Show Culling Cuffing Down Dow Interest Paper enthusiasts in money congress congress con con- gress are reported to have found somewhat upsetting a bit o of testimony mon mony given before a 3 house committee commit commit- tee by Governor Eccles of ol the federal federal federal fed fed- eral reserve board He was speaking speaR speak ing of the familiar argument of the school that it is cheaper to print money than to borrow it iL He then pointed out that funds obtained obtaIned ob oh- tamed by th the government through the issuance o of United States notes greenbacks dating back to civil war days now days now cost the treasury per cent annually on account of ot the expense of replacing unfit unlit mon money as it is retired from circulation circulation tion and of paying shipping and in insurance in charges s. s By comparison son funds borrowed through the Issuance wu ance of ol day bills bills- sold sId at a discount discount dis dis- count to the highest bidder cost cast the treasury only per c cent nt Comparative cost ost is not the proper prop prop- er basis on which h to decide the theme me merits its of sound money oney as against pap paper r currency but Mr Eccles Bodes has made a neat nat rejoinder t to a a f favorite argument and incidentally called attention at at- n once more to the highly favorable fa terms on which the government government gov got is s now able to borrow v funds with which to meet its large arge emergency expenditures Of the national na lional debt outstanding nearly half halt now bears 3 per cent or l less s and the process of converting the highest interest Liberty bonds into new securities se securities se- se e- e bearing sharply lower rat rates is proceeding rapid rapidly The result is apparent in the service service service ser ser- ser ser- vice charges which the treasury is called upon to meet Since June 1930 when the government last succeeded suc Luc Luc- in balancing its budget the national debt has has' increased has increased in in round numbers from to 28 75 cent But the or or per cost of carrying the debt has increased increased increased in in- creased meantime only by 15 per pcr cent Interest charges for the current current current cur cur- rent fiscal year are arc est estimated mated at 00 This Is nearly less than the government paid in interest in th the postwar year 1923 New 1923 New York Times |