Show 0 national topics interpreted by william bruckart washington since the treasury has last just succeeded in marketing a new nev issue uncle sams in government se debt curi ties it seems to be a good time to take a look at uncle sams debt and 91 ece e what the situation Is moreover it appears to be advisable to analyse that debatin the light of all of the talk that has been going around lately to the effect that we are permitting the erection erect lon of a debt structure that will become a millstone about the neck of the taxpayers who after all are the folks on whom a government bond or other security rests let us begin by recalling that the national debt amounted to the gigantic sum of at the end of november yo vember and that the net result of the security sale as of december 15 was to add approximately SS S aoi to that sum 1 then hen a second fact the only way the government lias has to raise money for payment of its debts and running expenses Is by laying taxes on you and me and tom dick and narry harry so the subject of the na lional debt gets right close to home with all of us indeed as I 1 the question of the national debt it Is a subject that Is going to interest our children and probably their children too unless there Is some brake pressed on the rate of spending As fr far as the safety of an investment in government securities Is concerned I 1 entertain no fear no debt Is more likely to be paid than a government debt owed by the united states of america the market quotations may fluctuate the prices offered may fall below the par value of the bonds or notes or certificates of indebtedness which the treasury issues buethe security retains its safety and to this I 1 might add when the times comes it if it ever does that a united states government obligation Is no good such money as anyone has invested in it being united states money will hae no value either so that phase of the situation gives ives me no cause to worry it Is to the necessity for ultimate payment of these obligations this vast national debt that I 1 want to direct attention As the federal government like the state the county and the city governments has to go back to the individuals and corporations for the money it la is made to appear that some one Is going to suffer through a period of years to come summarized then some justification must be shown for the policies of president roosevelt that are resulting in additions to the public debt that are becoming grounds for tear fear boldly stated it appears the roosevlt ad administration lias has determined to spend its way out of the depression money Is being spent like water and it is government money that was drawn from the pockets of the taxpayer tile program Is designed to spend enough money to create jobs for all or nearly all of the unemployed if they are at work they will spend their earnings and businesses that supply merchandise and commodities generally will haie hae a market markel to start the revival of this market the go Is buying millions upon millions of dollars north morth of supplies used in its various recovery plans cut but I 1 repeat this debt has to be paid unless the american people want to be collectively dishonest and have their government print paper money with which to meet the obligation that Is plain and un adulterated repudiation of debt which brings me to the point again of whether it Is not just about time for somebody to call a halt if the nation Is willing to go on and on with spending at the present rate we me must prepare to pay the fiddler to furnish nish the music for the dance up to the end of november which Is the last full month for which figures are available the ex spending at tures for erner enier high speed gency activities for the five months of the current fiscal year rear aagre aggregated anted ot of that total SW was spent in no november ember alone which malch would seem to indicate that the business of spending has only lately started at high speed further proof of the increased speed of spending has been given in incomplete statistics for december together with the constantly recurring announcements by president roosevelt of new spending agencies like the civil works administration which will spend between december I 1 and february rebr uary 15 1934 the treas tabulations of expenditures tures by the several recovery agencies show the following foll follow ing layout of cash between the start of the fiscal year july I 1 and the end of november public works administration national reco recovery ery administration agricultural adjustment administration ss farm credit administration civilian conservation work SM reconstruction finance corporation tennessee valley authority for capital of federal land banks AW and federal insurance corporation SW it la Is impossible to afford a com compall parl son on of these figures with emergency in the corresponding live months ending with november because they were all included in the general treasury expenditures until this year the president holds however that these are not recurring expenditures tures and therefore should not be included in the regular budget ot of federal expenditures that Is why the administration can keep on saying the file budget Is ba balanced lanceL they mean the budget of ordinary federal expenses household expenses it if you want to call then them that but getting back to the point from which we started we ind find that all of these extraordinary expenditures come out of the treasury and the amount by which the expenditures exceed the income has to he be borro borrowed ned and once borrowed it becomes a part of the public debt of the nation the following tabulation shows la in just what manner mander the nations public debt lias has fluctuated debt since about the time fluctuation of the declaration of war by the united states in the year of 1017 1917 february 27 1911 1017 august aust 31 1915 june 31 30 1929 june 30 1930 june KU 0 IWI june 30 1932 1932 february 27 1933 29 4 june 30 1933 1913 november 1 I 1033 1933 thus it Is seen that the debt reached its peak almot almost one year after the armistice had ended hostilities in europe having grown more than 25 KO in the 30 months after the declaration of war immediately after the peak was reached the job of selling surplus war materials and salvaging the wreckage began to take place war profits against which wartime excess profits taxes and ana high income taxes were operating continued to furnish revenue there came a few lean years but unprecedented prosperity followed them and under the insistence of andrew IV SI ellon then secretary of the treasury all funds available were applied to reduction of the debt until when the depression cast its fog of death on business the public debt had been whittled down more than 10 the figures given being for fiscal years ending on june 30 reflect the first impact of the depression in the fiscal year ending june 30 1031 profits of prosperous years continued to that time to pile up as the base for taxation of incomes but by the time another twelve months had rolled around the treasury like the rest of the country knew from actual experience what was happening to employment and business then began the attempts to spend our way out of the depression a polley policy that has gone on and has been expanded with each succeeding month until now money Is flowing out of the treasury at a rate almost equal to the days when the nation was fl fighting human enemies instead of the unseen yet clearly felt enemy the depression you ask where we are going and I 1 answer that none can tell at this moment those in the positions of responsibility belic believe tie they are on the right track at least they hope they are and consequently they are pegging their faith on an upturn in business ness early in the new year they profess to see sec signs of that improvement signs that have never failed as ot of better times every one hopes the leaders are right but only time will supply the answer 4 a and while we are discus discussing slag the distasteful subject subal ct of debt we may as well mell call atten coming tion to the assurance new taxes that there are go eing to be new taxes laid by the next nest session of congress the new revenue that Is coming from the taxes on liquor cannot supply nil fill of the new funds needed even for balancing the regular budget or the household budget of the government as we named it earlier so back to the taxpayers we go for more money it Is true that some of the extra taxes tales that were enacted by the last extraordinary session of congress will lie be taken off their elimination was waa contemplated if and when the tion amendment was repealed it wal wa thought then that there would not need to be additional revenue for maintaining the ordinary budget on an even keel the economy program which the administration drove through congress was going to save enough to permit it a balanced budget aud and there would be other savings as well there were savings many items of them bliem but the cold truth Is that the calculations as to the reductions in expenses which were possible were a bit visionary congressional leaders have started on a rampage shouting soak the rich I 1 they have done that before the records show they have put income taxes nearly up to the sky ky and when they did the revenue resulting dropped off the rich mans money went into hiding in securities curi curit ties les that were tax exempt such ad those issued by your local municipality and so 0 o on or into securities of the treasury on which there are arc no taxes 0 hll western newspaper enlon |