Evening star., 1939-01-17

to our future.
Would Avoid Disaster.
If the path of greater and greater
debts leads to another depression
let us avoid the disaster before it
is too late.
We are told by our leaders that we
must continue to add to our debts
in order to have prosperity. I ask
you not to accept without analysis
and mature consideration the seduc-
tive theory that prosperity comes
from debts and deficits. 1 ask you
especially to reject the suggestion
of Chairman Eccles that debts may
not be paid. To do so would be
merely to deceive ourselves. Amer
lea has always paid her debts. She
did so after the early wars of the
Republic. She did so after the Civil
War. After the World War nearly
one-half of the debt created was
paid, until further payments were
interrupted by the depression. We
are an honest people We know that
If the Government does not pay in
an orderly way its debts, the citizen
will not pay his debts, and financial
chaos will result.
or course it will take a long, long
time to pay down the debt we have
so recently incurred. and many bill
lions of dollars in interest will be
paid out of taxes before a gradual
repayment can be made The pay
ment of s500,00000O each year. as
applied to the direct debt only, will
take 56 continuous years to paw It
down to where it was in 1888.
In considering the promises of the
easy ways to return to prosperity
that are offered to you, ask YOU to
remember that the lessons of expe-
rlence are more dependable and
sound than the advice of new proph-
cts who proclaim theories that are
directly contradicted not only by the
experience Of ourselves, but by the
peoples of all other lands through
out the history Of civilization who
have tried these attractive schemes
OF spending and borrowing. It is
still true that debt must be paid
1t Is still true that high taxes are
oppressive and still retard business,
increase unemployment and increase
the cost of living. It is still true
that pro1igate relief creates abuses
that will undermine the morale OF
the people. 1t is still true that
society cannot lift itself by its own
bootstraps by continuous spending
IN excess of revenue. The sooner
that you, the citizens of America,
and we, the lawmakers, take a re-
allstic view OF our problems, face
with courage and fortitude the con-
dltions that confront us, and elimi-
nate waste and extravaganza in
governmental expenditures, the
sooner we will enjoy that genuine
prosperity to which this great Amer
ican Republic is justly entitled.
Speaks as Business Man.
am speaking to you tonight as
simple business man. In this day.
when the brain trusters have so
much to say about our Government
at Washington, I am attempting to
present to you the viewpoint of one
who believes that after all is said
and done that the simple virtues
OF thrift and industry are just as
vital today for our success as they
have been in the past In providing
the foundation on which our great
American Republic has made
progress - an advancement - never
before attained by any other nation
or any other people.
1t is evident to me, as I think
it must be to you, that the inspira-
ton for gradual retrenchment and
elimination of waste and extrava-
gance here at Washington must
come more from the people them
selves. AS our democracy is ruled
by our citizens, this is as it should be.
1t is evident, too, tina" any re-
trenchment program will meet with
active resistance from those in high
places. For example, when at Bos-
ton I suggested program for
gradual approach to a balanced
budget, Chairman Eccles denounced
this by saying: Il am convinced
that your program is not only
defeatist one, program of retro
gression and not of progression, but
it would jeopardize the salvation of
democracy"
know, and we all know. that the
budget cannot be balanced ir1medi-
ately. We have gone too far for
that, but we can start now to make
gradual approach to a balanced
budget and give this assurance to
the country.
AS one who for three years has
been chairman of the Select Com
mittee on Investigation of Execu-
tive Agencies of the Government,
wherein 1t has been my duty to
investigate all the operations of gov
ernment. let me say that regardless
OF what any one tells you to the
contrary, there is great waste in
the vast bureaucracy at Washing
ton, that there is much overlapping
OF activities, and I assure that
great sums can be saved by elimi-
mating such waste and duplicated
effort without impairing the true
and proper functions of government.
We will make a start, and a good
start, by eliminating waste. sav
that all squandering is waste. I
think it is waste, for example, to
borrow money to count trees in
Cleveland, or to count chickens in
New York-waste to teach the fan
dance with Government money,
waste to stage Communistic plays,
waste to build bird nests for birds
whose ancestors had been building
their own nests for some centuries.
and waste to expend $4,000 upon
the building of doghouses with bath
tubs and curtained windows.
1t is characteristic of those who
desire this spending to charge that
those Of us who believe waste of
public funds is never advisable, and
may easily have dire consequences
that we who fi1ht a1ainsf asadlaes