whigh this country has been laboring to reCOV€=1‘ characteristics that he will advocate a thing of
Sincg 1933, this sort`? Yet there are some individuals of
(8) The Plan is a blow aimed at the virtues  St this type who are ssdisg their way imo
, . . ongressl
of hard work, thrift, saving, investment, O f th t tr th_ h_ h th_
and insurance. The economic structure ne 0 C Very S er me mg? W lc _ IS (
country has been compelled to witness during
would collapse' the last few years, especially during the last
The Townsend Plan subscribes to the notion two or three, has been a constant undermining
that organized society is under some obligation of the well-known virtues of hard work, thrift,
to pension people who are quite able to con- saving, investment, and insurance. In opposi-
tinue useful work and to take care of themselves. tion to these great and good institutions, which
The whole Plan is a blow aimed, wittingly or have provided some of the best elements in our
not, at prudent and useful living, at saving, at ‘ American life, we have been seeing agitations
investment, at insurance. for less work, movements which tend to penalize
If it were conceivable that Congress could be thrift and to endanger savings, and the notion
so utterly foolish as to enact this Plan into ‘ that the world owes one a living regardless of
law, the government probably could End no whether one works or saves or exercises any
market for its bonds. With savings destroyed, prudence in preparing for old age and the un-
who would buy the bonds? With a collapse certainties of life.
in bond prices, our banks also would collapse The reasoning underlying the Townsend Plan
because of their very heavy investments in such is a characteristic part of this brand of un- (
bonds. Insurance companies would have to healthy thinking. It flies in the face of the
dump their securities on the markets to meet most elemental lessons learned by people after
the demands of their policy holders who thousands of years of experience. It runs coun- i
would wish to convert their policies into cash, ter to what should be the most ordinary com- (
for who would wish to insure against old age? mon sense.
Savings banks also would have to dump securi-
ties on the markets to meet the demands of their (9) The Plan has a cruel provision to penal-
depositors, for who would wish to save for old ize the unfortunate.
age`? Moreover, people could not save. With ` _ _
all these securities dumped on the market, who _ A strusmg commentary on the lack _of eon' X t
Could buy them? The markets would Collapse, s1stency 1n what Dr. Townsend considers a
the banks would fold up, the insurance· com- Worthy plan te care for the assi- to take People
panics would be wiped Out. All who Own out of work, oand to put money into circulation, -
securities would {ind the values of their hold- A ls seen lu hls Provislon excluding any Person _
ings driven to the mm Point The taxes on $ convicted of a felony from the benefits of his
businesses would wreck them. The taxes on pension scheme for a period of ten years follow-
the farmers would be so high they could not _, ing thc completion of his sentence
afford to farm. The average laborer could not 0¤<=_maY appropriately ask these duesuons
afford to labor. Grandpa and Grandma could ¤=s¤rd¤¤s tuat spesiue provision: If e Person
support three laborers besides themselves, with- ues sefved his sentensej does Du Townsend eon'
out any work, and all Eve of the group would sider It an act of Justice to penalize him still
be better off than the average laborer today. further? Is u not true yhat e Person released
That is a Picture of what would happen. can from prison has great difficulty 1n obtaining a
any one imagine a Congressman with Such livelihood, and should he not be helped rather
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