The Washington herald., 1920-01-09

ton in a condition Of comparative in
dustrial and commercial depression; ;
its financial system not functioning,
and the banking system Of the coun-
try in the hands Of a few men at
whose will panics periodically oc-
CURED. Banks, both National and
! State. failed with ominous frequency,
causing bankruptcy and ruin. stopping
| the wheels of industry and deterring
enterprises. Farmers were denied
reasonable credit for the prosecution
of their business by their local banks.
Special interests were clamoring for
even more power than that long exc
ercised by them. Those and other ills
had existed for sixteen years under
Republican rule, without any relief.
Its Constructive Program.
TO remedy these conditions. the
Democratic Administration, sppport-
ed by a Democratic Congress. called
in special session, entered immedi-
stely upon a vigorous constructive
program. 1t established a currency
| and banking system that distributed
money as needed to the localities
where 1t was created,\freeing the
currency of the country from the
domination of few men, and enab-
ling the nation to finance itself
through the greatest war the world
has known, as well as to feed, clothe
and finance the other countries asso-
cisted with US in the defense of
civilization and of human liberty.
The Federal Reserve Banking
System entitled the party to the
everlasting gratitude of the country.
while the Farm Loan Banking sys-
TEN gave to our agricultural in
terests the relief long demanded by
them.
"A Democratic administration
gave the people the right to elect
their United States Senators by
popular vote. 1t enfranchised the
| women. and for the first time gave
labor the fair showing to which 1t
was entitled.
Then came the encroachment OF
foreign autocracy interrupting the
peace-time progress of remedial leg
| islation, and our people rose in their
| might, under the leadership of Wood
row Wilson, to the defense Of our
rights and to save Democracy for
the world.
The gallant fight made by our SOL
diers at the front backed by every
| loyal American ar home. won vic
| tory for Democracy and civilization
that gained the admiration of the civil
| lized world, which promptly turned to
this country to lead 1t to the path OF
/ universal peace and good will. at the
end of which there would be no more
slaughter by war, but. instead, sys-
/ tenn, effected by universal agreement.
! that would enable nations to settle
| their differences by peaceful methods,
"a treaty to this end was negotiated
and for seven months it has been
throttled by the Republican leadership
of the Senate that is so arrogant
| that it even refused to let the Sena-
! tors Of its own party who desire to
have the treaty ratified with certain
reservations that seem reasonable TO
them. to vote accordingly. and thus
to mal4 at least a start toward
worldwide peace.
| Country Demands Pence.
In the meantime, our own busi-
ness conditions are unsettled, a def1-
mite proclamation of the end of the
war Is delayed. we are still in a
state of war when the country is
clamoring for peace, the exchange
market of the world is falling to a
basis that threatens the paralysis
of our foreign trade. and the war
torn nations of the world, strug-
Cling under the fearful burdens of
/ their unprecedented losses, are
faced with still greater adversities
growing out of the uncertainties of
their pitiable situation. Had the
peace treaty been ratified with rea-
sonable promptness, as all of our
associates in the war were willing
to do, the world. once again at
peace. would now be engaged in the
fruitful work of reconstruction. In
which the vast resources OF our
country would have been called for
to an extent that would have
brought untold benefit to every Sec
tion Of the country, and that would
have put our flag. carrying our COM
merce in the ports Of every country
Of the world.
Omit Playing Politics.
I'VE Join the demand Of the puipits
Of this country, ana Of its agricul.
tural interests, Of labor and of the
great business, industrial and CON-
mercial organizations Of America,
that the Senate quit playing politics
with this sacred question and give
to the world the word that Ameri-
ca Is ready to at least make q trial
for universal peace. We repudiate
the inferential suggestion that having
joined our associates In war in cre-
ating the conditions that are now
leading them to chaos, we are to
withdraw and leave them to q merci-