| Show 9 i National Topics Topes Interpreted by William Bruckart National Press Building Wn Washington D C C. I Washington I have received a aletter aletter aletter letter from a reader In my home state of ot Missouri Our propounding a Public Debt v vcr very e r y timely Inquiry Inquiry Inquiry In In- concerning the public debt of ot the United States It Is IB timely for tor more than one reason rea rea- son The United States government operates on a fiscal year running from July 1 to the next June 80 and we are therefore Just about about- to close another fiscal year A secand second second sec sec- ond and reason why this Inquiry Is timely relates s to the size of ot the present public debt almost 32 32 Our public debt has surged hIgher high hIgh- er cr than normal during two periods of ot the tile last twenty years and the course of ot the debt therefore Is one with which most mature persons are more or less familiar But it remains as a act while most I people are Informed concerning the total of the national debt they have not had opportunity to learn exactly exact exact- ly what It means to the individual Treasury transactions as 35 a whole are arc rather difficult to under and since the sums in In which government government government gov gov- figures now run are so huge the general attitude of ot Individuals Indi- Indi is to let the thing pass as asa asa asa a matter for expert attention I It Itou ou ought ht not to be so The public debt Is a matter of ot direct concern to every everyone one of us and that Is a further further further fur fur- ther reason wh why the Inquiry mentIoned mentioned mentioned men men- above is Important I Save often won wondered whether r Individuals in considering whatever whatever whatever what what- ever obligations they have In the form of ot a debt take Into account the fact that the public debt Is actually actually actually ac ac- ac- ac I a commitment against you I I and me and everyone else Persons who have not so thought though of the public debt probably will willbe willbe i be shocked to learn that In addition addition addition addi addi- tion to their obligations that have been contracted personally there is something like which although although although al al- al- al though an Infinitesimal portion of the public debt constitutes actually an Individual obligation Therefore when any person looks at that vague and shadowy term the public debt In this light they cannot help but realize that it has hasa a very real and personal meaning to the Individual That enormous sum of nearly must be paid off oft as any other debt and the government must must collect collect It from everyone everone who lives In this country Again the public debt may seem seema a thing far removed but it Is brought home directly to each each- of ot ofus ofus otus us through the taxes we pay and In more wa ways s 's than most of us care to admit v fe e are contributing that tax So wh when n the government contracts a debt and arranges to pay It off orr the only way collection Is possible for the extraordinary amount Is by Increasing the e share of government expenses which each of ot us bears meaning of ot course an Increase In our tax In 1857 1557 the public debt was only In that year each persons persons person's persons person's per per- sons son's share was Some only 1 l. l With History the all advent vent of ot the 01 Civil Olvil v 11 war th the e government nee needed ed funds and began began began be be- gan borrowing a additional amounts until in 1866 the debt reached what In those days was a high figure figure- At that time each persons person's share was Good administration and sound financial l policies followed and the debt was reduced paid off oft until during the earl early the debt was reduced until each persons person's share was something less than 17 Continual retrenchment was carried carried car car- ried on until the World war interrupted interrupted inter Inter- the program and fresh borrowings borrowings borrowings bor bor- were necessary for tor prosecution prosecution prosecution prose prose- cution of that great conflict The borrowing of ot the war days carried our public debt to a new high point of ot on August The debt because It was a new peak looked insurmountable and It was dangerously high but through the administrations of or Pres Presidents Jents Harding and Coolidge the Job of paying off oft the debt was seriously attacked and this program eventually eventually ally resulted In n reduction of the debt to about during the administration of ot President Hoover Boover It was from this low point that the present debt burden has mounted mount ed and continues to climb The depression depression depression de de- de- de reduced government nt Income In come from taxes and left the treasury treasury treasury treas treas- ury with a deficit In two years o of the Hoover regime The result of ot those deficits was to increase the public debt because mone money had to be borrowed to pay current running expenses The borrowing borrowing bor bor- rowing did not appear car serious however however however how how- ever either In the last two years of ot the Hoover Boover administration or the first year of ot the administration of ot President ent Roosevelt because Mr Roosevelt had bad pled pledged cd the country during his campaign to economize In n every direction It was his promIse promise promise prom- prom ise that he would curtail expenditures expenditures expenditures expendi expendi- tures by one-fourth one and therefore make the outgo and und income Inome of the government go approximately the same Instead of or that course Mr Ir Roosevelt Roosevelt Roose