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Show Economicjighlights Happening That Affect the Dinner Faa Divided Cheeks arid Tax Bills of KTery Individual. National Nat-ional and Interna tluml Problem Inarablc from Local Welfare. No federal offlciaA has a tougher job than Secretary of the Traaaury Morgenthau. The Secretary of the Treasury is purely an cxvcutlre offlc!al. He Is entirely without legislative power Yet, when Congreaa passes a bill lequlung public expenditures for wlJch no known fundj ara available, avail-able, the Secretary muat And the money. He may thtak the bill ia efcengerous or unwis? but, in spite of that, his duties force him to do gverythmff in his power to pava th? fiscal way. A short time ago, the President d' liver, d a budffet massage, wh eh fhowed an (aUmatrd deficit of 1 500,000,000 let b than in other recent y ws. However, the President Pres-ident was frank to admit that the budget was lncompl t such vital matters relief exp nditure were r to be detailed, and were not included. Best gruesBers say thtvt, while relief ap nding will b Its i ths year than last, Congress will fcppropriat- 3,0O0 000.000 for that purpose befor' It Is finish,-d. In addition, maiturln government obi!ra'cerw call for an additional 5 800,000,000. The bonus, not con-siclT con-siclT d in the President's budget mw:e. will coat at least 2,000,- eoe.ccs. Aa a result, the def'cit w:.t be in the reighborhcod of 11,000 000,-000 000,-000 every cent of which must be rnl rd in th" net year and a half. That is Mr. Morgfhthau's Job. The cVcr tary of the Treasury must 4 termine what tvpe of bonds to lfsue. and what In-frf-t rat s to pay. H' must acurntely estimate esti-mate condition in th: bond aiar-ke. aiar-ke. A successful Secretary is one whe raia's money Bt)i eaaly at 'h lewest Interest eost an unsuc-cfdful unsuc-cfdful Secretary is one. who falls in either of these two particulars. 1 fx 'r, the, New Deal has had ihtngi all lta own way in financing UrVt have been oyersubaerihtd dt-Jn a fl:w hour of their appear ance. The cost of earryini ths debt Is lower row than It waa a t: w yefcrs ago, because it has beer. ferjfKl petssibSs to eut taterfest rates much below previous levels due to Investors' fear of risking motty in eemmercial eoterprisra. Whether It will find renditions thy same in the future is thei question. ques-tion. A Fhort timt ago. Seerteary Morgththau was called befof -j ta Senate F.nancj Committee, whien wished to ask him wheXher he-thought he-thought the TVafury could stand the drain of bonus payments. He avoidrd answering this questicn directly, though he was obviously doubtful of the bonus' financial wisdom. And b was, according to all observers, somewhat worrirt ateu: future financing. Ho point- . nea ed tc the confuse outlaot: m tin: said, "So many things have la-. mai pontd that affect the Treiajn use that I certainly am not w ord enough, and I haven't met sarl- EDd that is smart enoueh, to say irid n. is the future of the govtrmaju tr bond market.'- Wlien askfiti That would happen j-if j-if the Treasury attempte te nos.t $11,000,000,000 worth of boom ! and fall d, the Secretary rcplW , "The nttaute I cannot raia? the 1 mon-y KQuh-ed to finance aha government, that miniuto you rffi have compl,:te chaoa" Mr. Morgentlh.au certainly Si 115 lot lntimah eqt has any oth?rn- kr sponsible author; ty that the U. 8, Ta! credit is in danger. Hoiwr tor' there rems to be a nr.ti. point beyond which lovernreeol bonds, no matter how securely 1 backed, cannot be floated on fit- utl arable terms. As conditionf 1b- An1 prove, oddly enough, It beeoms ft; inrrc asingly d filcult for the - 170 ernment to obtain cheap monty- 182 brtter bueiness tempts investor! to raj Purchase Industrial securitiee which o( elthrir pay higher Interest nitt, gtt In the case of bonds, or offer Dm "u chance of great apprctiatlan C0I principal and eamlnrs, in the caa : &l of common stocks. Some oterr- . era think that the present C!onj,t 7 Ustendng to words such ae Mr. Margenthau spoke, will go stow to sp-hdlng. And there Is als possblUty, and p rhapes neeeedtf, er that Congress will be forced N U( raise mon.-y not through bands but through new or still Wrher to DaxrEi. Action of the Congress n this :the bonus give no indicatioo of that body's niviher attitude towtii ia spending ccanmon belief is that II tie fihn solcns nelleed tint paymrt of th bonus t,ould have, actualry use shaken the Treasury, many ol ro them youll hav vofd for It any- trp way. motivated by thpohtioal eon- bit aiderations that arke inevliaHj pol In an ejection yecr. Mr. Margenthau 's testtaioij, t warning from the prtafcipal fiscal rlicer of the Adm nistratioa & dieatep that m n at tho top an thmking s:riously about iho publit debt Alfred E. Smith's lang-awalW Am'rtcan Lib rty League speech was exactly what was anticipatad- ringing attack on the New Deal which Mr. Smith declar d iM violated almost every provt-lon c! the platform on which it swept into office with unprecedented High point of the talk waa IB-Smith's IB-Smith's declaration thst unleas the Adrnlnttraticin changed policy, c ciplee of Jefferson. Jackson ami d Cleveland may have to "taks r e walk." i'; Interesting point ia, Will ttr be a ccfflUtlon of cona mtln " 'Democrats of tht? John W. Dt Albert Ritchie. Alfred Smith W to actively fight the- AdminUra-tionf |