COMMENTS ON THE SNELL BILL 491 



pounded to date. This I am expected to pay by redeeming the bonds 

 with which he financed his benefactions." 



This feehng of gratitude would not, I fear, be so tremendous as 

 to cause him to erect a marble monument to the memory of your 

 generosity. Nor am I sure that he would be entirely satisfied because 

 of the co-ordinate advantages resulting from the fact that his grandsire 

 was so lavish in the area of forests that he cut and destroyed and so 

 conservative in the acreage that he planted and protected that when 

 the gift reaches the bonded recipient he finds that the timber, because 

 of its scarcity, is now valued at $50 per thousand on the stump, and is 

 only bonded for $20 per thousand. Really he might be excused for 

 raising the question, "If Grandpa charged me $20 per thousand stump- 

 age for my timber when he got his for nothing, what would he have 

 charged me if he had been required to pay something for his own 

 supply?" Then he might look back through his history and finding it 

 recorded that the period following the World War was known as "The 

 Age of the Profiteer," would shake his head sadly and say, "I fear 

 dear old Granddad was one of those profiteering folk. Anyhow he 

 certainly threw the hooks into me good and plenty." 



COAOIENTS ON SHERMAN'S COMMENTS 



Bv Harris A. Reynolds 



I agree that the plan outlined for iMassachusetts should not be 

 attempted a? a National program, because it would require the sale of 

 bonds from year to year to meet interest charges on previous issues 

 which would be too small for the Federal Government to bother with, 

 while it would be appropriate for a State. It was not my intention 

 to imply that the Massachusetts plan should b,e employed by the Fed- 

 eral Government, but simply cited it in detail to show the principle. 

 The bonds sold by the Government would cover a long period : long 

 enough to produce a crop, and the interest on them would be paid 

 from current revenue. 



I can't agree that the sale of bonds for this purpose "would have 

 an immediate bad effect upon business conditions generally" because 

 once the principle of bonding this project was adopted the bonds would 

 be sold as needed. For two or three years, while the work of pur- 

 chase and reforestation was being organized on a large scale, the sale 

 of bonds would probably not exceed $25,000,000 per year. Within 



