The daily Gate City and constitution-Democrat., 1920-07-02
PLATFORM OF
DEMOCRATS
CONTINUED from page ID

American people successfully 1lnanceu
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 fiscal year
after fighting stopped, upon meeting
current expenditures from current
receipts.
The non-partisan federal reserve
authorities have been wholly free
from political influence or motive
AS result of these sound policies
the inevitable war initiation has been
held to minimum and the cost OF
living has been prevented from in.
creasing here in proportion to the
increase in other belligerent coun-
tries
After year and a half of fight
ing, and despite another year and a
half of republican destruction at
home, the credit of the government
Of the United States stands unim.
paired and the federal reserve note
Is the unit OF value throughout all
the world.
We condemn the attempt of the
republican party to deprive the Amer
ican people OF their legitimate pride
in the financing of the war-an
achievement without parallel. And
in particular we condemn the perni-
cious attempt of the republican party
to create discomfort among the hold.
ers Of the bonds of the government
Of the United States and to drag our
private finance and our banking and
currency system back into the arena
Of party politics
Tax Revision.
We condemn the failure of the
present congress to respond to the
oft-repeated demand of the president
and the secretaries of the treasury to
revise the existing tax laws. The
continuance in peace times Of taxes
devised under imperative necessity
to produce revenue for war purposes
IS indefensible. The republican con-
gress persistently failed. through
sheer coWardice, to make a single
move toward a readjustment of tax
laws which it denounced before the
last election and was afraid to revise
before the next election
we oAtOCdLc LAX IG1UE III dAu q
searching revision of the war revenue
acts to fit peace conditions
We demand prompt action by the
next congress for complete survey
Of existing taxes and their modifica-
tina and simplification-
Public Economy.
The republican party cannot show
the reduction of one dollar in tax
alton In contrast, the last demo-
cratic congress enacted legislation
reducing taxes from eight billions,
designed to be raised. to six billions
for the first year after the armistice.
and to four billions thereafter; and
there the total is left undiminfshed
by our political adversaries.
High, Cost Of Living.
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-
tures for purposes of war. to private
extravaganza, to the world shorage of
capital, to the imitation of foreign cur
rencies and credits and. in large de-
gree, to conscienceless profteering.
The republican party is responsible
for the failure to restore peace and
peace conditions. It has denied the
demand of the president for necessary
Legislation to deal with secondary and
local causes. The sound policies pur-
sued by the treasury and the federal
reserve system have limited in this
country. though they could not pre-
tho irAofir1, rhirI, xvor}d
wide Elected upon specific promises
to curtail public expenditures, the re-
publican party TN congress wasted
in vain and extrayagant investiga-
capacity of republican politicians to
cope with the problems.
The special congress spent thirteen
months in partisan pursuits. failing to
repeal a single war statute which har-
rassed business, or to initiate a, single
constructive measure to help bust
ness. It busted itself making a pre-
election record of pretended thrift 1t
ragged against profiteers and the high
cost of living without enacting a
single statute to make the former
afraid of doing single act to bring
the laLLef Wllllu illAlldllOuS
The high cost of living can only be
remedied by increased production.
strict governmental economy and re-
lentless pursuit of those who take ad-
vantage of post war conditions.
We pledge the democratic party to a
policy of strict economy in govern
ment expenditures, and to the enact
nent and enforcement of such legisla-
lion as may be required to bring
profiteers before the bar OF criminal
justice.
The Tariff.
We reaffirm the traditional policy of
the democratic party in favor of a
tariff for revenue only and confirm the
policy Of basing tariff revisions upon
the intelligent research of a non-parti-
san commission, rather than upon the
demands of selfish interests, temper
arily held in abeyance.
Budget.
We favor the creation of an effec-
tive budget system that will function