sans economists expect Uncle Sam to
be spending 800 million dollars of his childrens
money each month by the end of the year. He is
printing not earning such part of this as he cannot
take from his chdren's pockets. This is called hu-
mantarianSm shelby Star