Show NEW DEAL HIT IN CLUB SPEECH Banker Criticizes US U.S. Spending Policy An attack on the spending policy of ot the new deal was sas delivered Thursday Thursday Thurs Thurs- day by Orval W. W Adams vice sice president president president dent of the Utah State Stat National bank during the weekly luncheon meeting of the Kiwanis club at the Hotel Utah Relation Between Spending and Security was the title of the bankers banker's address Its theme was was vas his co contention conten contention teil- teil tion that economic law cannot be Violated with impunity the government already proved the fallacy of brushing aside private business and att attempting to todo todo todo do a job that is already doomed to failure Mr Adams asked B By what logic can we assume that the billions to come are going to be more effective than the billions we ve have already spent pent Will ViII government spending ever cr solve the problem Are coming coming coming com com- ing to the understanding that industrial industrial industrial indus indus- trial recovery will come only and if it private enterprise is restored In answering his own question Mr Adams warned of the dangers of in The government now has control of our financial system It can place Its own on value on the money it issues ss es and the volume it il issues That is what certain foreign countries countries countries coun coun- tries did wipe did wipe out indebtedness by bya a stroke of the pen They issued money back of which was no collateral collateral col lateral or security except the power to tax their people the people the only course coure open to any government that borrows beyond the the- limit which in the final analysis is the income of its citizens Mr Adams declared that some thoughtful men believe that port has already been reached and unless unless un le less we put an end to this ex excessive sive borrowing and plunging into unheard of ot exper experiments and arid unless we adopt a sound system of a balan balanced ed budget we cannot escape the disasters that have befallen every nation that has ba toyed with the s same me kind ind of ex experiments ri- ri ments Motives behind the governments government's spending policy are not open to question ques tion lion Mr Ada but said id the policies should be criticized I |