noose velt cU Initiated l the present program o of expenditures In huge buge amounts The Tile first plan called for the use ot of vast sums for expenditure by tho the government In the belief that the paying out of public money would t 1 revive Industry and that Industry once on Its feet feet would again yield profit and that profit would in turn produce taxes for the government Then came the public relief programs programs programs pro pro- grams for tor which larger sums sums to to tobe be exact In one year and in an another ther year- year were appropriated and spent Thus we see sec In the last three years that the debt of oi the nation has grown grO from approximately to approximately and md each persons person's share as stated previously Is about Now the figures here set out tell much more of ofa a story than just that an enormous and Tell the the- I n com pre Story number o of t f dollars h have a v e been spent millions of ot them need need- lessly They tell more of a n story Indeed than Just the fact tact that within with in another year there will have been approximately more expended and that the debt then will have been Increased something like since the Roosevelt Roosevelt Roosevelt Roose Roose- velt campaign of ot spending began To understand the situation In which the United States government government government govern govern- ment and therefore the people find themselves it ml might ht be better betterto to picture what would happen to an Individual In the same circumstance nce Hundreds of thousands of Individuals als nIB are in debt but nearly all nil of or them seriously try to a avoid old getting in debt beyond their capacity to pay payoff payoff off their obligations If It sickness or poor crops or poor business or any anyone anyone one of ot many other afflictions overtake overtake overtake over over- take that Individual even though his personal debts might be liquidated dated under normal conditions he heIs Is well Is-well well he Just sinks Our government differs from that Individual only in the fact that Its citizens regard the governments government's credit as virtually limitless It can continue to borrow and people will accept government bonds In exchange exchange exchange ex ex- ex- ex change for their money for quite a n while But let us attempt to vIsualize visualize visualize alize In our minds mind's e eye e what would happen should our government be called upon to meet some extraordinary extraordinary extraordinary conditions that would be comparable to the loss of a Job by bythe bythe bythe the Individual who is In debt e It seems to me that the Roosevelt Roosevelt Roosevelt Roose Roose- velt administration has followed the thel l I latter a t t e r course on Too the 0 optimistic p fi m 1st I c Optimistic base entirely too optimistic i 1 It t tap tap- a ap appears p- p pears and has hns plunged this country too deeply into debt I do not mean to imply that government government government gov gov- securities are not good any longer Far Far fr from m It I maintain that as long as our money Is any goo good our governments government's bonds are arc good Yet It must be apparent to every thinking person person that we cannot cannot cannot can can- not continue to spend at the r rate te that marks the last three years I prefer as against the present spending policies the policies of or President Andrew Jackson Jaclson who fought always against excessive e costs o of government who demanded demand demand- ed consistently that the expense of ot government be raised regularly for each years year's payments and that there be a little extra put away for tor the proverbial rainy day when the government gov government was called upon for emergency emergency emergency emer emer- gency payments The policies of Andrew Jackson were so effective that during his administration In 1837 the public debt was wiped out and there vas was actually cash In Inthe inthe the treasury besides Supporters of ot the present spendIng spending spending spend spend- ing policies will say of course that the public debt of ot those days das was In no way comparable to that of 1930 That Is true but neither were the resources of the United States in those days comparable to the resources resources resources re re- re- re sources and the wealth producing capacity of ot the present-day present United States Likewise the population of ot th the United States In Andrew Anrew Jacksons Jackson's Jacksons Jacksons Jackson's Jack Jack- sons son's term In the White House was only a mere handful compared to the nearly o of 1 1930 1936 So answering the Inquiry as to what the public debt means menns to the individual citizen clUzen the answer must be bea a relation of ot the fact that his i l family's share as ns we start a new fiscal year in the government approximates ap ap- ap- ap 1000 It means further further further fur fur- ther that through one form of 01 tax or another that Individual is help help- lug ug to pay the Interest of more than every year ear It means In n ad addition that his government Is In a position for the first tune time In Inthe inthe the lives es of most persons now living Jiving where It would woul face extreme difficulty difficulty difficulty culty were It called upon to defend our country In war or meet a fresh emergency like that through h which we have been passing Lastly since government debts In n the United States are held beld to be honora honorable l debts and amt not to be repudiated none of ot us can avoid commands rom from that government in the future to o dig deeper and deeper In the tile old pocket for tor the payment of 01 taxes D Western Nesters Newspaper Union l |
