Okolona messenger. (Okolona, Miss.) 1900-current, 1920-07-08

achieved under the broad visloned lea
ership OF the president
Financial Achievements.
BY the enactment of the federal re
panics, was replaced by a new system
which insured confidence. 1t was al
indispensable factor in winning tn
war and today II is the hope anC
inspiration Of business. Indeed, on
vital danger against which the Ameri
can people should keep constantly OF
guard is the commitment of this sys
TEN It's partisan enemies who struggled
against its adoption and vainly at
tempted to retain In the hands o.
speculative bankers monopoly OF thC
currency and credits of the nation.
Under Democratic leadership tht
American people successfully financed
their stupendous part in the greatest
war OF all time. The treasury wisely
insisted during the war upon meeting
an adequate portion of the war ex'
pendlture from current taxes and the
bulk OF the balance from popular
loans, and, during the first full fiscal
year after fighting stopped, upon meet
ing current expenditures from current
receipts Notwithstanding the new and
unnecessary burdens thrown upon the
treasury by the delay. obstruction and
gress.
The nonpartisan federal reserve au-
thorities have been wholly free OF po-
lttlcal interference or motive; and in
their own time and their own way,
have used courageously though eau
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 imitation has been held down
to minimum and the cost of living
has been prevented from increasing
here in proportion to the increase in
Oth oil krE1~ L.,
trial countries which are in close con-
tact with the worlds commerce and
exchanges.
After year and a half of fighting
and half of Republican obstruction
at home. the credit of the government
of the United States stands unim-
paired, the federal reserve note Is the
unit OF value throughout the world
and the United States is the one great
country in the world which maintains
free gold market.
We condemn the attempt of the Re-
publican party to deprive the Ameri-
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
ticular, we condemn the pernicious at
tempt of the Republican party to Gre
ate discomfort among the holders OF
the bonds OF the government Of the
United States and to drag our public
finance and our banking and currency
system back into the arena of party
politics.
Tax Revision.
The Republican congress persistently
failed, through sheer political coward
ice, to make single move toward a
readjustment of tax laws which 1t
denounced before the last election and
was afraid to revise before the next
election.
We advocate tax reform and
searching revision of the war revenue
acts to fit peace conditions SO that the
wealth of the nation may not be with
1rawn from productive enterprise and
diverted to wasteful or nonproductive
lext congress for complete survey
IF existing taxes and their modifica-
ions and simplification with a view to
secure greater equity and justice in
ak burden and Improvement in adj
Public Economy.
Claiming to have effected great econ
1mies in government expenditures, the
Republican party cannot show the re-
AUCTION of one dollar in taxation as a
corollary of this false pretense. In
contrast, the last Democratic congress
enacted legislation reducing taxes from
IS, 600, 900, 900, designed to be raised, to
S6, 000, 100000 for the first year after
he armistice, and to $4,000, 600, 900
and there the total is left
aries. Two years after armistice day
Republican congress provides for ex-
,ending the stupendous sum of $54039-
so, 327.30.
Affecting great paper economies by
educing departmental estimates of
ums which would not have been spent
n any event, and by reducing formal
appropriations, the Republican state
TTf1i kNTn
ant fact that congress authorized the
Use of $500, 100000 in the hands of
arious departments and bureaus
which otherwise would have been COW
red into the treasury, and which !
hould be added to the Republican to-
al of expenditures.
High Cost of Living
The high cost of living and the de-
recitation of bond values in this coun-
ry are primarily due to war itself, to |
he necessary governmental expendi- |
ures for the destructive purposes of |
yar, to private extravaganza, to the |
iorld shortage of capital, to the in |
alton of foreign currenciese and cred |
IS and, in large degree, to conscience |
ess profiteering.
or the failure to restore peace and |
eace conditions in Europe, which Is
principal cause OF post-armistice |
1fiation the world over. 1t has de-
ecessary legislation to deal with sec |
ndary and local causes. The sound |
olicies pursued by the treasury and |
he federal reserve system have linn
ed in this country, though they could
OF prevent, the Imitation which was
Elected upon specific
to curtail public expendi-
Ires and to bring the country back
, status of effective economy the
republican party in congress wasted
me and energy for more than a year
n vain and extravagant investiga-
ons, costing the taxpayers great
ans Of money while revealing moth
lg beyond the incapacity of Repubn-
Il politicians to cope with the prob
Demanding that the president from
Is place at the peace table, call the
,r imperative purposes of readjust-
tent, the congress .when convened
)ent thirteen months in partisan pur-
tits, failing to repeal a single war
atute which harassed business or Ia
itiate a single constructive measure
help business. .-@r 4
1t busted itself making a pre-elec-
on record of pretended thrift. having
1T one particle of substantial exists
zee in fact, 1t ragged against profit
rs and the high cost Of living without
acting a single statute to make the
rmer afraid or doing a single act to
ing the latter within limitations
The simple truth is that the high cost
living can only be remedied by in
eased production, strict governmental
onomy and relentless pursuit of those
king advantage of postwar conditions
ID are demanding and receiving outra-
Gus profits,
We pledge the Democratic party to a
Icy of strict economy in governmental
and to the enactment and
forcement of such legislation as NAV
required to bring profiteers before the
r of criminal Justice.