Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1920-07-09


BY the enactment OF the federal re-
serve act the old system, which bred
Qanics. was replaced by new system,
which insured confidence. II was an
war and today it is the hope and
inspiration of business. Indeed, one
Vita danger against which the Amerl-
can people should keep constantly on
guard is the commitment Of this sgs-
TEN its partisan enemies who struggled
against its adoption and Vainiy al
tempted TO retain In the hands OF
speculative bankers a me nopoly OF the
currency and credits of the nation
Under Democratic leadership the
American people successfully unanceu
their stupendous part in the greatest
war of all time. The treasury Wtsel3
Insisted during the war upon meeting
an adequate portion Of the war ex-
penditure from current taxes ana the
loans. and. during the first full fiscal
year after lighting stopped, upon meet.
ing current expenditures from current
receipts Notwithstanding the new ana
unnecessary burdens thrown upon the
treasury by the delay obstruction and
gress.
The nonpartisan federal reserve au-
thorities have been wholly free Of po-
lttical Interference or motive, and In
their own time and their. own way.
tiously; the instruments at their dis
posal to prevent undue expansion Of
credit IN the country
AS a result of these sound treasury
and federal reserve policies. the inevi-
table war inf Ion has been held down
to minimum, and the cost of living
haE been prevented from increasing
here in proportion to the increase in
other belNgerent countries and n neu-
trial countries which are in close con-
tact with the worlds commerce and
exchanges.
After year and half Of lighting
in Europe and despite another year
and half of Republican obstruction
a. home. the credit Of the government
OF the United states stands unim-
paired, the federal reserve note is the
unit OF vaihe throughout the world
and the United States is the one great
country IN the world which maintains
a free gold market.
We condemn the attempt OF the Re-
publican party to deprive the Amerl-
can people of their legitimate pride IN
the financing Of the War--an achieve
ment without parallel in the financial
history Of this or any other country,
IN this or any other war. And. in par
ticuiaF. we condemn the pernicious at
tempt OF the Republican party to cree
ate discoEtSnt among the holders OF
the bonds OF the government Of the
United ST. ties and to drag our public
system back into the arena OF party
politics.
Tax Revision.
The Republican congress persistentlv
failed through sheer political coward
ice. to make a single move toward
readiustment of tax laws which II
denounced before the last election and
was. afraid to revise before the next
We advocate tax reform and
searching revision OF the war revenue
acts TO fit peace conditions 50 that the
wealth Of the nation may not be with
drawn from productive enterprise and
Inverted TO wasteful or nonproductive
enterprise.
We demand prompt action by the
next congress for a complete survey
of existing taxes and their modiflca-
tions and simplhcation with a view to
secure greater equity and justice ia
tax burden and Improvement In adj
Public Economy.
Claiming to have effected great econ
omies In government expenditures, the
Republican party cannot show the re-
duction of one dollar in taxation as a
c0rollary OF this false pretense. In
contrast. the last Democratic congress
enacted legislation reducing taxes from
$Se00,000 000, designed 70 be raised, to
So 1000 600 900 for the first year after
the armtstice. and to $4,000 900 900
thereafter and there the total is left
undiminished by our political adver-
saries. Two years after armisuce day
a Republican congress provides for ex-
pending the stGpSodous sum OF IS. 40S,~
39J.327.a0
Nffectfng great paper economies by
reducing departmental estimates Of
sums wtiel would not have been spent
in any eNeRs, and ~ reducing formal
appropriateness, the Republican state-
meut Of expenditures amits the prog
naut face that congress authorized the
4use of $1,000. 900 900 in the hands of
various departments and bureaus
whieh otherwise would have been Cow
cree into the treasury and which
should be added 10 the Republican To
TAI OF expenditures
High Cost Of Living.
The high cost Of living and the de-
preciation OF bond values in this c0un-
try are primarily due to war Itself to
the necessary governmental expendi-
lures for the destructive purposes Of
war TO private eNtravagance, TO the
world shortage OF capital. to the in
aatfon OF foreign currencies and cred
It's and, % large degree. to conscience
less proflteering
The Republican, party is responsible
for the failure to restore peace and
peace conditions in Europe, which Is
prineipal cause OF ppst-armisttee
imitation the world over. II has de-
MED the demand OF the president for
necessary legislation 10 deal With sec
ondary and local causes The soupd
| policies pursued by the treasury add
| the federal reserve system have lin
4 tied in this country. though they could
/ not prevent. the Imitation which was
| worldwide. Elected upon specific
| promises TO curtatl public expendi-
! lures and TO bring the country back
| 10 a. status of effective economy. the
! Republican party in congress wasted
! time and energy for more than a year
! In vain and extraVagant inVestiga-
! tons costing the taxpayers great
/ sums of money while revealing moth
| ing beyond the ineapacity OF RepubIi-
| can politicians to cope with the prob
1 lens.
! Demanding that the president from
/ his place at the peace table, call the
| congress into extraordinary session
| for imperative purposes of readjugt-
| ment the congress when convened
| spent thirteen months ia partisan pur-
| suits, failing TO repeal a single war
| statnte which harassed business or 10
! initiate a single constructive measure
! to help business
! 1t busted itself making a pre-elec-
! ton record of pretended thrift having
| not one particle OF substantial exist
| enee ia fact Ii ragged against pront.
| GERS and the high cost Of living without
4 enacting a single statute to make the
! former afraid or doing a single act Il
j bring the latter within limitations.
The simple truth is that the high cost
of living can oaly be Temedied by ia.
4 creased production, strict governmental
] economy and a relentless pursuit OF those
\ taking advantage OF postwar conditions
! ard are demanding ana receiving outra-
I geoUs profits
4 we pledge the Democratic marty "a ,
policy af strict economy IN g0reVnulental
I expenditures and 20 the enactment ani
/ enforcement OF such legislation as may
/ h., required To bring EfoHteers befora az