The Waterbury Democrat., 1938-04-15
Shoots Millions Of
 Idle Gold Into Plan
(Continued from Page D

COueIcSS Adot AASAV OACSVAJ w AAN people.
 "You may get all kinds of impress sions," he said, "in regard to the total cost of this new program, or in regard to the amount that will be added to the national debt.
 "It is big program. Last autumn in a sincere effort to bring govern ment expenditures and government income into closer balance, the bud get I worked out called for sharp decreases in government spending.
 "In the light of present conditions those estimates were far too low. This new program adds $2,062, ,000,- 900 to direct treasury expenditures and about $950, ,O0O, ,000 to government loans-and the latter sum, because they are loans, will come back to the treasury in the future.
 "The net effect on the debt of the government is this-betWeen now and July 1, 1939-15 months away the treasury will have to raise less than $1 1,500, 0,00O,0 900 of new money.
 Net Not Give concern
 Such addition to the net debt of the United States need not give concern to any citizen for it will return to the people of the United States many times over in increased buying power and eventually in much greater government tax re- ceipts because. of the increase in the citizens income"
 To MT. Roosevelt's estimate of $2062, 100000 of direct expenditure and $95O 100000 of treasury loans is added $1,500,O00000 of just-au- thorized REC loans which MT. Roosevelt included in his recovery program as outlined in yesterdays message. That completes the aggre- gate of a $4,512,000,000 lending spending campaign.
 A total of $3,880,000, 1000 will be available for lending. It was esti- mated that each dollar injected into the credit structure will have a credit worth of $10 thus providing for & potential credit expansion in the new program of $39,000, ,000, ,000.
 Not Like 1929
 With a reassuring word that "this recession" has not returned the na- tion to the disasters of 1929, MT. Roosevelt explained that banks now are safe, agriculture is not deeply distressed, market speculative dan- gers have been minimized, national income has almost doubled since 1882 and the government has &C., cepted permanent responsibility for relief.
 His immediate objective is to lift the national income in the next two years from the present rate of $56,- 900, ,000,0O to $80, 1000, 100000 year. But beyond that period his objective is $1O0,0OO, 100000 annual national income.
 T came to the conclusion" he continued, "that the present day problem calls for action both by the government and by the people, that we suffer from a failure of consumer demand because of lack of buying power. It is up to us to create an economic upturn."
 Outlines Program
 And then outlining the lending spending program earlier presented to congress, MT. Roosevelt said the gold nest egg would be utilized to pay the extra relief bill which he estimated would be utilized to pay the extra relief bill which he esti- mated would cost approximately $l,- 250, 100000 more than the $1 ,000, ,000,- 900 budget estimate of last Jan- uary. His new estimates indicate that after congress has appropriat- ed $1,250,000, 900 for unemployment relief for the next fiscal year from July 1 to Feb i, 1889, it is likely another $750,00O,000 will be sought of congress next winter to carry the burden during the final five months.
 Beyond the needs of unemploy- ment relief itself, MT. Roosevelt outlined in simple language the pro- gram for PWA and allied under takings to provide new work over and above the continuing of the old work"
 To Provide New Work
 "First," he said, ito enable the United States housing authority to undertake the immediate construc- ton of about 0,000,000 of ad- ditional slum clearance projects.
 Second, to renew a public works program by starting as quickly as possible about $1,OO0, ,0O0, 900 worth of needed permanent public improve ments in states, counties and cities.
 Third, to add $100 000, ,000 to the estimate for federal aid highways in excess of the amount recom- mended in January.
 Fourth, to add $37,000000 over and above the former estimate of $63 100000 for flood control and reclamation.
 "Fifth, to add $25,00o,OOo addi- tional for federal buildings in vari- ous parts of the country" Protect Liberties
 He said he proposed his program to protect American liberties, ex- plaining that democracy has dis appeared in several other great na- tions, not "because the people oi those nations disliked democracy but because they had grown tired ot unemployment and insecurity, ol seeing their children hungry while they sat helpless in the face of gov. ernment confusion, government weakness, through lack of leader.