Show e National Topics Tonics Interpreted iH 1 f by William Bruckart Washington President President Roosevelt li is seeing the start of a 8 great national national na nit project that tha Roosevelt Roosevelt's Is for him the Dream realization of i a ad adream d dream rea m he ha has nursed for years His Ideas for Cor reforestation reforestation reforestation re re- forestation of or Idle lands have been beet enacted Into law that lumber requirements requirements requirements re re- of ot future years may bs be met Thousands of ot men are being drawn from the ranks of ot the unemployed unemployed In a score of ot cities clUes and are an receiving their training that the they as the Civilian Conservation corps Corp may go Into designated areas to replant replant replant re re- plant the forests that have been beet devastated by the over-encroaching over hands of ot Industry Mr Roosevelt looks upon the program program program pro pro- gram that may cost as much as as as work that Is made mad with a definite purpose and a definite definite definite nite value to the country It Is possIble possible pos pos- sible to employ men under the terms of the blanket authority given the President by congress Each man will be paid one dollar a n aday day and his keep he Is under disciplinary disciplinary dis dis- supervision of the army and Is fed and clothed on the same basis as the military man The theory Is that he can send most o of his pay back to his family thus relieving re re- relieving lieving local charity of that charge In purpose the reforestation movement movement movement move move- ment Is broader than Just the plantIng plantIng plant plant- Ing lag of new trees It Is s to be a scientific scientific the job In that engineers will consider consider con con- sider skier the area to be forested with t a aview aview view to prevention of ot floods and for fa forthe tho the checking of soil erosion or washIng washIng washing wash wash- Ing and for the utilization of ot lands the tho value of which for crops Is Is doubt doubted d. d The several units therefore therefore therefore there there- fore constitute a gigantic move for conservation of resources of ot a ana na nit national character and the program ata as at asa asa a whole bears the stamp of a relief measure for tor destitute citizens The President Is under no Illusion about the project In chats with newspaper correspondents he has bas made It clear that he realizes the total of unemployed to be given giver work Is only a drop in the bucket But he contends that even that number gainfully employed will wit have some effect on the general situation situation sit sit- nation and that they are doing r a useful work ork Advocates of ot conservation conservation conserva conserva- tion of national resources agree asree that the work Is useful yet among many others there Is a doubt as to the wisdom wisdom wisdom wis wis- dom of expending funds In this way In this connection some of the argument argument ar ar- argument used In debate on the legislation legis lation laUon may show the trend of ot thought It was declared for example example example ex ex- ample that an outstanding weakness weakness weakness weak weak- ness of the plan from an unemployment unemployment ment meat standpoint Is s the full time use of ot a limited number rather than thana a 8 part time or half halt time use of double the number accomplishing 8 a distribution of the work Such a result obviously could not be had If the work was In the forests and the workers away from home without without with with- out attendant expenses of at food and clothing for the larger larser number Considerable complaint has reached Washington about the methods employed employed employed em em- In recruit Recruiting ing lug the men for Criticized t the b e forestation work W 0 r k Officials charged with supervision of the work say however that objections and criticisms are to be expected and that their Instructions to the recruiting agencies naturally must leave some discretionary powers to the subordinates In addition to the red tape so usual in government affairs and not lacking In administration of the for for- program reports here Indicate Indicate Indi Indi- cate a tendency on the part of ot some recruiting officers to be dictatorial and to refuse to operate co-operate with local local local lo lo- cal charitable Institutions Corps headquarters here denies that local charitable agencies have hae not been consulted so 80 that the most deserving descry descry- ing lag Individuals may get a chance to Join oin the civilian service If it they de de- sire ire At any rate the picture of ot the great program for restoring the country's forests and providing work at the same time holds forth indications Indications Indications Indi Indi- of or trouble In fairness It ought to be said according to general opinion here that Mr Roosevelt has hus promoted a scheme of exceedingly high purpose e but that It Is of ot the character that permits extreme abuse e exactly as do so many Idealistic IdealIstic Idealistic Ideal Ideal- plans I have heard some of ot the Presidents President's nt's supporters In congress congress con con- gress ress express fear concerning the eventual reaction of the country to the plan That of ot course Is a political political po po- phase but It nevertheless points out one of the possibilities A few years ago It was quite the thing to Issue bonds to pay for tor public public public pub pub- lic Improve Improve- Bonds Bonda and ments States Treasuries counties cit cities ies ics tow towns town n s school districts road districts l levee ee districts drainage districts and very every other subdivision of government govern go ment nent was Issuing bon bonds with reckless reckless reck reek less ess abandon and antI making Improvements Improvements improvements