Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1920-07-03
Text Of Democratic Platform Principles

tor in winning the war and today it is
the hope and inspiration of business.
Indeed, one vital danger against
| which the American people should
keep constantly on guard is the COM
mitment Of this system to partisan
enemies who struggled against it's
adoption and vainly attempted to re-
tain in the hands of speculative
bankers a monopoly Of the currency
! and credits of the nation. Already
there are we'll defined indications of
| an assault upon the vital principles
of the system in the event of Repub-
| llcan success in the elections in No.
vember.
Under Democratic leadership the
the American people successfully fin
anced their stupendous part in the
greatest war of all time. The treas
| ury wisely insisted during the war
upon meeting an adequate portion
OF the war expenditure from current
taxes and the bulk of the balance
from popular loans, and, during the
! first full fiscal year after fighting
stopped, upon meeting current ex-
penditures from current receipts
| Notwithstanding the new and unnec-
essary burdens thrown upon the
treasury by the delay. obstruction
| and extravaganza of Republican
Congress.
The non-partisan Federal Reserve
authorities have been wholly free of
political interference or motive: and.
in their own time and their own
way, have used courageously, though
cautiously. the instruments at their
disposal to prevent undue expansion
of credit in the country. AS re-
suit of these sound treasury and
Federal Reserve policies, the inevi-
table war imitation has been held
down to a minimum and the cost of
living has been prevented from in
creasing here in proportion to the
increase in other belligerent coun-
tries and in neutral 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 half of Republican obstruction
at home. the credit of the govern
ment of the United States stands I'M
impaired. the Federal Reserve note is
the unit of value throughout all the
! world and the United States is the
one great country in the world which
maintains free gold market.
We condemn the attempt of the
Republican party to 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 any
other country, in this or any other
war. And in particular we condemn
the pernicious attempt of the Re-
publican party to create discomfort
! among the holders of the bonds of
the government of the United States
ana to drag our public finance and
our banking and currency system
back into the arena of party poll
Tics.
Tax Revision
We condemn the failure of the
present Congress to. respond to the
oft-repeated demand of the Presi-
dent and the secretaries of the treas
ury to revise the existing tax laws.
The continuance in force in peace
times of taxes devised under pres
| sure of imperative necessity to pro-
duce revenue for war purposes. is
indefensible and can only result in
lasting injury to the people The Re-
publican Congress persistently failed.
through sheer political cowardice. to
make a single move toward a read
Justment of tax laws which it de-
nounced before the last election and
was afraid to revise before the next
election.
We advocate tax reform and y
searching revision of the war rev.
enue acts to fit peace conditions so
! that the wealth of the nation may
not be withdrawn from productive
enterprise and diverted to wasteful
or non-productive expenditure.
We demand prompt action by the
next Congress for complete survey
or existing taxes and their modifica.
ton and simplification with a view to
secure greater equity and Justice in
tax burden and improvement in adj
ministration.
Public Economy
Claiming to have effected great
economics in government expendi.
lures, the Republican Congress can
not show reduction of one dollar in
taxation as a corollary of this false
pretence. In contrast, the last
democratic Congress enacted legis.
latlon reducing taxes from eight bill
mons, designed to be raised, to six
billions for the first year after the
armistice. and to four billions there.
after; and there the total is left I'M
diminished by our political adver-
earles. Two years after armistice
oay Republican Congress provides
Tor expending the stupendous sum of
So, 400, 800, 1877 80.
AFFECTING great paper economies
by reducing departmental estimates
OF sums which would not have been
spent IN any event, and by reducing
normal appropriations, the Republi-
can statement of expenditures omits
the pregnant fact that Congress au-
tnorlzed the use Of one and q half
billion dollars in the hands of vari-
Gus departments and bureaus which
otherwise would have been covered
into the treasury and which should
be added to the Republican total of
expenditures.
High Cost Of Living
The high cost of living and the de-
probation of bond values in this
country are primarily due to war it.
self, to the necessary governmental
expenditures for the destructive pur-
poses of war, to private extravagance,
to the world shortage of capital, to