The Jacksboro Gazette (Jacksboro, Tex.), Vol. 55, No. 6, Ed. 1 Thursday, July 12, 1934 Page: 2 of 8
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Chancellor
Hitler
frOREWARNED of a radical plot
* within the National Socialist party
to bring abont a second revolution In
Germany, Chancellor Adolf Hitler
struck with swiftness
and ruthlessness that
completely smashed
the revolt on the eve
of the planned coup
d’etat and left the
malcontents, chiefly
members of the Storm
troopers, dazed and
terrified. The Chan-
cellor himself exhibit-
ed resolution and per-
sonal bravery with
which the world had
not credited him.
Flying from Berlin to Munich in the
night. Hitler with only two bodyguards
went direct to the Bummer home of
Capt. Ernst Boehm, commander of the
brown shirts and long his personal
friend. Boehm and certain of his as
eociates were found in situations that
confirmed the often heard stories of
their moral perversion, and as Hitler
was certain also of their complicity in
the revolutionary plot, he personally
arrested Boehm, tore off his Insignia
and offered him a chance to commit
Kiilrlde This Boehm refused, so on
Hitler’s order he was shot to death,
as were the others taken with him
Meanwhile, Gen. Hermann Wilhelm
Goerlng, premier of Prussia, directed
a series of raids throughout the eoun
try that resulted in the deaths of nu
merous prominent members of the con-
spiracy and the arrest of scores. Chief
among those shot down was Gen. Kurt
von Schleicher, Hitler’s predecessor as
chancellor and reputed head of the
revolutionary plot. His wife stepped
In the way of the policemen’s bullets
and also died. Well known Storm
troop leaders in Munich and elsewhere
were put to deatli summarily, and so
was Heinrich Klnusener, head of the
Catholic Action party.
Vice Chancellor Franz von Papen.
who had recently attacked the radical
tendencies of the Nazis, was put under
heavy guard, and forbidden to leave
his home, and two of his adjutants
killed themselves.
Von Papen offered to resign from the
cabinet, but President Von llinden-
berg, bis close friend, refused to ac-
cept the resignation, and the cabinet
urged him to remain as minister with-
out portfolio to supervise activities In
the Saar. Von Papen, however, will
take a protracted leave of absence.
Viktor Lutze was appointed to suc-
ceed Boehm ns chief of staff of all the
relchswehr units, In-
ducing the Storm
troops among whom
the disaffection had
existed and the regu
lar army, which was
declared to he entire ||
ly loyal to Hitler.
President Von Hln
denburg nil this time
was at his estate at
Neudeck, East Prus-
sia, and there were
reports of his serious
Illness, which were flatly denied. Two
days after the chancellor’s drastic ac-
tion the aged president telegraphed
Hitler and Goerlng his approval of
their cours^ congratulated them on
their victory and thanked them in
the name of the nation. Undoubt-
edly, Hitler's personal position was
Strengthened for the time being, and
the leftist elements In the Nazi party
were weakened and divided. Goerlng
and Hitler professed pity for the “mis-
led” Storm troopers, but the latter
are now out of their uniforms tern
pornrlly and may never be as lmpor
tant as they have been In the past.
They had become something like a
— - ^ — «• -••• * •• J 4 V • 4 A § m* aa 4 a a* a #9 VTlA
|il vtviiau & uaiu luut un cutcucu aau*
ler’s supremacy.
In various European capitals there
were predictions of further outbreaks
In Germany and the return of the
Uohenzollerns.
Hitler’s “violent” methods were crit-
icized by Engelbert Dollfuss, Aus
trla’s dictator, who said: “Does not
the light at last dawn upon us that
one cannot make a people hnppy with
violent methods?”
