The Wilmington morning star., 1947-02-12
Letter Boz
SOCIAL SECURITY
To the Editor:

States to provide more .5 sson 4,
unemployment Insurance. s0squs..'
by extending the N III
than 1l,Ooo, 900 new w9S % no.,
tipping benefits and drs' I'D
payments these new wor s.oa q
ing grouped as follows, a ,a b,
In small firms, 2.8o0.NN s@M
Local loo government workers rae nd
600 agricultural wor, zM.
1900 900 domestic workers ra
AS a justification for III.
ENDED coverage it was poin 1.s .''
that some $1,000, OoO. 900 'i b,5 "t
accumulated in State 1n :a zen
ment funds. North CaroIin. . a'S
slzaole amount in this so. III
State unemployment fund. l .,
truth is that there is no spc W. d.
put merely a credit arrsns. NM
with the U. S. Treasnrv s'Hs't
So -. >. bonds held by 4.
which bonds bear jntsT..saa
bonds held by individuals ~ 1t
employment tax paid BY n. t.s u
ployers is turned in TO +bs m
Treasury and paid out in
operating expenses, which n'
that there are no funds ,cc" ssi
lated or otherwise except !, ~.
form o. IOU's issued by IN.
treasury to the Social Ss,v.s
Administration. 9
I have no disposition 10 i,i...
suspicion as to the payment n '"
employment compensation ~ I'
ployees now covered or ,bo,. en-
be covered under the 'mors
quate' unemployment ;n,rrs"
proposed as aforesaid Or J,rr,.s
10. Ny sole desire is 10 BE- t...'.,
and realistic. All there is bsb;".
tnls Who!e social Security program
as security is the sovereign powr
Of the Federal government IN low.
and collect taxes, as The t,ys,
heretofore collected hay. h..,
converted into the general fund n
the U. S. Treasury and expended
in operating expenses. All that -,
mains is the obligation of the rsd.
eral government 10 pay the boni,
held by the Social Security Al,
ministration against the Social 4.
curity taxes heretofore paid nv
employers and employees. So M,
forget Accommodations" and
factual by speaking Of "~accunr.
lated U. S. obligations held Nv
the Social Security administration
And furthermore, let's remenbr
that while there is no Likelihood
that the power to levy taxes will
not always exist. there is a def.
mite likelihood that there will b,
as there has heretofore been,
great difficulty in collecting IN,
taxes levied. Well within In
memory OF the average middle.
aged man were there reduced and
in some instances actual elimin,.
ton of essential activities on the
part of the state, county and mu.
nicipal governments because Of in.
ability to collect the taxes levied,
Even schools and hospitals wei,
closed, and it can and probably
will happen again.
But you say such cannot happen
to the Federal government. Tho
only power the Federal govern.
ment has that is not possessed by
the governmental units mentioned
is the power "to coin money, regu.
late the value thereof. -" which
If cludes the power to issue cur.
rency in the form of printing-pr.H
money, a resort to which is a con-
fession of national bankruptcy.
No, a GOV eminent owing som.
S270, 900. 600, 900 is entitled to a sur.
cease from additional drafts upon
its credit. We're l q member Of
the National Congress l would not
vote for an additional commitment
on the part of the government I'm.
til the budget is balanced and 1
substantial reduction in the nation
al debt is made. Half Of the asset
of the banks and til e insurance
companies of the country consist
of U. S. obligations, to say nothing
o. such obligations held by ind'
viduals. Granted that other mat
tiers need the attention Of tho
National legislature; but the first
and chief duty of that body now
is the control of our national f.
nances. Furthermore, | would not
as a state legislator vote for an
additional undertaking on the part
OF the state that involves aid from
the Federal government. Now II
the time to stop riding the FED.
eral government from and at all
levels. Let's have actual not social
security by preserving the IL
na1cial integrity Of the nation
The highways of history are liter
ally cluttered with government
Wreckage resulting from loose
fiscal policies. Our social security
program would become a deluSm
and mockery if the financial h /
tegrity of the nation should oeN
stroyed or seriously impaired ID
short, let's meet the commune"
already made as best we nh
but not make additional cor1nP
ments until We are currently 40.
to meet them. And this gosi :"
Federal aid to schools, healtn' ur
employment Insurance coyef'N
or any other project ho"''@
worthy or deserving.
JOHN ". HEsTl'
Raleigh, N. c.