Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-06-12

to make changes in regulations eff
fective only from the date of their
approval; empowering the commits
sioner of internal revenue, with the
nal and conclusive settlements of
tax claims and assessments barring
fraud. and the creation of tax board
consisting of at least three repre-
sentatives of the tax-paying public
and the heads of the principal divi-
sions of the bureau of internal reve-
nue. to act as a standing committee
on the simplification of forms, proce-
dure and law, and to make recon-
mendations to the congress.
Banking and Currency
The fact is that the war to a
great extent was financed by policy
of imitation through certificate Dor
sued at artificial rates sustained by
the low discount rates established by
the federal reserve board. The con-
tinuance of this policy since the
armistice lays the administration
open to severe criticism. Almost UP
the federal reserve board as to cred
it control have been frankly domi-
mated by the convenience of the
treasury.
The results have been great war
costa serious loss to the millions
VI pSOple VINO III SOOu ldlln bought
Liberty Bonds and Victory Notes at
par, and extensive postwar specu-
lation, followed today by a restrict
ed credit for legitimate industrial
expansion. AS a matter of public
policy, we urge all banks to give
credit preferences to essential indus
tries.
The federal reserve system should
be free from political influence,
which is quite as important as it's
independence of domination by finan-
cial combinations.
The High Cost of Living
The prime cause of the high cost
most, SO per cent depreciation in
the purchasing power of the dollar,
due to gross expansion of our cur
rency and credit. Reduced produc-
ton, burdensome taxation, swollen
profits. and the increased demand for
enlarged buying power have been
contributing causes in greater or
less degree.
We condemn the unsound fiscal
policies of the Democratic admins
tration which have brought these
things to pass and their attempts to
lmpute the consequences to minor
and secondary causes. Much of the
injury wrought is irreparable. There
is no short way out, and we decline
to deceive the people with vain prom
lses or Quack remedies. But as the
political party that throughout it's
history has stood for honest money
and sound finance, we pledge our
selves to earnest and consistent at
tack upon the high cost of living by
rigorous avoidance of further inf1a-
ton In our government borrowing, by
courageous and intelligent def1ation
OF over-expanded credit and currency,
n 1Yscc Nf I,@io
duction of goods and services, by pre-
Vent1on of unreasonable profits, by
exercise of public economy and slim
ulation of private thrift and by re-
vision Of war-impoSed taxes to peace
time economy.
Frofteering
We condemn the Democratic ad-
for failure impartially
to enforce the anti-protiteering
laws enacted by the Republican
congress.
We are opposed to government
ownership and operation or en-
ploye operation of the railroads. In
view of the conditions prevailing in
the country, the expenditures of the
last two years and the conclusions
which may be fairly drawn from an
observation Of the transportation
systems of other countries, it is
clear that adequate transportation
service both for the present and fu-
ture can be furnished more certain
ly, economically and efficiently
through private ownership and OPP
Grafton under proper regulation and
control.
There should be no speculative
but in order to do
justice to the capital already in
vested in railway enterprises, to re-
store railway credit, to induce future
investments at a reasonable rate and
to furnish enlarged facilities to meet
the requirements Of the constantly
liner easing development and distrt-
Value of the railway property used in
transportation should be made rea-
sure and at the same time
to provide constant employment to
those engaged in transportation serv-
ice with fair hours and favorable
at least equal to those
in similar lines of in
dustry. "'@5a.
We indorse the transportation act
of 1920 enacted by the Republican
congress as a most conservative leg
islative achievement.
Waterways
We declare it to be our policy to
encourage and develop water trans
portation service and facilities in
connection with the commerce Of
the United States.
Regulation Of Industry
We approve in general the existing
federal legislation against monopoly
and combinations in restraint of
of law is the safest Of all, we adj
vocate such amendment as will pro-
vide American business men with
better means of determining in adj
vance whether a proposed combina-
tion is or is not unlawful. The fed
eral trade commission, under a DEM
ocratic administration, has not ac-
complished the purpose for which it
was created. This commission, prop
erly organized and it's duties efficient
ly administered, should afford pro-
lection to the public and legitimate
business interests. There should be
no persecution of honest business,
warrant, we pledge ourselves to
strengthen the law against unfair
practices.
We pledge the party to an imme
date resumption of trade relations
with every nation with which we
are at peace.
international Trade and Tariff
The uncertain and unsettled con-
ditions of international balances
and the abnormal economic and trade
situation of the world, and the i'm
possibility of forecasting accurately
even the near future, preclude the
formulation of a definite program to
meet conditions a year hence. But
the Republican party reaffirms it's
belief in the protective principle, and
pledges itself to revision OF the
tariff as soon as conditions shall
make it necessary for the preserva-
ton of the home market for Ameri-
can labor, agriculture and industry.