Arizona republican., 1920-06-11
PLATFORM DEFINES
 CAMPAIGN ISSUES
Banking and Currency
lcontlnued From Page onel.

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 discount rates established by the led eral reserve board. The continuance of this policy since the armistice lays the administration open to severe crit 1cis1n. Almost up to the present time, the practices of the federal reserve board as to credit control have been frankly dominated by the convenience of the treasury. The results have been q greatly increased war cost a serious loss to the millions of people who in good faith bought liberty bonds and victory notes at par, and extensive postwar speculation, followed today by restricted credit for legitimate industrial expansion. As a matter OE public policy, we urge all banks to give credit preference 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 financial combina- tions.
 The High Cost of Living
 The prime cause for the Thigh cost of living has been first and foremost, go per cent depreciation in the pur- chasing power of the dollar, due to q gross Expansion of our currency and credit Reduced production, burden some taxation, swollen profits, and the increased demand for goods arising from a fictitious but enlarged buying power, have been contributing causes in a greater or less degree
 We condemn the unsound fiscal pol icies of the Democratic administration which have brought these things to pass, and their attempts to impute the consequences to minor and secondary rtF ff7- s4,- ~l,A is ifreparable. There is no short way out. and we decline to deceive the pco- pie with vain promises or quack rem edieAs. But as the political party that throughout it's history has stood for honest money and sound finance, we pledge ourselves to earnest and con- sistent attack upon the high cost of living by rigorous avoidance of further imitation in our government borrowing. by courageous and intelligent deflation of over expanded credit and currency, by encoura cement of heightened pro- duction of goods and services.
 Prevention of unreasonable profits by exercise of public economy and stimulation of private thrift and by revision of war-imposed taxes unsuitad to peace-time economy.
 Profiteerine
 We condemn tho Democratic admin istration for failure inpartially to en- force the ti-profiteering laws enact cd by the Republican congress.
 Railroads
 We are opposed to government own ership and operation or employe op- eration of the railroads. In view of the conditions prevailing in the coun- try, the expenditures of the last tive years and the conclusions which may be fairly drawn from stn observation Of the transportation systems Of other countries it is clear that adequate transportation service. both for the present and futute can be furnished more certainly. economically and effi- ciently through private ownership and operation under proper regulation and control.
 There should be no speculative profit in rendering the service of transporta- ton; but in order to do justice to the capital already invested in railway en- terprises, to restore railway credit to induce future investments at a reason able rate and to furnish enlarged facii- ities to meet the requirements of the constantly increasing development and distribution, a fair return upon actual value of the railway property used in transportation should be made reason ably sure and at the same time to pro-