The Waterbury Democrat., 1938-04-14

and by the people.
 It cannot be disputed that the national income which was thirty eight billions in 1892, sixty-eight billions in 1887 is now running at the lesser rate of about fifty-six billions. If it can be increased to eighty billion dollars in the course of the netx year or two the whole economic picture will be different. Hundreds of thousands more peo- pie will be employed in private in- dustry, hundreds of thousands fewer will be in need of relief, and consumer demand for goods will be greatly stimulated. I do not set eighty billion dollars as the na- tional income goal. It ought to rise in the next decade to more than one hundred billions. I want to make it clear that we do not believe that we can get an ade- quate rise in national income merely by investing, lending or spending public funds. It is essen- tial in our economy that pri- vate funds be put to work and all of us recognize that such funds are entitled to a fair profit.
 Public Improvements
 (B) ask for a renewal of Pulp lie Works Projects. I believe that the expenditure of $450, ,000, and the granting of authority to loan up to $1,000, 100000 to states and their subdivisions, vast number of well thought out, need- ed and permanent public improve ments can be undertaken this summer and autumn. I believe that the aid of the federal gov- ernment should be put in optional form-either the existing method of 45 per cent and 55 per cent loan, or the advancing of the whole sum as loans to staets and their subdivisions without in terest. Under such a plan the federal government would assume the payment of interest and the borrowing authority would assume the payment of the principal by amortization or rental.
 Under either method the ulti- mate cost to the federal govern ment and to the staes and their subdivisions is approximately the same.
 It is my thought that the total ultimate out of pocket cost to the federal government by eiher or both methods should be limited to one billion dollars, and further more that no loans or grants should be made on any state or local projects which cannot be started within six months, of the date of the enabling legislation, and completed within a year or a year and half from the com- mencement of work.
 co I recommend the appro- priation of $100,000,000 to the Bu- reau of Public Roads for high ways in excess of the amount I have previously recommended in the budget for the fiscal year 1889, but I request that this addi- tional amount be used only for projects which can be definitely started this calendar year. Flood Control CD recommend an appropria- tion of $37,000,000 over and above estimates for the immediate un- dertaking of floor control and reclamation works to be expended on projects already authorized by this or former congresses. (E) recommend the appropria- tion of $25, 100000 additional for federal buildings.
 A summary of these recommen- dations falls into two categories: 1. Expenditures from the Treas ury for work:-
 Works Progress Ad- ministration .$1 ,25O, ,0O0, 900 Farm Security Ad- miniStration .... 75,000, 900 National Youth Ad-
 ministration .... 75,Ooo,oOo Civilian Conservation Corps ........... 5O,oOo.OoO 1 Public Works Ad- ministration ...... 45O,OoO,OoO Highways ......... 100000, ,000 Flood Control ....... 37,000,0 Federal buildings ... 25,000, 900 Totals .......... $2,O62 ,OOO, ,00O 2. Loans from the Treasury for work:-
 1 Farm Security Ad-
 ministration ...... $1oO,oOO,oOO Public Works Admin
 istration ......... 55o,ooO,OOo United States Hous- ing Administration. 100000, 900
 Total ............ .$950, ,0O0, ,OOO
 It should be noted that state and local public works undertaken on a loan basis instead of loan and grant basis will reduce the item in the first classification and increase the item in the second classification.
 Increased Income
 Let us unanimously recognize | Al.a %ook kI.m< At.A NA<lnNa1 delAk