The Birmingham age-herald., 1920-06-11

l HE CAEO U Ilf F. DO DJEl | We congratulate the republican | Congress on the enactment of a law | providing for the esta ablishment of an 1 executive budget as a necessary in strument for a sound and businessliks | administration of the national | finances; and we condemn the vote ot the President which defeated this | great financial reform.
 REORGANIZATION OF FEDERAL DEPARTMENTS AND BUREAUS We advocate thorough investigation of the present organization of the federal departments and bureaus. with view to securin., consolidation, a more busi- ness like distribution of functions, the elimination of duplication, delays and overlapping of work and the establish ment of an up-to-date and efficient ad- ministrative organization.
 WAR POWERS OF PRESIDENT
 The President clings tenaciously to his autocratic war time powers. His veto of the resolution declaring peace and his refusal to sign the bill repeating war time legislation, no longer necessary, evi- dences his determination not to restore 10 the nation and to the states the form ot government provided for by the consti- tuition. This usurpation is intolerable and deserves the severest condemna tion. TAXATION
 The burden of taxation imposed upon the American people is staggering. but in presenting a true statement of the sit uation we must face the fact that, while the character of the taxes can and should be changed, an early reduction ot the amount of revenue to be raised is not to te expected.
 PART FIVE
 The next republican administration will ;+r Io,. io a floating indebtedness of over 8, ,000, ,O00,oDQ the prompt liquidation of which is de- manded by sound financial considera- tions Moreover, the whole fiscal policy of the government must be deeply 1n- fluenced by the necessity of meeting ob- ligations in excess of $500, ,000,0o0, which mature in 1923. But sound policy equally demands the early accomplishment Of that real reduction of the tax burden which may be achieved by substituting simple for complex tax laws and pro- cedure prompt and certain determination of the tax liability for delay and un- certainty, tax laws which do not, for tax laws which do, excessively mulct the con- sumer or needlessly repress enterprise and thrift.
 We advocate the issuance of a simpli- fled form of income return authorzin2 the treasur,, department to make changes in regulations effective only from the date of their approval; empowering the commissioner of internal revenue, Wlth the consent of the taxpayer, to make final and conclusive settlements Of tax claims and assessments barring fraud and the creation of a tax board consist ing of at least three representatives or the tax paying public and the heads of the principal divisions of the bureau of internal revenue to act as standing committee on the simplification of forms, procedure and law, and to make recom- mendations to the Congress-
 BANKING AND CURRENCY
 The fact is that the war to a great extent, was financed by a policy of in flation through certificate borrowing from the banks, and bonds issued at artificial rates sustained by the low dis count rates established by the federal reserve board. The continuance of this policy since the armistice lays the ad- ministration open to serve criticism. AL most up to the present time, the practices O. the federal reserve board to credit control have been frankly dominated by the convenience of the treasury.
 The results have been greatly in- creased war cost, a serious loss to the millions of people who in good faith bought Liberty bonds and Victory notes at par. and extensive post-war specula- tion, followed today by a restricted credit for legitimate industrial expan- sion.
 As matter of public policy we urge all banks to give credit preference to essential industries.
 The federal reserve system should be free from political influence, whicl is quite as important as its indepen dence of domination by financial combinations.
 THE HIGH COST OF LIVING
 The prime cause of the "high cost of living has been first and foremost, a 50 per cent depreciation i'll the purchas- ing power of the dollar, due to a gross expansion of our currency and credit. Reduced production, burdensome taxa tion, swollen profits and the increased demand for goods arising from a fic- titious but enlarged buying power have been contributing causes in a greater or less degree
 We condemn the unsound financial policies of the democratic administration which have brought these things to pass and their attempts to impute the conse- quences to minor and secondary causes Much of the injury wrought is irrepar- able. There is no short way out, and v5 decline to deceive the people with vain promises or quack remedies. But as the political party that throughout it's history has stood for honest money and sound finance, we plfdge ourselves to earnest and consistent attack upon the high cost of living by rigorous avoid ance of further imitation in our govern ment borrowing. by courageous and in- telligent deflation of over expanded credit and currency. by encouragement of heightened production of goods and services. by
 PART SIX
 Prevention of unreasonable profits by exercise of public economy and stimulation of private thrift and by revision of war-imposed taxes unsuited to peace time economy.
 PROFITEERING We condemn the democratic adminis- traitor for failure impartially to en-