Albuquerque morning journal., 1920-07-03
become a participant in any war.
Con iuct of the War.

bVNOiiIe d pdI lIClpdui IN any war,
Conduct of the War.
| During the war President Will
son exhibited the Very broadest
conception of liberal Americanism
In his conduct of the war, lis in
the general administration of his
high office, there was no SEM
blance of PARTISAN bias. He in
| vited TO Washington as his council
| lors and coadjutors hundreds of
the most prominent and pronounc-
ed republicans in the country. To
these he committed responsibilities
of the gravest import and most
confidential nature. Many of them
had charge of vital activities of the
| government,
And yet with the war successful
| prosecuted and gloriously ended,
the republican party in congress,
far from applauding the mastery
leadership of the president and fe-
licitating the country on the amaZ-
ing achievements of the American
| government, has meanly requited
the considerate course of the chief
magistrate by savagely defamlng
! the commander in chief of the
army and navy and by assailing
nearly every public officer of every
| branch If the service intimately
concerned in winning the war
abroad and preserving the security
of the government at home.
We express to the soldiers and
sailors of America the admiration
of their fellow countrymen. Guided
| by the genius of such commanders
as General John j. Pershing. the
armed forces of America constitut-
| ed a decisive factor in the victory
and brought new lustre TO the flag.
We commend the patriotic men
!, and women, who sustained the eff
forts of their government in the
crucial hours of the war. and con-
tributed to the brilliant success
achieved and the broad visioned
leadership of the president.
Financial Achievements.
A review of the record of the
democratic party during the ad-
| ministration of Woodrow Wilson
presents a chapter of substantial
achievements unsurpassed in the
history of the republic. For fifty
years before the advent of this ad-
ministration periodical convulsions
had impeded the industrial pros
gress of the American people and
caused inestimable loss and dis
tress BY the enactment of the
federal reserve act the old system,
which bred panic, was replaced by
a new system, which insured con-
fidence. 1t was an indispensable
factor in winning the war and to-
day is the hope and inspiration of
business. Indeed, one vital danger
against which the American people
should keep constantly on guard IS
the commitment OF TINS system 10
partisan enemies VINO struggled
against Its adoption ana Vaihly at.
tempted to retain In the hahds OF
speculative bankers mohopoly
of the currency and creolts OF tne
ton. Already there are weil de-
fined indications or an assault up
on the vital principles OF the sys-
tenn in the event OF republican sue
cess in 4 elections In NoVeHlper'
Under d>'ocrauc leadership me
American people successluiiy u
nanced their stupenuous part III M me
greatest war or an uhles. ihe
treasury wisely lhSisteu uuIih lie
war upon meeting an auequdte
portion or the war eApenui,ui - es s
from current taxes ana .l,e JUN u
the balance from popuiar ,oans,
and, during the first iull tlscal year
after flghting stopped, upon iilee'.
ing current expenses lro'', eui n, ens
receipts MISUNDERSTANDING nv nv"
and unnecessary puIueis w ioI,' W.
upon the treasury py tne oe,aF, vo
struction and extravaganza VI re-
lpubllcan congress.
The nonpartisan federai reserve
authorities have been wholly Tree
of political interference or motive;
land, in their own time and thelr
own way, have used courageously,
though cautiously, the instruments
at their disposal to prevent unoue
expansion Of credit in the country
AS a result of these sound treasury
land federal reserve policies. the IN
evitable war initiation has been
held down to minimum and the
cost of living has been prevented
from increasing here in proportion
TO the increase in other belligerent
countries and in neutral countries
which are in close contact with the
worlds commerce and exchange.
After a year and half of fight
ing in Europe and despite another
year and a half of republican on-
struction at home, the credit of the
government of the United States
stands unimpaired. the federal re-
serve note is the unit Of value
throughout all the world and the
United States is the one great
country in the world which MAIN
tains free gold market.
We condemn the attempt OF the
republican party to deprive the
American people of their legitimate
pride in the financing of the war
an achievement without parallel an
the financial history of this or any
other country. IN TINS OF any o.nei
war and In particular We condemn
the pernicious attempt of the re-
publican party to create discomfort