Paris Interpreted the affair as a
victory for conservatives and as open-
ing the possibility for a return of the
Llohenzollern* The violence, It was
claimed, revealed a breakdown In the
unity of the Hitler movement
In London the view was taken that
Hitler had solidified his position. Some
papers accused him of employing the
methods of gangsters and called the
slaying of storm-troop leaders “brutal
murders.”
npRADE war between Great Britain
I and Germany was averted by the
signing of an agreement protecting
British Interests during the relcb’s six
months foreign obligations morato-
rlnra, ordered In effect July L
Under the accord, Germany agrees
to pay Young and Dawes plan obliga-
tions when doe la October, Novem-
ber and December, on presentation or
coypons on bonds by the Bank of Eng-
land.
For six months, beginning July 1,
the German government Is to pro-
vide sterling foods to the Bank of
England for the purchase In full at
News Review of Current
Events the World Over
'‘Second Revolution” Smashed by Hitler and Its Leaders
Put to Death—Roosevelt Names Five
Boards and Sails Away.
By EDWARD W. PICKARD
e by Western Newspaper Union.
Viktor Lutze
the nominal value of all cqupons on
these loans held by British subjects
on June 15, when the moratorium was
disclosed.
JAPAN’S cabinet resigned as a result
^ of a tlnuocial scandal Involving a
vice minister, and the emperor called
on Prince Saionji, last of the elder
statesmen, for advice In selecting a
new premier. The prfnce recommend-
ed Admirul Keisuke Okada for the
place and the emperor made the ap-
pointment, which was generally con-
sidered very wise. Okada asked Kokl
Hirota to remain as foreign minister,
and the minister of war and navy also
were reappointed. The new govern-
ment Is expected to follow the general
lines of policy laid down by Salto, re-
tiring premier. One of Its chief alms
will be to clean up graft.
Japanese naval circles are con-
vinced that Okada Is the only man
capable of safely piloting the nation
through the naval conference next
year. They feel that Saionji selected
Okada because he realized that the
conference will be of the utmost im-
portance to Japan’s future.
PRESIDENT ROOSEVELT departed
I on h!s cruise to the Caribbean and
Hawaii aboard the Houston, accompa-
nied by his two younger sons, Frank-
lin, Jr., and John;
Rudolph Forster of
the White House sec-
retarial staff; Com-
mander Rose T. Mcln-
tire, naval physician;
Gus Gennerlch, per-
sonal bodyguard;
Richard Jervis, secret
service man, and
Pharmacist’s Mate
George Fox. On ac-
companying destroy-
ers are two secret
service men and three representatives
of three big press associations.
Before sailing the President per-
formed these seven Important acts:
Approved the Frazier-Lemke farm
mortgage moratorium bill.
Approved the railroad unemploy-
ment and pension act involving ad-
ditional burdens of millions of dol
lars on the carriers.
Appointed Joseph Kennedy, wealthy
New York stock operator as chairman
of the new securities exchange com-
mission for a five-year term, and
George C. Mathews, James M. Landis,
Robert E. Healy and Ferdinand Pecora
as members for terms ranging from
four years downward.
Named Eugene O. Sykes, Thad H.
Brown, Paul Walker, Norman Case,
Irvin Stuart, George Henry Payne and
Hampson Gary members of the new
communications commission for terms
ranging from' seven years downward.
Set up the new national labor re-
lations board with Lloyd Garrison,
dean of the University of Wisconsin
law school, chairman, and Prof. Henry
Alvin Mills, head of the economics de-
partment at tiie University of Chicago,
and Edward S. Smith of Massachu-
setts, labor relations specialist, a9 the
other members.
Named James A. Moffett, former
vice president of the Standard Oil
Company of New Jersey and a mem-
ber of the planning and co-ordinating
committee of the oil conservation
board, as administrator of the new
$1,000,000,000 housing program.
Appointed five members of a com-
mission to study federal aviation and
air mnil affairs and make recommend-
utlons to the next congress—Clark
Howell, Atlanta, Ga„ publisher; Je-
rome Clarke Hunsaker, New York;
Fdwnrrt p Warner. Washington, D.
C.; Franklin K. I^ine, Jr,, California,
and Albert J. Berres, California.
