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<br />t__. <br /> <br />NH.r:' Y.SI:COND CONGnC~ <br /> <br />.,DNn L. "'Ie ""'''LAND <br />.TAI"" DI"EC'TO" AND CLtRK <br /> <br />Wl\v,,"r N. ASPINALL. COLO.. e"",. <br /> <br />'....r., ". ""I r ~. " .. <br />In. or~,,,.,,. "N. ,.,. L". <br />W"LTf n -'. ,'~r"...-:. ~'CV. <br />""~ ". T..'l."". " c. <br />11"""'1...0 T. ll)"N~.rn.. C.'LlF". <br />...--",,,": LC. 110"'.1.. ""11.. <br />'.'''ll''.tlU''IT('.....::.\l.I... <br />T"n~'..s:",. nll.r.... W"":H. <br />'''""OrAT W.K...;'r:~".H:n'...YfI.. <br />J""r~ G. 0'11""". ".elf. <br />W'LLII\'" F. "YI\N. N.Y. <br />r.\T~.V T. MI"'K.H/lW"'1I <br />J""'I:S M,rC, w. V". <br />LI.OYD "'[(:05. W"SH. <br />^:J""HI\'" K"2rN. In,, TOl:. <br />IJ'LL O. DUlIILI!'ON. MO. <br />"Olll'''T O. STrrlll::NS. C.... <br />JO~t"H P. VIGO",TO. ....... <br />JOliN "'CLCHC". MONT. <br />T[.>IO "ONCI\LlO. ""VO. <br />NICM .tOICH. ...LAS"'.... <br />JAWq.-..ou"EZK...IO"'t<. <br /> <br />J"''''''. o;AYLnn. rl\. <br />C"^'C; 1-105"'1:". C^LIF. <br />JOr: ~><UDlTl.. KII....S. <br />1'1".... ><"1... lOW" <br />~i\'" STtIG[R. ""I-Z. <br />JIIMI:'; A. "'c CLime:. 10l\HO <br />DO.. H. CLi\USU'. C"lI.... <br />PH'UI' E. RUPPE, MICH. <br />J<J"..,..,......PY C""",",OM.L". <br />....."'UEI... LUJAN. JIt.. N. ""Ell:. <br />son::""""'N P. LLOYD. UTAH <br />JOHN DELLi:NI3ACI(. O"EO. <br />M.rlTH O. S~I3I:LIU5. 1("..... <br />J"''''IE5 D. ""C "'CVITT. COLO. <br />JOHN H. TIE""',.. N.". <br />JO"OI!: L. c:6nDOV...., I"UE"TIl RICO <br /> <br />COMMITTEE ON INTERIOR AND INSULAR AffAIRS <br /> <br />It.~. Jl1011l5"C o( ltrprrl5"rnrlllibr& <br />WASHINGTON. D.C. 20515 <br /> <br />February 9, 1972 <br /> <br />Fred G. Simonton <br />Executive Director <br />Mid-West Electric Consumers Association <br />Denver, Colorado <br /> <br />Dear Mr. Simonton: <br /> <br />This will acknowledge your letter of February 3, 1972, concerning <br />the recently announced principles and standards which the Administration <br />intends to use in water resource investment and decision making. <br /> <br />I share your concern with this matter; particularly as it relates <br />to a discount rate of 7 percent (the so-called opportunity cost of money <br />concept), Basic to my phi10sopy of public investment is the belief that <br />governments should invest in situations where private enterprise is pre- <br />cluded by high risk and there is a demonstrated public need for the goods <br />and services flowing from the investment. Alternative investment oppor- <br />tunities should have no part in forming these decisions, and it naturally <br />follows that the earning potential from such an investment, is likewise <br />irrelevant to 8 basically social issue. <br /> <br />Be th~t as it may, the rules have been laid down and there is no <br />immediate means available to us to reverse them. They are, in my judgment, <br />a reflection of the lack of wide spread political appeal with which water <br />resources is faced. As I tried to make clear in my Dallas remarks, the <br />program is that which the "water resources community" has let it become. <br />All of us in the business share in this to some degree. What we must do <br />to reverse the situation is to take a totally objective look at what we <br />have done jointly to bring this about. Thereafter, we should be prepared <br />to do what appears appropriate to the circumstances. <br /> <br />I welcome the offer from your organization to bring leadership to <br />this effort; as I am beginning to doubt whether the traditional water <br />resources leadership actually understands the problem, much less is willing <br />to forego the short term windfalls from the program in the hope of saving <br />the broader structure. As your plans develop, I would be pleased to be <br /> <br />.. <br />