El Paso herald. (El Paso, Tex.) 1901-1931, 1920-07-02

action by the congress before this nation
may become participant in any war
Conduct Of the War.
During the war president Wilson ex-
hIbited the very broadest conception OF
liberal Americanism- In his conduct Of
the war. as in the general administration
Of his high office there uas no semblance
OF partisan bias he invited 70 Washing
ton as his councillors and coadJutors hun
dreds OF the most prominent and pro-
uuunced Republicans in the country To
these he committed responsibilities Of the
Eravest import and most confidential ma
ture. Many Of them had charge OF vital
activities Of the government. and yet with
the war successfully prosecuted anq. Elorl-
ousiy ended. the Republican party n con-
Eress far from applaudiug the mastery
leadership Of the president and felicitating
the country on the amazing achievements
OF the American government has meanly
reuulted the conslderate course OF the
chief magistrate by savagely cefaming the
commanderinchief OF the army and navy
and by assailing nearly every public Off
Ger OF every branch OF the service inti-
mately concerned in winning the war
abroad and preserving the security CT the
government at home
We express 10 the soldiers, sailors and
marines OF America the admiration OF their
fellow countrymen- Guided by the genius
OF such commanders as Gen John J. Perish
ing. the armed forces OF America const-
tuted a decisive factor in the victory and
brought new luster to the flag.
We commend the patriotic men and Wo-
men who sustained the efforts OF their
government in the crucial hours OF the
var and contributed to the brilliant sue
cess achieved and the broad visioned lead
e-ship OF the president
Financial achievements
A review OF the record Of the Democratic
party during the administration OF Wood
row Wilson presents a chapter Of sub
stantial achievements unsurpassed IN the
history OF the republic For 50 years be-
fore the advent OF this administrator
periodical commissions had impeded the
Industrial progress Of the American peo-
pie and caused inestinable loss and dis
tress. By the enactment OF the federal
reserve act the old system which nreQ
pauics. was replaced by new system.
which insured confidence It was an in
dispensable factor in winning the war and
today It 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 this system TO partisan enemies who
struggled against Its adoption and vainly
attempted 70 retain in the hands Of specu-
larfve bankers a monopoly Of the currency
and credits OF the nation Already there
are well defined indications OF an assault
upon the vital principles OF the system
In the event OF Republican success in the
elections IN November
war Finance Successful.
Under Democrats leadership the Ameri-
can people successfully financed their STU
pendous part In the greatest war OF al
Zines The treasury wisely insisted dur
inr the war upon meeting AZ adequate
portion Of the war expenditure from cur
rent taxes and the bulk OF the balance
from popular loans, and. during the first
full fiscal year after fighting stopped upon
meeting current expenses from current re-
cefpts notwithstanding the new and IN
necessary burdens thrown upon the treas
ury BY the delay. obstruction and eI-
travarance OF a Republican congress
The non-partisan federal reserve au-
thorlties have been wholly free OF political
interference or motive and. in their own
time and their own way have used cour-
areousiy. though cautiously, the instru-
nents at their disposal 70 prevent undue
expansion Of credit IN the country. As e
result Of these sound treasury and federal
reserve policies, the inevitable war infla-
ton has been held down to a minimum
and the cost OF living has been prevented
from increasing here IN proportion 70 me
Increase IN other belIigerent countries and
in neutral countries which are IN Close
contact with the worlds commeree and
! exchanges
Z. S. Credit Saved
After a year and a half OF fighting Il