The Mankato free press., 1920-12-10

II 10 surely the mdulI6SJ ueStiuy Oh
the United States to lead in the at
tempt to make this spirit prevail.
Duties For America.
There are two ways in which the
United States can assist to accom-
plish this great object:
First, by offering the example
within her own borders Of the will
and power of democracy to make and
enforce laws which are unquestion-
ably just and which are equal in
their administration--laws which Sc :
cure It's full right to labor and yet
| at the same time safeguard the in
tegrity Of property. and particularly
Of that property which is devoted to
the development Of industry and the
increase of the necessary wealth OF
the world. Second by standing for
| right and justice as towards individ-
ual nations. The law Of democracy
| is for the protection of the weak,
and the influence of every democ-
racy in the world should be for the
| protection Of the weak nations, the
nation which is struggling towards
its right and towards its pro1cr rec
ognition and privilege in the family
| Of nations. .a... .
Champion OF World.
"The United States cannot refuse
this role of champion, without put
ting the stigma of rejection upon the
great and devoted men. who brought
| its government into existence and
established II in the face of almost
universal opposition and intrigue,
even in the face of wanton force. as.
for example. against the orders in
council Of Great Britain and the ar
bitrary Napoleonic DEGREES, which
involved us. in what we know as the
war of 1912. urge you to consider
that the display of an immediate dis
position on the part OF congress TO
remedy any injustices or evils that
may have shown themselves in our
national life will afford the most eff
fectual Offset to the forces Of chaos
and tyranny, which are playing so
disastrously a part In the fortunes
of the free peoples Of more than one
is Of necessity the sample democracy
OF the world. and the triumph of de-
mocracy depends upon its success.
Recovery from the disturbing and
sometimes disastrous effects Of the
late war has been exceedingly slow
on the 6sher side Of the water and
has given promise, venture to say,
Of early completion only IN our own
fortunate country; but even with us
the recovery halts and its impeded
at times and there are immediately
serviceabie acts OF legislation. which
Is seems to me we ought to attempt,
to assist that recovery and prove the
indistructible recuperative force OF a
great government of the people. One
Of these is TO prove that a great de-
mocracy can keep house as success
fully, and in as businesslike fash
ion, as any other government. 1t
seems to me that the first step to-
wards proving this is supplying our
selves with a. systematic method OF
handling our estimates and exrondi-
lures.
Hopes For Measure.
81 reluctantly vetoed the budget
bill passed by the last session of th.-
congress because of constitutional
objection. The house of representa-
tives subsequently modified the bill
in order to meet this objection. In
the revised form, believe that the
bill, coupled with action already tax
en- by the congress to revise its rules
and procedure, furnished the four-
dations for an effective national bud
get system. ! earnestly hope, there
fore, that one OF the first steps taken
by the present session OF the con-
gress will be to pass the budget bill.
Finances Are Improved.
"The nations finances have shown
marked improvement during the past
year The total ordinary receipts OF
81, ,694. 100000 for the fiscal year 1920
900 900, while the total net ordinary
expenditures decreased from S1S514,
900 900 to $6,403, 100000. The gross
public debt. which reached it's high
est point on August 81, 1919, when it
was S26, 500 100000 had dropped on
November 80, 1920, to $24,175, 900, 900.
There also has been marked de-
crease in holdings of government
war securities bf the banking inter
ests Of the county as well as in the
amount of bills held by the federal
reserve banks secured by government
war obligations.
"The fortunate result has relieved
the banks and left them freer to fl
industries. It has been due in large
part to the reduction of the pubic
debt especially Of the floating debt
but more particularly to the improv-
ed distribution Of government sure
ties among permanent investors. The
session of the government borrow
ings, except through short term certi1
hcates OF Indebtedness has been q
matter Of great consequences to the
people of the country at large, as
we'll to holders of Liberty bonds and
Victory notes, and has had an impor-
tant bearing on the matter of effec-
tive credit control The year has
been characterized by the progressive
withdrawal of the treasury from the
domestic credit market and from a
position of dominant influence in that
market. The future course will ne
cessarily depend upon the extent to
which economics are practiced and
upon the burdens placed upon the
treasury, as we'll as upon Industrial
developments and the maintenance Of
tax receipts at sufficiently high
level.
Must Meet War Cost.
"The fundamental fact which at
present dominates the governments
financial situation is that seven and
half billions Of its war indebtedness
natures Etthin the next two and half
years. OF this amount, two and a
half billions are floating debts and
five billions victory notes and war
savings certificates. The fiscal pro-
gram OF the government must be de-
termfned with reference to these ma.
TURTLES, sound policy demands that
the government expenditures be re-