Show 0 national triples v interpreted by william bruckart national press BuIl building dinu Wahl neton D C washington mr secretary U lately has golice gone into the money market to we borrow borrow asprom a billion one ore billion dollars he asked the banks and other people having idle money to purchase four hundred bundred millions in now new government bonds and at the same time asked them to extend loans to talling about that matured on sep i 15 the maturing t acuri afe ties s of course do not take new money out of the money market but it is borrowing just the same despite the technical name of refunding 4 1 the Treas action ing su such ch a huge surn sum at this time came as a surprise to ro rhan stanl cial authorities iri in fact to most of them there ws vas no n need bcd lor for borrowing additional funds at this time it was a circumstance irr ire which as far as most observers could see the treasury had idle money in SUM sufficient amount to meet the needs for the next several M months aside from the fact that tle the see sec re action results in an increase in the public debt by the amount of new money borrowed it is ametter deserving more than passin ff attention much more atten attention tio n than treasury borrowings heretofore the reason reason is that the administration is ii again piling up in the trea treasury a huge amount of idle funds As nearly as I 1 can calculate the results of the september borrowings the treasury will be left with a mere in unused cesh cash of course to the roosevelt admira ad aa miri which cli hig has deal tonly lions this I 1 sum may not appear tet im por tant mr said it was necessary to have these funds available because of unsettled conditions dit ions abroad but that answer to me does not suffice suffice I 1 recognize t that hat most people find little interest in discussing treasury financial policies I 1 know ficia the type of letters that I 1 get from those who do me the honor to read these reports that the subject of treasury finance beems seems far removed from anything in i n which they can possibly have an interest 13 but ut notwithstanding those facts I 1 feel the matter should be dismissed discussed in every section of the country because it direct directly y touches every taxpayer and that is of vital importance here is how it affects the taxpayer and when I 1 refer to the taxpayer I 1 refer to every individual in this country because all of us ar are paying taxes either directly or indirectly when the treasury arranges a cash balance it provides funds upon which the various government govern mei agencies may draw in accordance with congressional f appropriations to that extent it is like money you deposit in a bank but otherwise it is quite different the cash balance in the treasury lies idle it brings no return no profit to anybody but it is important to remember that there are only two wass ways in which the treas fui ry cir can ket get money for thi this cash bb balance lance namely by borrowing or by taxing you and tand me during the roosevelt administration the treasury has boro borrowed wed about for every dollar it has hag collected in taxes the result is a gigantic public debt there is ano another result however that is not as apparent to individuals since the treasury is borrowing money it has to pay interest on what it borrows borro wi you and 1 T I are paying this inte interest iest in aie the form of df additional taxes so therefore not alone are we being taxed for the money that is spent and which must be repaid but we are ake beang taxed to pay the interest on idle funds mr reference to unsettled conditions abroad directs at ari te antion to what is happening in europe and asia and the link that exists between those conditions and our own president roosevelt 1 lately acly has has said on several occasions 0 ns that he hd did not nat like to be condition A away from wash abroad ington morel more than four or five ave days at a time because st those unsettled conditions every one on e knows that but foreign friends are re arming I 1 believe every one realizes as well however that each of those foreign nations is in a position apposition where it cannot initiate hostilities at beast least each one is in a popi position tion where very grgat great provocation must occur beffre it earl can justify the start fart S ing of a war in the eyes of nations like ou our own 1 any one who hd wishes to examine those unsettled conditions will find at the very bottom two iwo types of propaganda one comes from russia the other from germany the two types of propagandists while violently hating each other are preaching exactly the same sort of thing ahing they are telling the world that if the world wants peace peace it must align itself with one 0 or r the other of the two schools of thought depending upon which type ol 01 propaganda you re read a d with circumstances like that going on abri abroad iad it seems to me that we as americans ought to realize fully ind and ought to defend the type ot of government tabt wc have bave neither stalin nor hitler preaches our type of economic thought in view ot of that americans surely ought to tighten their girdle and take a definite stand 1 for the preservation of our traditions our practices because it is under those traditions and practices that ouri our nation has grown great J have been a little bit disappointed that mr roosevelt and af mr r secretary american hull of the state doctrine department have not preached the american ar doctrine at more length I 1 arh am sure pronouncements by them in condemnation of 0 f communism or fascism would find a hearty response at the hands of the american cp n people it is to be recognized that changes take place in world economic and political thought they are taking place e jn in our country more are aret coming but I 1 condemn the practices of communism and fascism cis m because they have ruined the lives ives of all excepting a few people in in every nation where those poli cies are ae operative they will destroy stroy tn the independence of thought and action the happiness that we have come to know in this country as a natural right la in negotiations with foreign powers mr roosevelt has not been fortunate I 1 think it is generally agreed among observers that the president fumbled the ball when he ed failed to take advantage of 0 a splendid opportunity to deal with france and great britain when he first became president likewise I 1 know there are many students who are convinced that the president by his own acts broke up the london economic conference in the summer of 1933 and with the collapse of that london meeting went any hope for an early recovery rd recovery covery from th the depression on a world basis the war debts question still hangs in mid air the recognition of russia I 1 am convinced turned out to be a fizzle them the far eastern program if there was a pr program has yielded nothing fio thing because it ir must be de said baidin in truth we have not cemen cemented t ed our friendship with japan I 1 within the last few days we have seen the collapse of the french cur rency we have france ranee off seen the gold standard dent join with great britain in operating cooperating co with the french in in their difficulty yet it is apparent to anyone who will review the financial and economic history of the last three years that the french have made a great effort to remain an on tribe the gold standard and they had bad no help from us until they could no longer tand stand the strain it is always easier to use hind sight ight than foresight it is easier as wen well to call attention to mistakes three years after those mistakes have bel been en made than to take a bold stand when the errors were first discussed these facts how ever do not in anyway lighten the responsibility that was ours as a 1 iia nation tion in 1933 I 1 aifer I 1 refer agaibi again to the london economic conference and the events prior to it in 1933 there were plenty of derfin the united states at that time who said openly that the united states should move quickly and take leadership in m world stabilization of currencies currencies it appeared ehred for a time that president roosevelt velt would take that action but instead he be is charged with having broken up the london conference because he lie failed to assume that leaders leadership bip which he could have hada had that brings us to the link between the united states and the conditions of europe mr roose j velt through secretary says now that the united states will stand with great B britain rit al i n in iii helping the french the question naturally arises why did not the united states stand with france in 1933 when france and a half 1 dozen other european nations wanted e I 1 to remain on the gold standard for its currency personally I 1 li have ave n never direr seen any reason why the United States should j have devalued its dollar as was i done if we had not devalued one thing is quite certain certa in jn maintenance of the gold standard by the united states would have continued to strengthen the currency of those countr countries feb in europe including france that desired to continue that currency basis I 1 have heard it said as well that it if the united states had remained on the gold standard instead of devaluing its dollar great britain been able soon to have restored her currency to a gold basis certainly the british could no remained off of gold as long as they have if gold corn were allowed to circulate in the united stales I 1 believe no one can forecast althis time exactly what the results of the french devaluation rw will W b be e 40 western New newspaper union |