The Bogata News (Bogata, Tex.), Vol. 38, No. 9, Ed. 1 Friday, December 23, 1949 Page: 2 of 12
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THE BOGATA NEWS, BOGATA, TEXAS, FRIDAY, DECEMBER 23, 1949
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Inspired by tne thoughts
of pleasant associations
during the past we are
only too glad to send you
a little Christmas senti-
ment that carries with it
genuine thankfulness for
all the blessings that have
come our way.
Are These United States Headed
For National Bankruptcy?
By HARRY C. WITHERS, Managing Editor, Dallas News
When running for President in
1932 Franklin D. Roosevelt de-
clared that if a government con-
tinues to spend more than it gets
it will land in the poorhouse.
Roosevelt became President in
1933 and served until his death
in 1945. Every year but one since
1933 the government of the Unit-
ed States has spent more than it
received.
Roosevelt set the pace., Tru-
man accelerated it. The Readers
Digest for December published a
compilation by John T. Flynn
showing that beginning with
1946, his first full fiscal year,
Truman has spent in less than
five peacetime years a total of
$191,081,394,194.
Up to 1940, the end of Roose-
velt’s second term and prior to
our involvement in World War
II, the total expenditures of all
Presidents, from Washington
down, was $179,620,113,645.
In 1932 the Federal Govern-
ment spent 4 ’/is billion dollars.
Its expenditures for 1950 are es-
timated at 45 billions. That’s a
tenfold increase.
We send to you, not
only a> a customer, but as
a friend—our best wishes
for Health, Happiness and
Prosperity.
The following significant com-
ments were made reecntly by
Ross Roy, Inc., an advertising
agency in Detroit:
“If everyone in the United
States cashed in all of his life
insurance policies the total would
amount to 44 billions, not enough
to run the government for one
year.
“About eleven million urban
families own the homes they oc-
cupy, valued at thirty billions. If
converted into cash the amount
would run the government about
eight months.
“About 3,900,000 farmers farm
their own lands valued at seven-
teen billion dollars. Besides this
they own their tools and live-
stock, valued at eight billions. If
converted into cash the total of
twenty-five billions would oper-
ate the government for less than
seven months.
“If every manufacturing cor-
poration converted its working
capital into cash the total would
amount to thirty-nine billion dol-
lars. That’s hardly enough to run
the government for eleven
months.”
Sen. Harry Byrd of Virginia
declared recently that it is ap-
parent that the Federal Govern-
ment is headed toward an era of
chronic deficit spending which
may continue until the public
debt crushes us into insolvency.
“In the 2-year period of peace
and high income from July 1,
1948, to June 30, 1950, we shall
have raised the public debt by at
least eight billion dollars. It,
then will total more than 260
billions,” Byrd said.
"At the present income level,
with neither retrenchment nor
increased taxes, the momentum
of present federal spending will
pile up another deficit of seven
to nine billions more in the fis-
cal year beginning next July 1.”
Byrd said one of three choices
is available to Congress: (1) In-
crease in taxes of more than sev-
en billion dollars. (2) Retrench
on profligate spending. (3) Au-
thorize additional spending and
go gayly along the primrose path
of indefinite deficit financing.
“To impose new taxes on top of
the existing burdensome and, in
many instances, confiscatory
taxation would put us in a posi-
tion where any minor business
decline could be easily accelerat-
ed into a major recession,” he
warned.
If seven billions in new taxes
were levied on corporations it
would increase their load 60 per
cent. They now pay twelve bil-
lion dollars.
If the load were put on income
of individuals it would increase
their payments nearly 40 per
cent. They now pay eighteen
billions.
The only source of federal re-
venue left is excise taxes—actual-
ly sales taxes. They now pro-
duce between seven billions and
eight billipns. If they were
doubled to get the seven-billion
increase buying would fall off to
the point of diminishing tax re-
turns.
“In my considered judgment
any substantial increase in tax-
ation at this time would deal a
savage blow to private enterprise
and our continued prosperity,”
Byrd said.
The only choice left in Byrd’s
opinion is retrenchment. He sug-
gests the President submit to
Congress a budget not in excess
of 36 billions. If supported by
the people and enacted by Con-
gress such a budget would be
adequate, he contends. No es-
sential function of the govern-
ment need be impaired and there
would be no need for new taxes.