\AR. ROOSEVELT went ashore for
lVI the first time on bis cruise at
Cape HaltJen, Haiti, where he was met
by President Stenlo Vincent and other
officials of the Island republic. At the
Ualon club he made an address, partly
In French, In which he announced the
forthcoming withdrawal of the ma-
rines, adding that he hoped they would
be remembered as friends who had
tried to help Haiti. Marine detach-
ments have been on duty in Haiti,
whose population is 90 per cent col-
ored, since 1915.
\AME. MARIE CURIE, co-discoverer
lVI W|tt) her husband of radium and
rated as one of the world’s greatest
women, passed away at Passy in the
French Alps at the age of sixty-six
years. Her physicians said that her
inability to recover from an attack
of pernicious anemia was probably due
to the fact that her bone structure
was weakened by years of exposure to
radium and X-rays.
The Netherlands was thrown Into
mourning by the death of Prince Con-
sort Henry. He was married to Queen
WUhelmtna in 1901 and the Dutch peo-
ple had learned to love him deeply.
A TTEMIT8 to open the port of San
Ao Francisco, closed for some time
by the dock workers’ strike, resulted
In bloody riots In which several men
ware killed and many Injured. Qov.
Frank Merriman called out 2,000 Na-
tional Guardsmen.
PRIME MINISTER RAMSAY MAO-
k DONALD of Great Britain, who is
In Scotland on a vacation, waa bitterly
assailed In the house of lords by Vis-
count Snowden, former chancellor of
exchequer and once close personal
friend of the premier. Snowden de-
nounced MacDonald as a traitor to his
colleagues In the Labor party and to
the country.
“The cabinet found the prime minis-
ter such an amenable Instrument of
Tory policy,’’ Snowden declared, “that
It has come to the conclusion that
there are no professions which he
' * - % • % a a aa a et« %
Uiour, tlD JflCUfct'O R Mina HU nutv We-
country which be will not repudiate,
no humiliation to which he will not
submit If they ouly allow him still to
he called prime minister.
“The Tories have no use for Mac-
Donald except for exhibiting him on
their platform in chains as the one-
time Socialist who has seen the error
of his ways and found salvation In
the spiritual home of the Tory party.
“He will be used for the same pur-
poses as the reformed drunkard at
temperance meetings.”
SENATOR BORAH of Idaho, Inde-
ed pendent Republican, opened his
one-man cnmpalgn against the New
Deal in a radio address attacking es-
pecially bureaucracy
and monopoly. Al-
though his criticism
was directed primari-
ly against what he
conceives to be these
elements In the New
Deal, he summarily
Indicted the national
leadership of the Re-
publican party on the
ground that It “seems
wholly unwilling to
Senator Borah touch this vital issue”
—namely, the monopolistic trend.
The senator said the Roosevelt
regime was establishing not Nazism,
not Fascism, not communism, but
“simply tlmt meddlesome, irritating,
confusing, undermining, destructive
thing called bureaucracy.” And bureau-
cracy he defined as “that form of gov-
ernment which steals away man’s
rights In the name of the public In-
terest and taxes him to death In the
name of recovery.” Bureaucracy, the
Idaho senator asserted, “has destroyed
every civilization upon which it has
fastened its lecherous grip.”
It is the common man who will be
the chief victim of our new bureaucrat-
ic form of government, the Idahoan as-
serted. The influential and powerful
have demonstrated that they “can gen-
erally obtain all the rights and privi-
leges they desire under any form of
government.” But the “freedom and
political rights” of the tollers are be-
ing more and more limited, whether
under European dictatorships or the
American bureaucracy.
X17INDING up its fiscal year, the
VV federal government found that,
counting emergency expenses, it had
spent about $4,000,000,000 more than
it had collected. Balancing receipts
against ordinary expenditures, the
government figured It was $28,000,000
"in the black” for the year.
President Roosevelt has estimated
nearly $5,000,000,000 would be added
to the national debt by emergency ex-
penses during the next 12 months.
