The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1938-04-26
NEWSPAPERS OPINIONS
"A POLICY OF BANKRUPT STATESMANsHir

"A POLICY OF BANKRUPT SlAlhomAi'o
The proposed new spending program by the al
ministration is not to be opposed for any cohSoeia
ton except that which is dictated by CAIN ahc uii
impassioned reason. '" .9-. t.t.'
Prejudice and passion and politics have no place
in this equation.
And the president, in his statement to congress
and to the American people, in support OF. t.iS
project deserves to be heard fairly and honeStiy'
We face conditions again and not mere theorieS'
and the facts should be given the right-of-way not
hypothesis, rhetoric nor merely impresslonistc
speech. = e.. g.. Il
If spending is the way out, then spending shouia
be the way followed. a# Hs =, .
We do want out. America is in deep distress
about itself 1t genuinely is eager for recovery
and for sharp halt to be called to this period OF
increasing recession in business.
If further saturation of the nations purchasing
power by another bacchanaian orgy OF 1edefai
spending will turn that trick then We ought TO De
for it, as definitely delicate and dangerous as that
major surgical operation might be on the patient
But will it work? That's the question.
Will the inflow of another three, four or hVe'
billion dollars of government money, which IS all
wapS non-creative and positively parasitic money
into the currents of trade and commerce and Dusi-
ness and industry break the jam?
On the basis of precedent, there is no assurance
that it will! -.,. .a,. ,a:.. r.. .....
We had better be realistic about these matters
Hopefuness and wistful thinking doesn't help in
crisis. , 1872, rs.." ' ... .
The proponents of the new spending argue that
our present recessionary troubles ensue from a
stoppage or shrinkage of federal spending last
year.
The facts warrant such premise.
The facts as to federal spending since 1880,
year by year, are these as authenticated by Sen
ator Harry Byrd, the expenditures for soldiers
bonus and appropriations for recoverable loans be-
ing excluded: .r
1930-Three billions, 300 millions.
1931-Three billions, 600 millions.
1932-Three billions, 900 millions, CATER de-
Quoting 500 millions subscription to the RFC)
1933-Three billions, 400 millions.
1934-FVe billions 100 millions.
1935-Six billions 400 millions.
1936-Six billions, $40 millions, (after deduct
ing one billion, 700 millions for the soldiers bo-
NUS .f. .. -. o.
1937-Seven billions 400 millions, CATER de-
Quoting $50 millions for the soldiers bonus.)
For the year ending July l. 1888, the revised
budget announced as of October 10, 1887, totaled
7 billions 345 millions. Since then additional
relief appropriation of 250 millions has been pass
ed, making total of billions, 600 millions. II
We then add the other additional appropriations
enacted and to be enacted by congress for this
fiscal year. the expenditures for the year 1888,
exclusive of debt retirement will amount to about
8 billions of dollars, and this is 600 million dollars
more, exclusive of the soldiers bonus, than the
next largest fiscal year-the year of 1887.
Upto the first of this month the government had
spent total of $5,676OO 900 during the current
fiscal year. That is larger figure than the figure
for the same date of any year since Mr.. Roosevelt
has been in office, and the largest figure for that
date in the whole peacetime history of the United
States. -.
Based on the actual and provable facts, there
FORE federal spending has not produced economic
recovery neither has showdown in such spending
brought on the relapse of the original collapse.
The proponents of this spending frolic have
clearly no ground upon which to stand in reciting
precedents and those who refuse to learn in the
light of historic and rrefutable logic only have
eyes that see not and minds that understand not.
Manifestly, therefore, for the nation to re-ex-
pertinent with policy that has proven itself to be
futile and foolish and ineffective is, to let The New
York Times express it. "the policy of bankrupt
craftsmanship. "-Charotte Observer. ~ .... .