Byrd’s schedule would reduce
federal payrolls three billions,
service readjustment benefits one
and a half billions, foreign relief
one and a half billions and mili-
tary expenditures two billions.
The first of the proposed re-
ductions might well be the death
knell of Senator Byrd’s plan. Tt
involves the dismissal of hun-
dreds of thousands of federal
civilian employees. There are
more than 2,000,000 of them now.
They and their families constitute
a powerful voting bloc, if they
are a bloc.
rflere’s IPisLinq
IJou a Happu
Holiday ■*
To each of you who have contributed
to our (ucceu end to thote of you
who have given ut your fine friend-
ship we extend a hearty and genuine
merry Christmas
May Peace, Happiness and Prosper-
ity be yours for many, many years.
Christmas of 1804
Was Chicago's Best
Surely there will neve^. be in-
Noah was 600 years old when
the ark was completed.
There are 409 rooms In the Tex-
as capitol building.
Bi . _
other Christmas celebration like i
the one in Chicago in 1804.
Captain John Whistler (grand-
father of the painter who painted
the famous “Whistler's Mother”)
was In command of the garrison at
Fort Dearborn and he decided that
there should be a great feast —com-
plete with music, dancing and a
splendid Christmas tree.
Soldiers from the garrison went
■ hunting in the woods just north
of the rlVer and came back with a
fat buck deer, some rabbits, a rac-
coon or two, a few wild turkeys.
Added to the roasting pig (con-
tributed by some festive-minded
citizen) and the magnificent
Christmas pudding, these morsels
provided abundance for all. Every-
body —the civilians and the mili-
tary— drank a toast to Thomas Jef-
ferson, the President of the United
States.
The punch was "dizzy” and there
were fifes and drums and a couple
of fiddles to play for the dancing.
It was getting late when a
watcher in one of the blockhouses
gave a warning shout that Indians
were approaching: but they turned
out to be friendly Indians who came
bearing gifts to the feast. They
watched the white folks dance, and
when the whites were exhausted,
the redskins took the floor and be-
gan a wild, whooping dance of their
own which climaxed Chicago’s
unique Christmas celebration in
1804.
wish you a Merry
ChiMmas and extend
to you our be# wishes
fox*Happy and Vrvsp*
arous new year.
DR. WILLIAM C. RAGAN
OPTOMETRIST
Phone 2016 PARIS, TEXAS
*
When N
Uue
He had t
For 40 d
Before hi
...
If opportunity knocked on
some people’s heads instead of
their doors she’d, get better re-
sults.
we consume or use. Taxes levied
upon them are passed on to the
consumer. The consumer must
get more ipcome or buy less mer-
chandise. Pay rises mean price
rises. The result is a spiral of in-
flation.
The march toward poorhouse
economy may be stopped by liv-
ing within our means. The in-
dividual does that by cutting ex-
penses; a good example for Wash-
ington.
Congress will respond to the
voice of the people. You have a
voice. Let it be ehard. Truman
asks how he can balance the bud-
get without increasing taxes. You
tell him.
May every one of your fondest wishes descend
from the stage of dreams and become actual
realities end may the New Year bring you
an increased measure of. •.
HEALTH. HAPPINESS end PROSPERITY
The Hoover Commission pro-
posed reductions in federal civil-
ian employment at an estimated
saving of from three billions to
five billions a year. Its reports
were coldly received by the ad-
ministrative branch of the gov-
ernment. A citizens’ committee
was formed on a nationwide scale
to foster adoption of its recom-
mendations. It is meeting in
Washington today and hopes to
kindle a demand by the public
generally which will effectuate
the Hoover recommendations.
That seems the only way to
avert an increase in taxes; an in-
crease that will put the individ-
ual’s ante up 40 per cent or the
corporation’s up 60 per cent.
Corporations supply the things
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The Bogata News (Bogata, Tex.), Vol. 38, No. 9, Ed. 1 Friday, December 23, 1949, newspaper, December 23, 1949; Bogata, Texas. (https://texashistory.unt.edu/ark:/67531/metapth911326/m1/2/: accessed July 10, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Red River County Public Library.