This was predicated on recovery that
would make Industrial production av-
erage 98 per cent of the 1923-25 level.
In July, 1935, the President hopes
to start the payoff for the recovery
program. R.v that time, he has said,
the budget should be balanced.
According to the federal reserve
board’s index, the Industrial produc-
tion figure for the year Just ended
was slightly above the 81 per cent av-
erage on which the President based
his hopes.
*-p\VO events in recent days have em-
1 phasized the friendship that exist*
between the United States and Can-
ada. The first was the dedication of
the new International bridge span-
ning the St. Lawrence between Roose-
veltowu, N. Y., and Cornwell. Canada.
Secretary of War Dem represented
President Roosevelt at the ceremony,
and the earl of Besshorough. governor
general, wns there for the Dominion.
The second event, on July 4, was
the return to the Canadian government
of the mace of the parliament of up-
v- **-—*■ »»• ~ •• 4n1»nn fho
p*>r utunun mat wan '•••• -—»■* -—
War of 1812, at the battle of York,
and had been In the Naval academy
at Annapolis ever since. On recom-
mendation of President Hoosevelt
congress authorized the restitution of
the mace. Rear Admiral William D.
Lenfiy, chief of the bureau of naviga-
tion, accompanied by his aid. Lieut
Com. Ernest H. von Helmburg, made
the presentation at Toronto and at-
tended the unveiling of a monument
erected by the United States’ Daugh-
ters of 1812. to the memory of General
Pike and others of the United Stated
forces killed during that war.
't'HKRK was a general scattering of
1 administration chieftains following
the departure of President Roosevelt
Secretary Roper went to Alaska and
Secretary Morgenthau to a Montana
ranch. Secretary Dern sailed for the
Canal Zone, and Secretary Bwanson
and Attorney General Cummings were
down on the lower Potomac on yachts.
Secretary Hull took motor rldea In the
Virginia mountain* Secretary Farley
was In New York, and Secretary Wal-
lace went to Chautauqua. Secretaries
Ickea and Perkins remained at their
job. General Johnson went to Sara
toga Springs for a rest, Harry Hop-
kins sailed for Europe and Professor
Tag well went to the Far West Lesser
lights also left Washington.
IIEXICO elected a new constlta-
1V1 tional president—Gen. I .a zero
Cardenas—end It was the quietest
election In tb* country’s history.
Begging
Big Business Men
«■>. Bell Syndic*!*.—WNU Service.
HOWE
'T'HERK are actually a good many
* sensible features In the present
Soviet government In Russia. The
Idea that no public official should re-
ceive more thnn $150 a month Is
sound; so Is the habit of promptly pun-
ishing officials when they are dishon-
est or negligent. . . . But the de-
termination to live by Communist prin-
ciples will wreck Sovietism. Com-
munism Is, so palpably weak In so
many respects It cannot succeed. The
objection to the teaching of Karl Marx
is It will not fit human needs. The
poor man is entitled to Justice; but so
is the man who refuses to remain poor.
And In the human experiment there
has never been found a tribe of men
wherein the majority were willing to
remain In perpetual poverty. Nature
provided means for all to become well-
to-do, and the better specimens of men
will not consent to forever remaining
uncomfortable when comfort abounds
and may be easily attained by not un-
reasonable effort. I may not be here
to see the end of the Russian experi-
ment, but let younger men remember
the prediction that Communism must
he given up there. Like whisky, It Is
a fool; it will not stand practical trial.
