Arizona republican., 1920-07-03
Democratic Platform as Finally Adopted

ation of their fellow countryrnen Guided by the genius of such com manders as General John J. Pershing, the armed forces of America consti- tuted a decisive factor in the victory and brought new lustre to the flag.
 We commend the patriotic men and women who sustained the efforts of their government in the crucial hours of the war, and contributed to the brilliant success achieved and the broad visioned leadership of the president.
 Financial Achievements
 review of the record of the Demo cratic party during the administration of Woodrow Wilson presents a chapter of substantial achievements unsur- pa ssed in the history of the republic For fifty years before the advent of this administration periodical convul- sions had impeded the industrial pro- gress of the American people and l caused inestimable loss and distress. By the enactment of the federal re- serve act the old system, which bred which insured confidence. It was an l indispensable factor in winning the war and today it is the hope and in l spiration of business. Indeed, one vital l danger against which the American people should keep constantly on guard | is the commitment of this system to | partisan enemies who struggled against l it's adoption and vainly attempted to retain in the hands of speculative bank | CTS a monopoly of the currency and credits of the nation. Already there are we'll defined indications of an as- sault upon the vital principles of the system in the event of Republican sue cess in the elections in November. l Under Democratic leadership the American people successfully financed | their stupendous part in the greatest | war of all time. The treasury wisely ! n f9TTVir hn Sr1cr an adequate portion of the war expendi- | ture from current taxes and the bulk of the balance from popular loans. and, | during the first full fiscal year after 1 fighting stopped, upon meeting current expenses from current receipts not withstanding the new and unnecessary burdens thrown upon the treasury by | the delay, obstruction and extrava- gance of a Republican congress.
 The non-partisan federal reserve authorities have been wholly free of political interference or motives; and 1 in their own time and their own way, have used courageously. though eau l 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 re- serve policies the inevitable war in- flation has been held down ot a mini mum and the cost of living has been prevented from increasing here in pro- portion to the increase in other bellig- erent countries and in neutral coun- tries which are in close contact with the worlds commerce and exchanges.
 After year and Q half of fighting in Europe and despite another year and a half of Republican obstruction al home, the credit of the government oi the United States stands unimpaired the federal reserve note is the unit of value throughout all the world and the United States is the one great coun- try in the world which maintains a free gold market.
 We condemn the attempt of the Re publican party to deprive the American people of their legitimate pride in the financing of the war-an achievement without parallel in the financial his tory of this or any other country ir this or any other war, and in particu lar We condemn the pernicious at tempt of the Republican party to create 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 system back into the arena of party politics.
 Tax Revision
 We condemn the failure of the pres ent congress to respond to the oft repeated demand of the president and (Continued on Page Four)