The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-07-08


BY the enactment OF the federal re-
serve act the old system, which bred
| pdniCs. was replaced by "A new system,
which insured confidence. IT was an
| tndispensabl BILE factor In winning the
war and today IL IS the hope and
| inspiration OF business. Indeed, one
! vital danger against which the Ameri-
can people should keep constantly on
| guard is the commitment Of this sys-
| TEN its partisan enemies who struggled
| against it's adoption and vatnly at
tempted to retain in the hands OF
| speculative bankers 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 eN-
| penditurc from current taxes ana the
! bulk of the balance from popular
| loans and, during the first fun nscal
year after hghting stopped, upon meet
! ing current expenditures from current
| receipts Notwithstanding the new and
! unnecessary burdens thrown upon the
treasury by the delay, obstruction and
| Eress
The nonpartisan federal reserve au-
thorites have been wholly free OF po-
! litiCal Interference or motive, and in
! their own time and their own way
| have used couragcously though eau
/ tlouslE 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 inrvl-
| table war imitation 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 bellIRcrcnt countries and in neu-
! tral countries which are In close con-
[ tact with the worlds commerce and
exchanges.
/ Alter year and MALI or hBhtlng
In Europe, and despite another year
al home '' the credit Of ne gov 5s
/ nf ne United States stands unim-
/ psircd the federal reserve note As the
/ unit Of value throughout the world
| and the United States is the one great
/ Cnnptrv In mo World tybicb maintains
/ a free gold market
We condemn the attempt of the Re-
/ publican party to deprive the Ameri-
/ can peopIe OF their Legitimate pride in
/ tLn fnlurfna of fhr [yar-an achieve
/ mont Without parallel i'm the financial
/ history or this or any other country,
i'd tuts or any other war And. I'm par
/ truIar we condemn the pernicious at
/ tpmpt uf the Republican party to Gre
/ ata discomfort among inc holders of
/ t.. bonds of the government of the
/ Emitted states ana 10 drag our public
finance and our banking and currency
! system back into the arena of party
/ polItirs
Tax Revision
,., r..,.,.s... -....,,.,.,,, -...,.,f,...,.,,,
]
| ialied, through sueer pollllcal coWaiu-
/ !''' TO- in1kt 5'.Eie nov I"TaLLu q,
I'."I"a'''i' ~ vi '"N ~" 49,
/ denounced before tlc Iast tIeCIivI anu
/ was aIialu 10 revise ptloIc Ihe H'N'
| eICGI"h. , 49, e., nd ,
we auEnsalg tHE Ielu ,,,l @llG a
a,ts r. moniitiore 60 maj tho
9i ~ ~, -, ,t bn win
/ wealth OF the nation may RoJ DE- "itn5
/ IthWn from prOuGCI,'Nt tulgI pI.35e M ,,.
~, irt to,r,,risc !" S'ol"' W
nv ~ ~ ,ro,,,t ,ctior nv tho
| ~, l,,,lr.s ~ - co,1,irta g,Ir,,nv
- n1H-, - ,U' ga ,IIi, r,odifca'
a. ,N'SS,i'H III ,tir ,itb ~ 70
/ ll"uS anu sun ,,c,t, , ~" iT,.ti ~
/ ,1v bpr,ren ana imnroveme1t in ad-
m'nIStrauor nm r.,.
T"D''C Geo''0"y'
Caimns To- nave erected fT9at ec4 f6e
| Republican party cannot show the re-
/ du,tI0u of one dollar I'm taxation as
/ coruIary Of this false prctcuse. In
| contrast the last Democratic congress
| enacted legislation reducing taxes from
/ SIS O0OO 600, designed TO be raised. TO
[ So oOp000.U00 for the first year after
| ih" armiShcr, ana 70 Sl.uou'VUV;VoV
| thcrenlieg ana there the totaI is lett
| uudlmn,Shed by our polltIcaI adVer-
/ SdIirs. w" years aIitI dIlllStlye Jay
a Republican congress provides FOR ex-
| pending the Slupehuous sum OF e''4V"'-
5'l -l"y. ....., ,.,.,,a., ,.a,.,,,.,,t,. t.,,
Affecting great paper economies ny
| reducing depaL mculai esq, mates OF
| sums "Hlen WuuI1 nul nay prtu spgu{
'', ,,,I t'1, "a 'perni,lins, etat@.
mcnt OF expenditures omits the prog
uaut fact that congress authorized the
| use OF $1,000 100000 In the hands OF
| various departments and bureaus
I which otherwise would have been COW
| cred into the treasury, and which
| should be added to the Republican to-
/ tai OF expenditures
Hiph Cost Of Living.
Tho high cost Of living and the de-
| preclation of bond values In this coun-
! try are primarily due to war itself, to
| the necessary governmental expendi-
| lures for the destructive purposes of
\ IA tr.1s m