The Washington times., 1920-07-02
FINANCIAL ACHIEVEMENT.

review or the record OF the Demo-
cratic party during the administra-
ton of Woodrow Wilson presents
chapter Of substantial achievements
unsurpassed in the history of the re-.
pubic. For nifty years before the adj
vent of this Administration periodical
commissions had impeded the indus
trial progress of the American people
and caused inestimable loss and dis
tress.
BY the enactment of the Federal
Reserve Act the old system, which
bred panics, was replaced by new
system, which insured confidence. II
was an indispensable factor n win
ming the war, and today il is the
hope and inspiration of business. In
deed, one vital danger against which
the American people should keep
constantly on guard is the commit
ment of this system to partisan enc
mics who struggled against it's adop-
tion and vainly attempted to retain
in the hands of speculative bank kers
a monopoly of the currency and
credits of the nation. Already there
are well defined indications of an as
sauit upon the vital principles of the
system in the event of Republican
success in the elections in Novem-
Der.
LEADERSHIP is PRAISED.
Under Democratic leadership the
American people successfully financed
their stupendous part in the greatest
war of all time The Treasury wisely
insisted during the war upon meet
ing an adequate portion of the war
expenditure from current taxation
and the bulk of the balance from
popular loans. and, during the first
full fiscal year after fighting stopped,
upon meeting current expenditures
from current receipts notwithstand-
ing the new and unnecessary burdens
thrown upon the Treasury by the de-
lay, obstruction, and extravaganza of
Republican Congress.
The non-partisan Federal reserve
authorities have been wholly free of
political 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 inevitable war
initiation has been held down to a
minimum and the cost of living has
been prevented from increasing here
in proportion to the increase in other
belIigerent countries and in neutral
countries which are in close contact
with the worlds commerce and eS-
changes.
After year and half Of fighting
in Europe, and despite another year
and half OF Republican obstruction
AZ home, the credit of the Government
of the United states stands unimpair-
ed, the Federal reserve note is the
unit of value throughout all 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 Amcr-
can people of their legitimate pride
sn the financing of the war an
achievement without parallel in the
financial history of this or any 9th
,r country, in this or any other war.
And in particular we condemn the
OerniCious attempt of the Republican
party to create discomfort among the
holders OF the bonds of the Govern
rcnt " the United states and to drag
cur public finance and our banking
and curt.ncv system back into the
arena of party politics.
TAX REVISION.
We condemn the failure Of the pres
ont Congress to respond to the oft
repeated demand or the President and
the Secretaries OF the Treasury to re-
wise the existing tax laws. The con-
tinuance in force in peace times 81
taxes devised under pressure oC i'm
perative necessity to produce n reve-
nue. for war purposes is indefensible
ard can only result in lasting injury
to the people.
The Republican Congress persist
entity failed. through sheer political
cowardice, to make = single move to-
wnrd a resdjustment Of tax laws
which u denounced before the last