Word: hoover
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Dates: during 1930-1939
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Outlay. When President Hoover planned the budget for fiscal 1934 the expected outlay for the Government came to $3,257,000,000.* President Roosevelt did two things to that figure. He lopped off $360,000,000 of veteran's pensions, and he set aside in a separate budget all emergency expenses. Last week's budget message estimated the Government's ordinary expenses (the cost of running its various departments, of paying veterans' pensions, interest on U. S. obligations, etc.) at the comparatively modest figure...
...this fiscal year and next. He foresaw a public debt by July 1935 of nearly $32,000,000,000- $6,000,000,000 higher than the post-War peak. The budget for fiscal 1934 (ending June 30 next) was presented to Congress in December 1932 by Herbert Hoover. That budget was revised by Franklin Roosevelt during the special session of Congress last spring. Last week it turned up again along with the budget for fiscal 1935, in the President's twin-budget message...
Bookkeeping. Presidential candor rather than the extent of U. S. spending made the budget "staggering." If he had chosen to view the Government's finances as tycoons viewed their companies' finances in 1929-even as President Hoover did, and he himself last summer-he might have composed the same facts into a far milder picture. Hitherto RFC outlays have never been treated as expenditures. The RFC secured cash by selling its debentures to the Treasury. The Treasury treated the transaction not as an expenditure but as an investment (which it nominally was). Thus...
Money having become the paramount issue, it must be startling to sound-money Democrats like Senators James Hamilton Lewis of Illinois and Carter Glass of Virginia to find themselves in the Right-wing bed with an old Republican fogey like Ohio's Fess, the prophet of Harding and Hoover, and Pennsylvania's Reed, the voice of Andrew Mellon. To Senator Lewis, Democratic whip, it must seem most peculiar because it was his unexpected election in 1930 which signaled the return of the Democracy to power, the beginning of a Left shift which was to pass even him. Senator...
...wheel-and-spring assembly is traditional but the axle is hinged in the centre by parallel bars, permitting each wheel to bounce independently. President Chapin is convinced that the public is more interested in performance than innovations. Since he returned to Hudson from Washington, where he was Herbert Hoover's Secretary of Commerce, President Chapin has sent Terraplanes into one hill-climbing contest after another, to hang up some 70 records. And he has pulled Hudson out of its deep, deep hole...