Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1920-07-09

achieved under the broad visioned lead
! ership of the president.
Financial Achievements.
BY the enactment of the federal re-
serve act the old system, which bred
| panics. was replaced by new system.
| Which insured confidence. 1t was an
| indispensable factor in winning the
war and today it is the hope and
inspiration of business. Indeed. one
| vital danger against which the Amer1-
can people should keep constantly on
| guard is the commitment of this svs-
tenn it's partisan enemies who struggled
| against it's adoption and vainly at.
| tempted to retain in the hands or
| speculative bankers a monopoly of the
| currency and credits of the nation.
| Under Democratic leadership the
| American people successfully financed
| their stupendous part in the greatest
| war of all time. The treasury wisely
| insisted during the war upon meeting
an adequate portion OF the war eX-
/ penditure from current taxes and the
| bulk of the balance from popular
| loans, and, during the first full fiscal
/ ing current expenditures from current
/ receipts Notwithstanding the new and
| unnecessary burdens thrown upon the
treasury by the delay, obstruction and
/ extravaganza of Republican con-
/ gress.
The nonpartisan federal reserve au-
/ thoritieS have been wholly free of po-
/ litical interference or motive; and in
/ their own time and their own way,
nave used courageously, though eau
/ tiously, the instruments at their dis
/ posal to prevent undue expansion Of
credit in the country.
AS result of these sound treasury
i and federal reserve policies. the inev1-
! table war imitation has been held down
| to minimum, and the cost of living
/ has been prevented from increasing
/ here in proportion to the increase in
/ trail countrieS@Which are in close con-
| tact with the worlds commerce and
/ exchanges
/ After a year and nalf of fighting
| in Europe and despite another year
! and half of Republican obstruction
/ at home. the credit of the government
/ paired. the federal reserve note is the
! unit of value throughout the world
! and the United States is the one great
| country in the world which maintains
/ a free gold market.
/ We condemn the attempt of the Re-
| publican party to deprive the Amerl-
/ the financing of the War-an achieve
| ment without parallel in the financial
! history of this or any ether country,
/ IN this or any other war And, in par
/ ticular, we condemn the pernlclouS at
/ tempt of the Republican party to Gre
| ate discomfort among the holders OF
| United States and to drag our public
| finance and our banking and currency
/ system back into the arena OF party
/ politics.
Tax Revision.
The Republican congress persistently
| failed, through sheer political coward
/ ice, to make single move toward q
| denounced before the last election and
| was afraid to revise before the next
| election
we advocate tax reform and a
| 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
/ 4 tod IN Sfa
| enterprise.
We demand prompt action by the
/ next congress for complete survey
| of existing taxes and their modificas
| tions and simplifcation with view to
/ secure greater equity and justice in
| tax burden and Improvement in ad-
| public Economy.
| Claiming to have effected great econ
| omies in government expenditures, the
/ Republican party cannot show the re-
/ duction of one dollar in taxation as a
/ corollary of this false pretense. IL
] contrast, the last Democratic congress
/ enacted legislation reducing taxes from
| $4,000, 100000, designed to be raised. to
/ $6,000,0 100000 for the first year after
| the armistice and to $4,000,000 900
| thereafter; and there the total is left
| undiminiShed by our political adver-
| saries. Two years after armistice day
| Republican congress provides for ex-
| pending the stupendous sum Of $5.403.-
| Affecting great paper economies by
| reducing departmental estimates of
| sums which would not have been spent
| appropriations, the Republican state7
/ ment of expenditures omits the prog
/ nant fact that congress authorized the
use of $1,50O,000,000 in the hands of
| various departments and bureaus
| which otherwise would have been COW
cred into the treasury, and which
/ should be added to the Republican to-
| tai of expenditures
Hi0h Cost of Livinu.
/ The high cost of living and the de-
| probation of bond values in this coun-
/ try are primarily due to- war itself. to
/ the necessary governmental expendi-
| lures for the destructive purposes of
| war, to private extravaganza, to the
| world shortage OF capital, to the in
| it's and. in large degree. to conscience
| less profteering.
The Republican party is responsible
for the failure to restore peace and
| peace conditions in Europe. which is
/ a principal cause of post-armiStice
imitation the world over. 1t has de-
! necessary legislation to deal with sec
! ondary and local causes. The sound
| policies pursued by the treasury and
| tied in this country. though they could
| not prevent. the imitation which vas
world Elected upon specific
| lures and to bring the country back
| to a status of effective economy, the
| Republican party IN congress wasted
time and energy for more than year
| in vain and extravagant investiga-
| tions, costing the taxpayers great
| sums of money while revealing moth
| ing beyond the incapacity of Republic
| can politicians to cope with the prob
| lens.
Demanding that the president from
| his place at the peace table. call the
| congress into extraordinary session
for imperative purposes OF readjust-
ment, the congress when convened
| suits, falling to repeal q single war
statute which harassed business or to
| initiate a single constructive measure
to help business q
1t busted itself making a pre-elec-
ton record of pretended thrift. having
ence in fact 1t ragged against profit-
GERS and the high cost of living without
enacting "a single statute to make the
former afraid or doing a single act to
bring the latter within limitations.
The simple truth is that the high cost
of living can only be remedied by in
creased production, strict governmental
economy and relentless pursuit of those
taking advantage OF postwar conditions
and are demanding ana receiving Outra-
geous profits.
We pledge the Democratic party to
policy of strict economy in governmental
expenditures and to the enactment and
enforcement of such legislation as may
be REQUIRED to bring proflteerS before the
bar of criminal justice.
The Tariff.
Democratic party in favor Of tariff for
revenue only and confirm the policy of
basing tariff revisionS upon the intelIi-
gent research of a nonpartisan commits
sion. rather than upon the demands of
selfish interests. temporarily held in abey-