Milford chronicle., 1950-04-07

quite buy this attractive package II seems
~ rest upon ihe assumption that vigorous
rate oi economic growth h inherent In our
business system no matter what you do iO n,
and 20 overlook quite dseemible impedimenlH
70 ihhi rate Of progress which are injected
bY ihe proposed economic and fiscal program
Itself" lie warned that the rising national
debt resulting from government spending
bftohdalne0ne contains possibilities 0f ap-
felffailng imitation Or a rising uncertainty
ha i0 the stability Of the dollar Itself" Aud
De- said 4 WAS amazing that The Councils
report. pnfp0Hfd 80 be- serious economic
document" had nothing 10 SAY about The
problem Of management 0f The national debt
Ia one 0f bis NeWHWeek columns, Henry
llaKlit disputes M. Truman'a arguments 10
ihe effect ihhl our present rate of spending
j. necessary in lhe interest Of prosperity, an
expanding economy, high employment, and
the public welfare. Indeed, in Mr. llaglitl'a
tieN. Mf Truman is exactly 100 per cent
wrong 10 wrote, "Mr trumAnR b0u0uel
~ fhilheies stems from looking solely al what
uhf expenditures DO 0r appear t0 do for those
a. whom they are given, lie fOrgeA that a
government cannot give anything 10 Paul
without taking Il from Peter IN brief he
completely f0fRelB the American taxpayer.
What is most 0min0us Ia that The preai.
dent 40 longer seems 90 consider deficits any
thing 10 worry about Mr. Truman nnd
hih advisers seem 10 believe that they can
keep q perpetual boom going by perpetual
aeifii financing and perpetual imitation, And
That belief. hs experience shows, has always
ended ~ disillnHi0n aud disaster"
Opinions Of this nature could be- quoted
almost hd inilnilum. IN some quarters, II IA
nov felt that the solution 10 runaway debt
and the possibility Of extreme imitation, liea
in return 40 the gold standard. under which
Lfs taa seatN
demand by the owner. This has been urged
by the National Chairman Of The Gold
standard League Of America among others
Ia his view. when We have redeemability
there is a check on deficit spending
People hee u going 0n, and knowing full well
that a is possible only by issuance Of bonds
aud paper money which add 20 the supply
81 money and credit. diuting tho value Of t.
prefer 10 redeem some Of the paper currency
in gold and gold coins. Ia which they have
Neil-i0uhded confidence. That lights uD the
danger signals al over the country, telling
Congress 70 80 slow, 10 authorize only OK
pendhufes tO a total within tho amount
which The people viii and can pay In taxes"
The difficulties involved In avoiding do
heii financing. and in returning % gold
standard. are. Of course, very preAt Mr.
Truman and his principal advisors are np-
phrentlg convinced that return 10 A bal.
anced budget, along with substantial cuts
in Federal spending is neither practical nor
desirable FOR several years 10 come. The
whole weight Of the Administration IA now
aoIdly behind his budgelary proposals. and
his deficit theories. Those who oppose those
theories probably agree with The view OK.
pressed by the First National Bank OF .BoB.
Ton when u said. Ia one OF Its publications.
'IAe only hope for preserving national sol
tenet q an aroused and informed public
that b determined 10 safeguard our natlonal
security against the unwilling assaults from
within"