Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1920-06-19

! cations in excess of So 600. ooU 600 which
| mature in 1928. But sound po1icy
| equally demands the early accomplish
| ment of that real reduction OF the tax
| burden which may be achieved by sub
| stttuting simple for complex tax laws
! and procedure, prompt and certain de-
| termination of the tax liability for de-
lay ana uncertainty, tax laws winch DO
| not for tax laws which do excessively
| mulct the consumer or needlsssiy repress
! enterprise and thrift
| We advocate the Issuance of a sim
! plthed form OF income return. author
| ling the treasury department to make
| changes in regulations effective only
| from the date Of their approval. en-
| powering the commissioner Of inter-
! nal revenue, with the consent of the
| taxpayer, to make final and conclusive
! ments, barring fraud and the creation
! OF a tax board consisting of at least
| three representa- ives of the taxpaylng
| plbhc and the heads OF the princlpaI
| divisions of the bureau of internal
/ revenue to act as a standing committee
! on the simplihcation Of forms. pro-
! cedUre and law, and to make recon-
| mendatons to the congress.
Banking and Currency
The fact is that the war. to a great
| extent was financed by a policy OF
| imitation through certificate borrowing
! from the banks, and bonds issued a
/ artificial rates sustained by the low
! discount rates established by the fed
| erai reserve bc"rd. The continuance
/ Of this policy since the armistice lays
! the dmlnIstratiOn open to severe critl-
! cism- Almost up to the present time
| the practices of the federal reserve
| board as to credit control have been
! frankly dominated by the convenience
| Of the treasury.
The results have been - greatly in
| creased war cost, serious loss to the
| millions of people who "a good faith
/ bought Liberty bonds and victory
| notes at par. and extensive postwar
| speculation, followed today by a re-
f~f 4 ~ 10
/ expansion. AS a matter of public pol
| icy we urge all banks 10 give credit
| preference to essential industries.
The federal reserve system should be
! free from political influence which is
/ quite important as its independence
of domination by financial combina-
| tons.
The High Cost of Living.
The prime cause of the high cost
OF living has been, first Ind foremost
/ a so per cent depreciation in the pur-
/ chasing power of the dollar. due to
a gross expansion of our currency and
| some taxation, swollen prOf1ts. and the
| Increased demand for goods arising
| from hctItious but enlarged buying
power have been contributing causes
to a greater or less degree.
We condemn the unsound hScal pou-
| cies of the Democratic administration
/ which have brought these things to
/ pass, and their attempts to impute the
/ consequences TO minor and secondary
causes. Much Of the injury wrought
| is irrepar2 Bile. There Is no short way
out and we decline to deceive the peo-
PIE with vain promises or quack rem
But as the political party tina.
/ throughout its history has stood for
honest money and sound finance, we
pledge ourselves to earnest and con
sistent attack upon the nigh cost or
living by vigorous avoidance of further
initiation In our government borrowing,
/ by courageous but intelligent detiation
i
/ by encOurag cement and heightened pro-
| ducttOn Of goods and services, by pre-
! venti0n of unreasonable profits by ex-
| ercise Of public economy and stimuia-
| ton of private thrift and by revision
Of war imposed taxes unsuited to peace
/ time economy.
Profteering.
We condemn the Democratic admin
! istration for failure imoartiaNy to en-
( force the anti prOtiteerlng laws enacted
by the Republican congress.
Railroads.
We are opposed to government own
ership and operation or employee. op-
GRAFTON Of the railroads. In view OF the
| conditions prevailing In this country.
( the experience of the last two years
and the conclusions which may fairly
| be drawn from an observation of the
transportation systems of other Coun-
tries. It Is clear that adequate trans
and future can be furnished more GER
/ tainly economically, and efficiently
through private ownership and opera
ton under proper regulation and con
/ troll
There should be no speculative profit
| in rendering the service of transporta-
| tion. but in order to do justice to the
| ca pital already invested in railway en-
| ternrfSes to restore railway credit. to
| induce future investments Al a rea son
able rate, and to furnish enlarged facl-
tiles to meet the requirements Of the
! constantly increa sing development and
/ distribution. fair return upon actual
[ value of the railway property used in
transportation should be made reason
| ably sure and AZ the same time 70 pro-
/ vide constant employment to those en-
gagged in transportation service. with
| fqir hours and faVOTa BILE working con
! ditions at wages or CONNIE nsation at
| least equal to those prevailing in sim
lar lines OF industry. We indorse the
/ TRANSFORMATION net Of 1920 enacted by
the Republican congress as a most con
structive Legislative achievement.
Waterways.
We declare II to be our policy TO en-
R courage and develop water tr9nSDOrta-
tion service and facilities in connection
with the commerce of the United
REGULATION OF Industry and Commerce
We approve in general the exjst'n ?
federal leEfsl7ton against mouonol y
bat since the known certainty Of la
/ Is the safety of all. we advocate such
amendment as will provide American
business men with better means OF de-
termfDtng in advance whether a pro
/, posed corr animation is or is not uulaw
full The federal trade commission IN
der Democratic adm nistrat'oU hae
/ not aCcomDlishe1 the purpose FOR
which IL vas created This commissio"
properly orga nized and its duties efficient
" administered should afford protec
. tlon 20 the public and legitimate business
| interests.
international Trade and Tariff
The uncertain and unsettled condl-
, ! tion Of lnterua tfonal balances the ab
3 normal economic and trade situation o.
the world and the impoSsibuitv Of
/ forerastfn~ -rrtl~efelv cvoD +ha near
future preclude tho formulation Of s
! definite program 70 meet conditions
I wear hence Pc the Republican party
. I reaf9rns tts belief IN the protective prin
+ cirle and pledges itself to a revision o.
p / the tariff as soon as conditions shall
, ! make q necessary FOR the preserva toy
~ the home market for American labor
! agriculture. ao5 industry
Merchant Marine
Tho rational defense and orr 'o~ale-
commerce require r merchant marine %
tha hest tyne OF modern ship Gyjnr tn.
, American Tag and manned by Aueri- az