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<br />4J2U <br /> <br />r.1R. STAPLETON: <br /> <br />MR. SPARKS: <br /> <br />time, but we are required to look into the <br />future as near as we can and determine what <br />these valleys are going to be like, say, the <br />year 2000. We usually base our flood control <br />studies on hundred-year projections, a hundred- <br />year economic life, so we are permitted to lo~, <br />into the future for lOO years and say that I <br />in the light of this look into the future, this <br />valley will De occupied much more extensively. <br />"Ie know that the population in another 35 <br />years is probably going to be twice the present <br />population of the united States. The east is <br />crowded, the west is crowded. If we can get <br />water in the midwest I think this is where the <br />population will be. This is what we attempt. <br />We attempt to portray the future, in order to <br />convince the economists. In that light then, <br />in your particular situation. we can probably <br />demonstrate that these values will be there in <br />the future. Unfortunately the economists have <br />their hands on our back again and say 'Okay, <br />you project into the future and we will be- <br />lieve it, but you present-worth this that is <br />going to occur in the future'. From an economic <br />standpoint then, this again reduces the bene- <br />fits at the time of construction because <br />present-worthing is, in effect, charging 3-l/8 <br />percent interest against the benefits to accrue <br />in the future. And this is the same as com- <br />pound interest, say, for fifty years and you <br />know what that can lead to. The story that <br />emphasizes that is, if the Apostles at the time <br />of Christ had invested one dollar at compound <br />interest at six percent, they would have all <br />the money in the viorld now." <br /> <br />.. I think I would like to have r.1r. Sparks <br />summarize for us now just what we can expect <br />to do before 1969 in alleviating our problems, <br />including channel clearance, construction of <br />bridges,. etc. ,'fuat can vie do affirmatively <br />in this state before these great projects, <br />which we all believe are necessary, come into <br />being?" <br /> <br />I <br /> <br />.. It \~ill take concerted effort and <br />