Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-07-02

has meanly reqsuitsd the considerAte
course of the chief magistrate by
savAgely OBTAINING the commander
in-cAief OF the army and navy and by
assatltng nearly every public once OF.
every brNnch OF the service init
mateay concerned in winning the war
abroad and preserving the security Of
the, government 1t home.
We express to the soldiers and sad
ors Of America the admiration Of their
fellow countrymen. Guided by the
genius Of such, commanders. as Cen
eral John j. Pershing the armed Fore
e. Of America constituted q decisive
factor in the victory and brought new
luster to the nag.
We commend the patriotic men and
women, who sustained the efforts Of
their government in the crucial hours
OF the war, and contributed to the
brilliant administrative ucces achiev-
ed under the broad visioned leadership
of the president.
@ Financial Achievements.
A review Of the record Of the Dem
ocratic party during tho administra-
tfon Of Woodrow Wilson presents a
chapter of substantial achievements
unsurpassed in the history Of the re-
HRNOAANs cVl u4Sy yCAE0 OS1OTc IuC S4Qs
vent of this administration periodical
commissions had impeded the industrial
proszeB Of the American people and
causes inesdmable loss and distress.
BY the enactment of the federal re-
serve act the old system, which bred
panics, vas replaced by a new system,
which insured confidence. It vas ar
indispensable factor in winning the
war and today it is the hope and in
spiration Of business. Indeed, n vital
danger against which the American
people should keep constantly on
guard is the commitment of this sys-
tenn to partisan enemies who struggled
against its adoption and vainly at.
tempted to retain in the hands OF
speculative bankers q monopoly Of the
currency and credits of the nation. AL.
ready there r well defined indica-
tons Of an assault upon the Vita
principles Of the system in the even,
Of Republican success in the elections
in November.
Under Democratic leadership the
American people successfully financed
their s~tupendous part in the greatest
war of all time. The treasury wisely
insisted during the war upon meeting
an adequate portion Of the war ex'
penditures from current taxes and thu
bulk Of the balance from popular
loans, and, during the first full fisca
year after fighting stopped, upor
meeting current expenditures from
current receipts Notwithstanding tn.
new and unnecessary burdens thrown
upon the treasury by the delay, oh
publican congress.
in Europe and despite another YEA
and a half of Republican obstruction
at home, the credit of the government
of the United States stands unimpair
ed, the federal reserve now is the uni
Of value throughout all the world an,
the United States is the one grea
country in the world which maintain
a free gold market.
We condemn the attempt Of the Re
publican party to deprive the Ameri
q people of their legitimate pride il
the financing of the war-an achieve
ment without parallel in the financia
in this or any other war. And in par
ticular we condemn the pernieious at
tempt Of the Republican party to ere
ate discomfort among the holders o
h bonds of the government of tn
United States and to drag u publ
finance and our banking and currenc
system into the arena Of party politics
Tax Revtston.
We condemn the failure Of the pres
emit coogress to respond to the oft re
peated demand Of the president an,
the secretaries Of the treasury to re
wise the existing tax laws. The con
ttnuance in force in peace times o
taxes devised under pressure Of i'm
perative necessity to produce a reve
nue. Tor war purposes is i~ndefensibl
and al only result in lasting injur
to the people.
We advocate tax reform and
searching revision of the war revenu
acts totgt peace conditions so thai tn
Wealth*of the nationEmay not be with
drawn from productive enterprise an
diverted to wasteful or n~on-productiv
!, expenditures.
We demand prompt action by tn
next congress for a complete surve,
Of existing taxes and their modiica
tons and simplihcation with vie,
to secure greater equity and justice il
tax burden and improvement in ad
ministration. -
Public Economy.
Claiming to have effected grea
economies in government expendi
lures, the Republican party 'canno
show the reduction of n dollar i
taxation as a corollary Of this falls
~pretense. In contrast: The las
Democratic. congress enacted legisla
ton reducing taxes from eight bill
lions, designed to be raised, to six bill
lions for the first year after the armi
sdce. and to four billions thereafter
and there the total is left undiminish
ed by our political adversaries. Tw
years after armistfce day a Republi
can congress provides for expendin
the stupendous sum Of $5,403, $50,
327.30.
High Cost Of Living.
The high cost of living and the de
probation OF bond values in thi
country are primarily due to wa
itself, to the necessary governments
expenditures for the destructive pu,
nnoan nf nav RI nri,yo<o o~<~o ~ ~o~o