Milford chronicle., 1938-05-06

! market in support of the enormous
spending program proposed by the
President.
At the outset the question natur-
ally occurs that If spending is the
answer to the present recession
why did not Mr.. Roosevelt make his
proposals to the Congress when il
met last November? The depression
was upon us-the time to act was at
hand. Surely the government credit
was as good then as it is now. The
| Congress was then as cooperative
with the President and as sympa-
thetic to any legislation which he
might have then submitted as it is
now. II the President sincerely be-
| lieyed i'm the efficacy of pump
priming program. why didn't he
start at that time when. If he is
right. it would have saved the jobs
Of hundreds of thousands of work
ers and brought on at once the
prosperity which he now promises.
! Perhaps the answer may be that last
/ November was not the time to en-
gage in such a huge spending pro-
I gram because the Congressional
elections of 1888 we're still twelve
months away. The very fact that
this spending program is brought
forward at this time. with an empha-
sis on the necessity of spending
during the next seven months leads
inevitably to the conclusion that the
President and the New Deal are far
more interested in "priming the
polls" than ''priming the pumps of
recovery"
In that respect | speak advisedly.
The fact that the President in his
message proposed an additional 3
hundred million dollars for the Uni
ted States Housing Authority to be
spent Immediately recalls to mind
that last August Congress created
this agency with power to raise 5
hundred million dollars for slum
clearance and low cost housing con-
structiOn in a three-year period. One
hundred million dollars was made
Immediately available with two hun
dred million dollars more to be
available on July l next.
II has been seven months since
that legislation became law. the
same seven months of the Roosevelt
depression. Five months have clap
sed since the appointment of an Ad-
ministrator of that Act. Certainly
we might reasonably expect that at
a time when building trades workers
were walking the streets looking
for jobs in vain" such a program
would be made speedily effective. In
deed one would suppose from the
Presidents message of Thursday
that the program had been rushed
and that more money WAS needed.
Actually. not a single project has
been constructed under that pro-
gram, not a brick has been laid. not
shovelfull of earth moved. not a
single mechanic has been given
work.
Moreover. so far not dollar has
actually been advanced to a city or
public housing authority. Seven !
months have been spent In allocat-
ing the funds. earmarkiDg the !
money and issuing press releases |
hlorifying this most recent New |
Deal bureau. Strangely enough. the |
program of building houses and |
clearing slums is expected TO get |
under way this summer or fall But |
let us pass the motives that have
caused the President to delay his
until this time. They are,
after all. of only secondary impor-
tance. Our real concern lies with
the plan itself.
There are but few in this country
who sincerely believe we can spend
our way to prosperity. There are but
few who do not realize that if ii is
possible to pull ourselves a little bit
from the bog of economic depression
by our own financial boot straps
that the laws of gravity will in short
order sink us even deeper into that
bog. Surely there is no one who
thinks we can continue to have
those things which formerly we ac-
Iuired by the fruits of our labor un-
der a system by which we simply
ielay the day of reckoning by set
Ting up a charge account against
ourselves. There was a time when
he President clearly recognized
.hese basic truths. Who more often
condemned the relatively small de-
icits of the last Republican admin
stratiOn than he? Who has more
,ften promised to balance the ma
ional budget? Who more clearly ha
Ieen the danger of profligate spend
ns? He recognized that such a pro-
,ram would undermine our national
financial stability when he said:
ANY government like any family.
an for a year. spend little more
money than it earns. But you and
NOW that q continuation Of that
labit means the pOOrhouse.
He recognized that economic dis
ster would follow for every indiv-
dual, as we'll as for the govern .
lent, If such practices were carried
ut. In his message to the Congress
n March 10. 1888. he called atten-
lon to the fact that for the four
ears ending with 1884, we would {
have a deficit of five billion {
ollars. Apparently viewing such
with sincere alarm he as
erted: with the utmost serious {
ess / point out to the Congress the |
rofound effect of this fact upon the {
ational economy. II has eOntribut- Z
4 to the recent collapses of our I
anking structure. II has accentu- {
ted the stagnation Of the economic |
fe of our people. It has added to
lie ranks of the unemployed" /
He recognized more than a threat I