Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-06-11

~ OtNbt ana certain deleflnlNdllOn
! of the tax liability for delay and
uncertainty, tax laws which do not
excessively mulct the consumer or
lnecdlessly uecessitate enterprise
| and thrift.
We advocate the issuance of a
slmplified list of incomes, author
lZing the treasury department to
make changes in regulations eff
fcctive only from the date of their
approval; empowering the COM
missioner of internal revenue. with
the consent of the taxpayer, to
make final and conclusive settle
ments of tax claims and assess
ments, barring fraud and the ere
alton of a tax board consisting of
| at least three representatives of
the taXpaying public and the heads
of the principal divisions OF the
bureau of internal revenue to act
as a standing committee on the
| SimpiificatiOn of forms, procedure
land law, and to make recommend
Iations to the congress.
Banking and Currency-The fact
is that the war; to q great extent,
was financed by a policy of infla-
ton through certificate borrowing
from the banks. and bonds issued
at artificial rates sustained by the
low discount rates established by
the federal reserve board. The con-
ltinuancc OF this policy since the
armistice lays the administration
open to severe criticism. Almost
up to the present time the prae-
tees of the federal reserve board
as to credit control have been
frankly dominated by the conven-
fence of the treasury. The results
have been a greatly increased war
cost, 4 serious loss to the millions
of people who in good faith bought
Liberty bonds and Victory notes at
par and extensive postwar spec
Ulation, followed today by a re-
stricted credit for legitimate indus
public policy we urge all banks to
give credit preference to essential
industries.
The FEDERAL reserve system
should be free from political influ-
ence, which is quite as important
as its independence of domination
by financial combinations.
The High Cost Of Living-The
prime cause of the "high cost of
living" has been first and foremost
q so per cent depreciation in the
purchasing power of the dollar
due to a gross expansion of our
currency and credit. Reduced pro-
duction, burdensome taxation,
swollen profits and the increased
demand for goods arising from a
fictitious but enlarged buying
power have been contributing
causes in a greater or less degree.
We condemn the unsound fl
nance policies Of the democratic
administration which have brought
things to pass, and their attempts
to impute the consequences to
minor and secondary causes. Much
of the injury wrought is irrepaf-
able. There is no short way out,
and we decline to deceive the peo-
pie with vain promises or quaok
remedies. But as the political
party that throughout its history
has stood for honest money and
sound finance, we pledge ourselves
to earnest and consistent attack
upon the high cost of living by
rigorous avoidance of further in
flation in our government borrow
ing, by courageous and intelligent
deflation of over-eXpanded credit
and currency, by announcement OF
heightened production Of goods
and services.
Mandate of Armenia con-
denim President Wilson for asking
congress to empower him to accept
a mandate for Armenia. The ae-
ceptancc of such manCate would
throw the United States into the
very maelstrom of European quar-
rels. According to the estimate OF
the Hartford commission, organized
by authority of President Wilson,
we would be called upon to send
$4,000 American boys to police
Armenia and to eXpend S276, OOO,-
600 in the first year and $756,O00,-
600 in five years. This estimate IS
made upon the basis that we would
have only rowing bands to fight, but
in case of serious trouble with
the Turks or with Russia, a force
exceeding zoo, 1000 would be neces-
sary.
No more striking illustration can
be found of President Wilson'S dis
regard of the lives of American
bows or American interests.
We deeply sympathlze with the
people of Armenia and stand ready
to help them in all proper ways, but
the republican party will oppose
now and hereafter the acceptance
of a mandate for any country in
Europe or Asia.
League of Nations--The republic
can party stands for agreement
among the nations to preserve the
peace of the world. We believe
that such an international assoeia-
ton must be based upon interna~
tsonal justice and must provide
methods which shall maintain the
rule of public right by development
of law and the decision of impartial