[This essay, which exposes the big-government policies of the Hoover administration, was first published in the Saturday Evening Post, June 25, 1932.]
In the minutes of the Chicago City Council, May 12th last, is the perfect example of how commonly we regard public credit. From bad taxation, reckless borrowing and reckless spending, the city of Chicago had so far prejudiced its own credit that for months it had been unable to meet its municipal payrolls either out of revenues or by discounting its notes at the bank. Therefore, it knew what could happen to the public credit of a city. But with the public credit of a nation it was different. On that day the City Council adopted two resolutions: One called upon Congress to reduce the federal government’s

Read More »