Cleveland County herald., 1920-07-15


 panics. was replaced by a new system. which insured confidence. It was an indispensable factor in winning the war and today it is the hope and vital danger against which the Ameri- can people should keep constantly on guard Is the commitment of this sys, tenn It's partisan enemies who struggled against its adoption and yalnly at tempted to retain in the hands or speculative bankers a monopoly of the currency and credits Of the nation.
 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 meeting an adequate portion of the war ex- penditure 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 extravaganza of a Republican con Bress.
 The nonpartisan federal reserve au thoritfes have been wholly free of po- litical interference or motive and in their own time and their own way. nave used courageously. though eau tlously, the instruments at their dis. posal to prevent undue expansion of credit in the country.
 AS result of these sound treasury and federal reserve policies. the inevi- 7 table war imitation has been held down 10 minimum, and the cost of living has been prevented from increasing here in proportion to the increase in other belligerent countries and in neu- tral countries which are in close con tact with the worlds commerce and
 After a year and a half of fighting in Europe and despite another year 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 She 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, m this or any other war. And, In par ticular we condemn the pernicious at tempt of the Republican party to ere ate discontent among the holders of the bonds of the government of the United States and to drag our public finance and our banking and currency politics.
 Tax Revision.
 The Republican congress persistent1y failed, through sheer political coward ice, to make a single move toward feadjustment of tax laws which it denounced before the last election and was afraid to revise before the next
 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 drawn from productive enterprise and diverted to Wasteful or nonproductiXe enterprise.
 We demand prompt action by tie next congress for q complete survey of existing taxes and their modifica- tons and simplitieation with a view to secure greater equity and justice in tax burden and improvement in ad- ministr&tion
 Public Economy
 Claiming to have effected great econ omies in government expenditures the Republican party cannot show the re- duCtinn of one dollar in taxation as q cerol1ary of this false pretense .n contrast, the last Democratic congress enacted legislation reducing taxes from $S.000, 000,000, designed to be raised. to $6 GOO. GOO, 900 for the first year after the armistiee and to $4.000, COG. 900 thereafter; and there the total tG left undiminished by our political adver- sarte5. Two years after armistice day a Republican congress provides for ex- pending the stupendous sum of $5.403,-
 Affecting great paper economies by reducing departmental estimates of sums which would not hsve been spent Appropriations. the Republican state ment of expenditures omits the prog nant fact that congress authorized the use of S1.500, 000,000 in the hands of various departments and bureaus which otherwise would have been GOV cred into the treasury, and which should be added to the Republican to- tai of expenditures.
 High Cost of Living.
 The high cost of living and the de- preciatiou of bond values ip this coun- try are primarily due to war itself, to the necessary governmental cXpeudi- fDraS for the destructive ntirDOSoS or war. to private eXtraVa gance. to the world shortage of capitol to the in fation of foreign currencieS and cred it's and, in large degree. to conscience less prOflteertng.
 The Republican party is responsible for the failure to restore peace and peace conditions in Europe, which is principal cause of post-armistice inAation the world over 1t has de- necessary legislation to deal with sec ondary and local causes. The sound policies pursued by the treasury and thr federal reserve system have iim- not prevent, the imitation which was world -wloe. Elected upon specific lures and to bring the country back to a status of effective economy, the Republican party in congress wasted time and energy for more than year in vain and e&traya gant i1Vestiga- tions costing the taxpayers great sums cf money while revealing noth- ing beyond the lncapaCltY of Republl- can politicians to cope with the prob
 Demanding that the president, from his place at the peace table call the into extraordinary session for imperative purposes of readjust- ment the congress when convened spent thirteen months in partisan pur- suits, failing to repeal a single war statute which harassed business or to initiate a single constructive measure
 It busted itself making a e-elec- ton record of pretended thrift. having not one particle of substantial exist ence in fact It ragged against profit COTS and the high cost of living without enacting single statute to make the former afraid or doing a single act to bring the latter within limitations
 The simple truth is that the high cost of living can only be remedied by in- creased production strict governmental economy and a relentless pursuit of those taking advantage of postwar conditions and are demanding and receiving outra- geous profits.
 We pledge the Democratic party to a policy of strict economy in governmental expenditures and to the enactment and of such legislation as may be required to bring nrofteefs before the bar of criminal justice.
 The Tariff.
 We affirm the traditional policy of the