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<br />0027S: <br /> <br />-15- <br /> <br />:~>);'\<t <br /> <br /> <br />I think we would have to use a more firm rationale thaj1 that. I don't <br />think there is any doubt but that the' projects which have a 50 or 100 year <br />projected life are going to have a life much longer than that. I flew <br />over irrigation projects that were built as early as 1906 and 1907 that <br />are still working. Their economic life is far beyond the 40 years that <br />they were originally financed on. - <br /> <br />~ .. .--"':. <br /> <br />~;i'~~;i~ <br /> <br />." ; .,~:' .~.~. <br /> <br />l;~[ff.J; <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />?~":~' ":;:'.-. :';.: <br /> <br />~)~~ <br />~:-.~:::..~:..:.~{ <br />~$:( ~~-::;{: <br />i<~t;~_:::~~"i;: <br />~i~c;:t <br /> <br />The Secretary asked me to serve as an alternate on the Water Resources <br />Council, as Henry Caulfield has described to you. I hope to take a very <br />active role in the Water Resources Council. I think this nation needs to <br />develop guidelines which, when properly applied and accurately, will <br />reflect all of the values. We want to place a dollar sign on all of the <br />benefits that can be evaluated in dollars, and I am speaking again of <br />these direct and indirect--I don't even like to use the words, direct, in- <br />direct, secondary, induced, and all of that sort of thing-- I think in <br />actuality, we are far beyond that point. I think we ought to say benefits, <br />and then try and work out the best pOSSible m~ans of getting an economic <br />handle on those benefits that we know exist. I know, also, that the ways <br />and means of analyzing some of these nebulous and conjectural benefits <br />are difficult to accomplish. <br /> <br />May I have a little water here? Too much fishing on Lake Powell yester- <br />day. <br /> <br />Economic and social factors affected by water resources development <br />must be enumerated and cataloged and even though some of these areas of <br />exploration may be e~remely difficult to evaluate, they are nonetheless <br />of pressing importance to man and his environment and to the future <br />governments of this -nation. I personally want to do everything I can to <br />see that these sound values and resource developments be traced to the <br />best of the professional economists' ability and considered solely in the <br />question of project feasibility. But that we not let the professional <br />economist who has not met the payroll on Saturday night, who has never <br />worked in the outside world--I don't think that that type of professional <br />economist should be the whole controlling factor in whether or not a <br />project evaluation should measure up. . <br /> <br />The seriousness of this situation is reflected in a recent statement by <br />Senator Mundt--who is known by--many of you, was joined by other <br />members of the Sub-committee on Public Works of the Senate Appropri- <br />ations Committee in a letter addressed to the Water Resources Council, <br />that said in part: <br /> <br />-.- "'/:' <br />