• * *
Negroes are very disagreeable in
bothering whites for gift* I have
spent the present winter in an apart-
ment house In Miami, Fla., and have
found everything satisfactory except
my failure to satisfy the negro serv-
ants. An old fellow living nearby is
so much annoyed that he will not let
a negro maid come In; he does his own
cleaning up, and I often go over to
enjoy his Indignation. I have been
whipped into submission, but admire a
man brave enough to rebel in a good
cause. . . . The poor whites are as
had as the negroes in begging. About
the only real vigor shown in the Unit-
ed States during the past winter has
been displayed in begging campaign*
Everyone is apt to be a little preju-
diced when discussing his own case,
and it really seems to me I do my
share in proper giving, but the Ameri-
can system of begging seems to me
disgraceful. Much of It Is racketeer-
ing; the selfish business of boss beg-
gars who hide behind the scenes and
browbeat timid citizens into engaging
In charity campaigns they do not
themselves believe In. Ask any Amer-
ican what he is most disgusted with,
and he will probably tell you It is com
inittee begging. The smart French do
none of it; the Germans and English
very little. It is an American weak-
oaess; one of many we all disapprove
of, but do not quit Instead of quit-
ting, the nuisance Is becoming worse
every day; leaders in It are trained
ns others are trained to become stenog-
raphers, doctors, lawyers, machinists,
to pull teeth, and receive large in-
comes from the dishonest business.
• • *
There Is more than the usual com-
plaint lately about big business men.
A new charge is they do not manage
their wives and children with reason-
able efficiency. . . . No American
does; specially foolish women and chil-
dren are as common among the poor
as among the well-to-do. The manner
In which American women muss up
their men has been the wonder of for-
eigners since the foundation of the re-
public; Americans no more assert
themselves in their homes than they do
In politics. And look at what the pol-
iticians have done to them. . .
Americans need a lot of reform in a
lot of ways.
• • •
I find I can’t stand good times; my
greatest mistakes have been made dur-
ing good times. . . . And I cannot
appreciate now that times were very
good when we agree they were at their
beet. Times are always hard; we
must constantly save and be careful.
• • •
A traveler snyg that when an Amer-
ican picture play is presented In Ger-
many, the lingering kisses, the brav-
ery of the Western heroes, the noble-
ness of the heroines, attract whistling
from those in the audience. . . . The
Germans are making fun of us. • . .
Have we not reached an age when we
should recover from some of the con-
spicuous follies which attract con-
temptuous criticisms in older countries?
• • *
The great Goethe had 14 Great
Worries In his life, and was often In
complete despair, but at last left much
to his credit. All the great have stag-
gered along In the same way; so wor-
ried by women they had little time
left for anything else.
As it is, always has been, and al-
ways will be, there have been some
quite remarkable men; perhaps It Is
idle to speculate upon what greater
thing they might accomplish If less
hampered with love.
• • •
It seems to me managers of the pro-
fessional charities should issue a card
of thanks to those Americans who
have kept out of the bread lines, and
helped a little in relieving the misfor-
tunes of others. During an excep-
tionally hard winter a man who main-
tains hla family respectably, and does
not bother tys neighbors for assist-
ance, It an especially good citizen. He
should receive an occasional kind
word of appreciation, Instead of dally
insults from professional charity work-
ers that he It a stingy brut# who does
aot Do Hit Duty.
Washington.—Congress took a for-
mal adjournment a few weeks ago,
UU. * .WU.IU ■ u *T V-.....
Tax Inquiry Ing about tho Cap!-
Significant to1 and 8enate and
* house office build-
ings the other day, that there are no
less than eleven of Its committees con-
tinuing lu session, and that ou less
than eleven of them are conducting
Investigation* It is true that only a
few members of each of the commit-
tees remain In attendance—the others
are out campaigning for re-election—
but, even so, It appears there Is going
to be an extraordinary amount of
searching after truth, or mudalLnglng,
through the heat of the summer and
the cool of the autumn.
While I am not Infallible In my
Judgment and conclusions, I must con-
fess that I can see a valid reason for
only one. Just a single one, of those
eleven investigations. The ways and
means committee of the bouse has
started out to do aome surveying of
the federal taxation structure, and ev-
erywhere I have asked I have fonnd
approval of the Idea. There can be
no doubt of a need for that survey,
provided the politicians will accept the
results of those who examined the
facts, because the American taxation
system, both national and state, surely
is of the hit-or-miss type.
