The Bridgeport times and evening farmer., 1920-07-02

tral countries which are in close contact with the worlds commerce and exchanges:
 After a year and a half of fighting
 In Europe and despite another year and g half eE Republican obstruction at home, the credit of the govern ment of the U: s. stands unimpair- ed, the federal reserve nete is the
 unit of value throughout all the world
 and the United States is the one great country In the world which
 maintains free geld market. We condemn the attempt of the Republican party te deprive the , American people of their legitimate pride in the financing of the war-an achievement without parallel in the financial history of this or amy other country, in this or any other war. And in particular we condemn the pernicieus attempt of the Republican party te create diseentent among the holders of the bonds of the govern nent of the United States and to drag our public finance and cur banking and currency system back into the | arena of party politics.
 Tax Revision.
 We condemn the failure of the present Congress te respond to the ] eft-repeated demand of the President and the secretaries of the treasury to | ioFiSC tlS cA1St1iIE GdA laWS, The con- | tinuance in force in peace times of
 taxes devised under pressure of i'm 1 perative necessity to produce a reve-
 nue for war purposes is indefeneible and can only result in lasting Injury
 to the people. The Republican Con-
 gress persistently failed. through , sheer political cowardice to make a
 single move toward a readjustment of l tax laws which 1t denounced before the last a1acfion nj ofr to revise before the next election.
 | We advocate tax reform and
 searching revision of the war revenue | acts to fit peace conditions so that the
 wealth of the nation may not be with
 drawn from productive enterprise and
 diverted to wastefu1 or non-product-
 i've expenditure.
 We demand prompt action by the
 next congress for complete survey
 Of existing taxes and their modifca-
 lions and simplif1cation with a view
 to secure greater equity and justice
 in tax burden and improvement in ad- ministration.
 Public Economy.
 Claiming to have effected great
 economics in government expendi-
 lures, the Republican party cannot
 show the reduction of one dollar in
 taxation as a corollary of this false
 pretense. In contrast the last Demo
 cratic congress enacted legislation re- ducing taxes from eight billions. de-
 signed to be raised. to six billions for
 the first year after armistice and to 1 four billions thereafter; and there
 the total is left und1minished by our
 political adversaries. Two years after armistice day a Republican congress
 provides for expending the stupen- louA sum of $5,403,390,32
 Effecttng great paper economies by , reducing departmental estimates of sums which would not have been spent In any event, and by reducing formal appropriations. the Republican
 statement of the expenditures orntts the pregnant fact that Congress au- F ,thorized the use of one and a half bill f lion dollars in the hands of various
 depa rtments and bureaus which oth , erwise would have been covered into , the treasury and which should be F added to the Republican total of ex- penditures.
 r High Cost of Living. The high cost of living and the de.
 rpreciat1on of bond values in this coun. , try are primarity due to war itself, tc ' the necessary governmental expendi. , lures for the destructive purposes o1
 war, to private extravaganza, to the word shortage of capital to the infa.
 ~NoAA AoA
 and in large degree to constituencies. profiteering.
 The Republican party is responsible Tor the failure to restore peace ane z peace conditions in Europe, which i: | principal cause of post-armistice in nat1on the world over. It has denied ; the demand of the president for nee ] essary legislation to deal with sec ondary and local causes. The sount A policies pursued by the treasury ant
 the federal reserve system have linn n ited in this country though they coult $ not prevent the imitation which wa $ world wide Elected upon specifi e promises to curtai1 public expenditure }, and to bring the country back to '. status of effective economy, the Re
 publican party in Congress waste,
 time and energy for more than a yea: = in vain and extravagant investigation = costing the taxpayers great sums o a money, while revealing nothing be s yoad the incapacity of Republica, l. politicians to cope with the problems e Demanding that the president fror l. his place at the peace table call tn = congress into extraordinary sessio n for imperative purposes of readjust s ment, the congress when convene # spent thirteen months in partisa l.; pursuits, failing to repeal singI d war statue which harrassed busin es
 or to initiate a single constructiv measure to help business. It busie Is itself making a president-election rec = ord of pretended thrift, having nc :. one particle of substantial existenc v in fact. It ragged against profIteer = and the high cost of living withou enacting single statute to make tn n former afraid or doing a single ae Ls to bring the latter within limita e' tions.
 l. The simple truth is that the his d