| Show FL F F L league enjoys I 1 talk by pendleton speaker disca discusses ses costs of recovery grogram and how the government may repay the vast sums being expended reported by john page the farm labor league enjoyed a good talk by john IL pendleton saturday night on the methods by which the will repay its vast obligations incurred mainly thru the recovery program costing casting at the rate every second many ask how but few ew answer mr I 1 pendleton explained that the great I 1 question for blon by the present administration wasla wasis t the he wrecked led economic system ot of the country worth expense ot of repairing or will ian an entirely new system ot of finance and economics be necessary As a wrecked truck may present a question to its owner is it worth tile the expense of repair or shall I 1 replace it with a new machine the attitude of 0 the present government and financial advisors has been that it is worth an air attempt at repair even though tile me expense Is great the cost of depression Is great er being at least 40 billion dollars per annum since the national income in 1928 and 1929 was 82 andt and SO billions respectively and in 1932 and 1933 it was reduced to 40 billions so that besides this great loss to the nation in income there was added the burden of supporting millions of the people it was ea e dent to those in authority that a loss so great actually endangered the life of the nation mr Pend pendleton lelon attested that the idle man power for or the last three and a halt half years according to pro lessor tugwell could have built a 2500 home for every family in the nation or could have torn up and zebu ailt our entire railway system three times it if the present administration through an expenditure of ten bli lions of dollars in three years can increase national income forty billions this result will certainly be worth the effort to apply a formula of 0 repair the following moves seemed to the president and his financial advisors advisor ls 10 to be jmie to safeguard the foundation of the money system by going oft off the gold standard accomplished last april ath not with the idea that it would be permanent but as a temporary emergency in order to retain any gold at all as security for currency other plans under consideration were wera of silver or inflation through print ing more currency or devaluation ot of the dollar the government chose the latter method which included abt calling in all the gold amounting to about four billions or one continued to back page FL F L LEAGUE ENJOYS I 1 TALK BY PENDLETON continued from flout fijut page third of 0 the world gold supply 2nd and 1 educing tile the gold content of the iollar dollar about fifty per cent 3rd ard issuing new currency up to possibly eight billions many people leei feel that impounding the gold that some people have laid away for or old age is unjust but in a time of such acute national emergency when fundamental da reforms must be instituted speedily in order to adjust economic and financial practice to meet tile the demands of the hour it is practically impossible to accomplish it without some ll injustice Justie to a few in order than many mily may live this Proceed ure Is looked upon 1 I by many as not only socialistic but a wise move to meet unique emergencies all possibility of taj tl government repaying the immense expenditures incident to the various recovery mca measures hinges on ithe the general success of the recovery program in restoring employment to all people thus again raising the national in comp to about eighty lillions of dollars which would mean a revenue ot of 22 billions from income tax and adding to this the anticipated from liquor and customs oa duties as international trade revives plus repaid home teed feed and farm loans the annual government revenue might easily reach 5 billions ot of dollars or in three years total fifteen or twenty billions it if we ni consider prospective adjustment of 0 postal rates if on the other hand all reconstruction st tron measures should fall fail as a man informed president roosevelt that in such case he would be the last democrat president ever oever to be elected ho he rejoined ill not only be the last democratic president but the last president I 1 |