But there Is another significance to
the tax Inquiry. I reported to you re-
cently that It was going to cost tax-
payers a total of almost $1,150,000,000
a year in Interest on the public debt
of the national government when that
debt reaches the $31,000,000,000 which
President Roosevelt has announced It
will reach. Since that Information
was given you, further inquiries con-
vince me the debt easily may reach
$35,000,000,000 by the winter of 1935-
36, and the interest alone will be cor-
respondingly more. This is Just the
interest, mind you, and makes no pro-
vision for retirement of any of the
debt, which would have to take extra
tux dollars.
Since the national debt Is so high,
and going higher and the house ways
and means committee is making such
un Intensive study of the tax system,
one can not fall to link the two to-
gether. The obvious question Is: is
the administration becoming concerned
over the sources of funds to pay the
huge total of debt Incurred In spend-
ing our way out of the depression?
Concurrently with the hous^ com-
mittee’s study. Secretary Morgfenthau
of thd treasury, announced the* ap-
pointment of another brain-trust group
to study tax questions for him. Mr.
Morgenthau holds that our tax system
Is full of holes, which undoubtedly It
Is, and he feels that the general meth-
od should be revamped so that the
flow of revenue will not be so depend-
ent upon prosperous economic condi-
tions. To that end, the secretary sent
purt of the number of professors and
tax experts selected by Mm over to
England for a study of British tax-
ation methods. British taxes appar-
ently are much higher than our* and
Mr. Morgenthau Is desirous of finding
out how the British government gets
away with It
So, one hears around Washington
a great deal of discussion of what the
future bolds In the way of tax levies
upon the rank and file. Mr. Roosevelt
said In his latest radio speech to the
country, It will be remembered, that
relief was his first consideration, that
vast sums had been expended for relief
and that further vast sums will be
expended. All of which leads back to
the observation I made above, namely,
that one cannot help Unking these sev-
eral studies together with on under-
current of fear that, perhaps, we are
spending too much money.
• * *
While discussing the tax Investiga-
tion. however, it would be unfair to
omit reference to
Double one feature of the
Taxation Evil in-
vestigation that, I
am told by real tax authorities, can
be of much value. The house committee
^was Instructed to look Into the double
taxation evil that besets the country.
It la known to everyone, of course,
that there are places and things upon
which the federal government levies
high taxes and that these taxes fall
on top of similar, and sometimes
greater, levies by the states. Cense
quently, the committee inquiry may
bring to light how often, and where,
this sort of thing is happening.
For example of double taxation, two
or three common Illustrations will
serve to Indicate how severely the
burden obtains. Take the tax on gas-
oline as one. The federal government
laid a tax on gasoline two years ago.
and that tax although it was small had
to be paid by users of “gas” In add!
tlon to the state levies which run as
high In some states as 7 or 8 cents a
gallon, making the tax borne by that
commodity aggregate as much as 10 or
11 cents n gallon in some place* The
tax on cigarettes Is anothsr example,
but this commodity was taxed first
by th* federal government and then
the states put their levies on. The re-
sult is that in many states the. tax
on cigarettes amounts te mors than
the selling price of the package would
be If no tax were laid.
Twenty-nine states now collect taxes
on incomes of Individuals or corpor-
ations, and twenty-six of them collect
• tax from both. Those taxes, of
course, art aside from the high rates
imposed by congress under federal In-
come tax law*
- — * * - — —■ * %• _ - _ . 41*..* •
*. «W»U 1UUUUO UUtUlUlIJ LVUOUiUib
subjects for serious investigation. It
la the only way by which congress can
Inform Itself and determine a policy.
Such, however, unfortunately cannot
be said about most of the other inves-
tigations that are running through tho
summer and fall. There la the so-
called munitions. investigation. Thus
far, my searches have yielded Uttlo
Information showing that this Investi-
gation can produce anything construc-
tive. It, and several of the other in-
vestigations, In my opinion, amount to
little more than fishing expeditions, a
hope that something will be uncovered
so that some members of congress can
be “amazed” or duly “dumbfounded”
by business practices of firms that
have been In business half a century
or more. I guess the senators and
representatives have to have some-
thing to be “amazed” abont every so
often, but It does occur to me that If
congress really wants to economize.