Improve Improve- ments galore I J have been unable to obtain from nn any source an nn accurate us to the total amount of such bonds bond but without doubt they run Into a good many billions of ot dol lars ars But now the tho day of ot reckoning Is ts tsat at hand Bonds must be paid oil oft and retired by many communities or If it t the e principal la is not due there Is yet the Interest to be met And the treasuries are empty I ISo ISo So It was only natural that the theory of ot scaling down those debts should be examined and in consequence cone COMe quence of ot this Representative Wilcox Wll- Wll cox of ot Florida has Introduced In Inthe Inthe the house a bill providing for any subdivision of government to declare Itself bankrupt and ask the bankruptcy bankruptcy bankruptcy bank bank- court to help It arrange a composition with Its creditors There Is of ot course nothing new or radIcal radiCal radical radi radI- cal about that bill It presents the only way ou out both for tor the communities ties which sold the bonds during Its wild orgy of ot spending and forthe for tor forthe the Investors who acquired the bonds In the case of the comma community which bonded Itself the bankruptcy bankruptcy bank bank- court presents a way by which a part of the debts can be paid and the city's finances or whatever what what- whatever ever subdivision It may be can be arranged to meet new conditions In the case of the bondholder it is either go so along alons with the community In a operative co-operative spirit share part of ot the loss and provide a chance for the debtor to pay payout out or see sea the whole Investment go up In thin air With reference to the Wilcox bill I was told by a representative whose district lies within Might Hurt the city of ot New City's Credit York that enactment enactment enactment enact enact- ment of such legislation legislation legis legle lation would damage the credit of ot I that great cIt city People would fear feat that Its bonds also would become worthless or that they would have hae to accept a proposal for composition composition composItion tion of all claims each creditor takIng taking tak tak- ing Lag a proportionate share My answer answer an was that any person holding abond a abond abond bond of a city or county or road district school district or whatnot what whatnot whatnot not cannot possibly be so blind as to avoid seeing the true facts If the city of New York can meet its iti obligations it has It-has has nothing to fear tear if it cannot annot do so why should it try to kid people I mention New York as an example example example ex ex- ample and because there are a score of other cities In the same sit sit- nation They are not insolvent as long as the people can pay the taxes laid upon them People are not payIng paylag pay pay- Ing lag taxes however because they cannot do so In many scores of ot lo lo- So a thorough study of the entire situation would seem to force the conclusion that some legislation legislation legislation leg leg- such as the Wilcox bill but Is IB Inevitable The Wilcox bill proposes that when a community Is In default on Its bonds It may seek the aid of the federal court and negotiate an adjustment ad ad- adjustment which If it It t be acceptable to three-fourths three of bf the creditors calculated calculated calculated cal cal- on the amount of ot the claims or bonds they hold the other one one- fourth becomes bound by the court decision or affirmation of ot the agreement agree agree- ment The bill would compel the taxing district to make preparation In advance for raising raking revenue to pay ore oft the revised debt to give some assurance of ot final settlement But the Wll Wilcox ox bill Is s having its troubles In getting onto the greased g runways of ot favored legislation Despite Despite Despite De De- spite the fact that the theory of ot ItIs It ItIs itis Is precisely the same as the Roosevelt Roose noose Roosevelt velt theory about scaling down debts owed by farmers and by owners own own- owners ers of ot homes In town there has been no nod of ot Instruction from the White House thus far to put the legislation through Few people In the country recognize recognize recognize nize how many cities towns townships townships townships town town- ships and the va- va Hundreds rIous kinds of ot dig die in m Default h have a v e defaulted def defaulted de de- f faulted nul t e d on the payment of ot Interest or principal or both It Is a condition that now has affected more than communities and May and June will see enormous enormous enormous enor enor- additions to that total for tor in those months there are numerous bond Issues on which either the Interest Interest In In- terest or principal mature and the issuing communities are without funds to meet the obligations There are communities In 41 states right now where bond Issues are In default default de de- de- de fault tault and this appalling condition shows no sign of ot abatement Truly the politicians who campaigned campaigned cam cam- for such things and who claimed to be promoting great Improvements Improvements improvements Im Im- for the common good goodare goodare are no longer In a position to serve their communities From Erom pure curiosity I r examined e some of ot the statistics for half a dozen or more communities whose bonds are In default and they showed the amazing result of ot total bon bond bona Issues In one or two Instances that were as great as the appraised value of tho property In the whole community Theoretically you know a bond Issue of that type constitutes a first lien Hen Just like a mortgage on factories stores residences and other property of ot the community It ItIs ItIs Itis Is easy to see sec therefore why the names of those communities have been omitted from Crom this this' analysis 1933 U 3 Western Newspaper Union |