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Show TAXES STAND IX j THE WAY. j The weight of taxation is likely to be the most definite barrier to speedy and complete recovery. At the moment, mo-ment, according to the New York Times, the national debt is $23,000,-000000 $23,000,-000000 an almost inconceivable sum, that must eventually be paid from the earnings of business and individuals. in-dividuals. Recent appropriations, a detailed report of the National Industrial conference con-ference board points out, may amount ! to more than half of the 'indebtedness now outstanding. This is not a criti- cism it is simply a fact. The public , works bill embraces appropriations 'totaling ?3, 150,000,000. The agricultural agricul-tural act will cost $1,100,000,000; farm credits, $2,485,000,000; and home loans, $2,200,000,000. It is estimated esti-mated that the bank deposit guarantee guaran-tee law involves a total federal obligation obli-gation of $2,000,000,000. Not all of this money is lost to the taxpayers, of course. Some consists of loans which will be repaid, and in case of the banking law the expense is entirely dependent upon future events it may cost the taxpayers nothing and it may cost them the entire en-tire potential obligation. Again, in times of emergency, there may be reasons for spending at a rate that would be considered insanely prodigal in more ordinary times. But there is ample evidence here pointing to the need for extreme care in future expenditures ex-penditures and, as the New York Times observes, the critical importance impor-tance of maintaining confidence in federal credit. In brief it would be possible to spend so much in seeking to bring recovery re-covery that the weight of taxation would make that achievement impossible. |