It could limit Its Investigations which
roughly will cost close to half a million
dollars this summer and fall.
• • •
Policies of the last several adminis-
trations In Washington have presented
many puzzling things,
U. S., Greatentand some of them
Landlord move one to ln(lu,ro
where it all will end.
For example, the Farm Credit admin-
istration—the FCA of the alphabetical
soup—released a statement to the
press the other day to the effect that
the twelve federal land banks now own
outright 22,978 farms and almost own
thousands of others on which the loans
are in virtual default I think It can
be said, therefore, that Uncle Sam has
become the greatest landlord In the
world.
While the Information is more or
less startling that the federal govern-
ment, through one of Its multifarious
agencies, now owns so much farm
land, the fact gives only an Inkling of
wnat has happened In others of the
various agencies through which It acts.
As I said, one can hardly help Inquir-
ing where It all will end. I make no
attempt to controvert the policy of
federal loans on farm lands or homes;
I only can pause and wonder what the
future holds if the course Is contin-
ued.
The farm loan banks have a total of
$82,939,000 tied np In those farms
which they hold. The only way that
money can be withdrawn Is by sale of
the land* If they are sold, the chances
are new mortgages in varying amounts
will have to be placed on them be-
cause most buyers are not In a po-
sition to pay the whole sum In cash.
Some of them again will default, and
the government agency again will own
the land. All of which Is. by way of
saying that the Idealist who walls and
gnashes his teeth about the terrible
brute who forecloses has not ^et
solved the problem of saving ttppiea
that were bought on a margin’of bash
that was too narrow, or a home ihat
was bought by an individual whd ran
into hard luck.
The point of It Is that the federal
government is dabbling into every-
thing. It Is going beyond what gov-
ernment ought to do.
* * *
When one examines the whole pic-
ture respecting government and its
scope these days, tt
Abounding is rather astounding.
Picture Vor ln8tance* the R®*
construction Fi-
nance corporation anounced the other
day that It was willing to help the
Baltimore & Ohio railroad refinance
Its maturing bonds. I do not know
what the outcome will be, but it seems
to me that refinancing of a railroad by
use of government credit is hardly •
function of government
The Reconstruction Finance corpor-
ation is making loans continually. It
has loaned money to, or nas uougnt
stock In nearly 4.500 banks. Propo-
nents of this policy contend soundly
enough that unless those loans had
been ipade, the banks which obtained
them would have gone on the rocks
and the depositors would have suf-
fered. But I am still wondering If
It Is the proper function of govern-
ment to protect private activities to
the extent of guaranteeing out of tb«
public funds that I shall get my money
back on any old Investment or what
not Into which I have put It Some
way, I am inclined to feel that govern-
ment, as such, ought not be dabbling
Into things where It Is required to In-
sure that people will not be foolish
or crooked.
And there are going to be mors
loans made. The last congress en-
acted a law providing for loans to In-
dustry, the so-called small Industries
load legislation, It was called. Business
leaders and bankers tell me that the
government Is going to find Itself own-
ing a lot of business wrecks through
those loan* The bankers say that if
s business has a chance to survive,
which means It can pay expense* It
can get money at ordinary banking
house* If the government Is going to
make loans only to those enable to get
hank loans, the conviction f hear moat
often expressed Is that the government
had better act up another agency from
which If can send supervisors or gen-
eral managers all over the country t*
run the property It eventually will
own.
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Dennis, J. R. The Jacksboro Gazette (Jacksboro, Tex.), Vol. 55, No. 6, Ed. 1 Thursday, July 12, 1934, newspaper, July 12, 1934; (https://texashistory.unt.edu/ark:/67531/metapth863636/m1/2/: accessed July 6, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Gladys Johnson Ritchie Library.