Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1920-07-10
achieved under the broad -visioned lead
erShip Of the president
Financial Achievements.


which insured confidence. II was an
Indispensable factor in winning the
war and today 1t Is the hope ana
inspiration of business. Indeed, one
vital danger against which the Ameri-
can people should keep constantly on
guard is the commitment OF this sys-
tenn its partisan enemies who struggled
against Its adoption and Valnly at :.
tempted to retain in the hands or
speculative bankers a monopoly Of the
currency Fad credits OF the nation
Under Democratic leadership tns
American people successfully financed
their stupendOus part in the greatest
war .. all time. The treasury wisely
insisted during the war upon meeting
an adequate portion OF the war ex-
psndture 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 Republican con-
gress.
The nonpartisan federal reserve au-
thorities have been wholly free OF po-
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 inevi-
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 beiligerent countries and in neu-
tral countries which are in close con-
tact with the worlds commerce and
exchanges
After a year and a half OF fighting
in Europe and despite another year
and a half Of Republican obstruction
at home. the credit OF the government
Of tue United States stands unfm-
paired the federal reserve note Is the
unit 81 value throughout the world
and the United States Is the one great
country in the world which maintains
a free gold market.
We condemn the attempt OF the Re-
publican party to deprive the Amert-
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.
IN this or any other war. And. in par
tlCular. we condemn the perniciOus at
tempt OF the Republican party 10 ere
ate discomfort 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.
The Republican congress perststently
failed. through sheer political coward
ice. TO make single move toward
rea d3ustment Of tax laws which il
was afraid TO revise before the next
election.
We advocate tax reform and
searching revision of the war revenue
ats to Al peace conditions so that the
wealth of the nation may not be with
drawn from productive enterprise and
diverted TO wasteful or nOnorOductive
enterprise.
We demand prompt action by the
next congress for a complete survey
OF existing taxes and their moditica-
lions and simpllfiCatiOn with a view to
secure greater equity and justice in
tax burden and Improvement in ad-
ministration
Public Economy
Claiming to have effected great econ
omies in government expenditures the
Republican party cannot show the re-
ductiOn of one dollar in taxation as a
cOrollary OF this false pretense In
contrast. the last Democratic congress
enacted legislation reducing taxes from
$4,000 900 600 des gned to be raised to
IS 900 coo 600 for the first year after
the armistice. and to s4000,000 900
undimnished by our political adver-
sartes. Two years after armtstice 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 have been spent
I'm any event. and by reducing formal
appropriations. the Republican state
ment OF expenditures omits the prog
nant fact that congress authorized the
use Of $I50o,000o00 in the hands of
various departments and bureaus
which otherwise would have been COW
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-
probation of bond values in this coun-
try are primarily due to war itself, to
the necessary governmental expendi-
lures for the destructive purposes Of
war. IN private extravaganza. to the
world shortage of capital. to the in
fatiCn Of foreign currenctes and cred
It's and. in large degree. to conscience
less prOfiteering.
The Republican party Is responsible
for the failure to restore peace and
peace conditions in Europe which is
a principal cause Of post-armistice
imitation the world over, II has de-
MED the demand Of the president for
necessary legislation to deal with sec
ondary and local causes. The sound
the federal reserve system have lin
tied in this country, though they could
not prevent the imitation which was
worldwide, Elected upon specific
lures and to bring the country back
70 a status OF effective eCOno Y. the
Republican party IN congress wasted
time and energy for more than n year
In vain and extravagant tnVestiga-
tions. costing the taxpayers great
sums Of money while revealing moth
ing beyond the tncapacity Of Republi-
can politicians to cope with the prob
lens.
Demanding that the president from
his place at the peace table. call the
congress into extraordinary session
for imperative purposes Of readjust-
ment. the congress when conVpn ed
spent thirteen months in partisan pur-
suits failing ~ repeal a single war
statute which harasSed business or 10
initiate a single constructive measure
TO help business.
II busted itself making a pre-elec-
tion record OF pretended thrift. having
not one particle Of substantial exist
euce in fact. X ragged against profit
GERS and the high cost Of living without
euaCtinE a 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
I " 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-
seous profits,
We pledge the Democratic party 70 A
policy Of strict economy in governmental
expenditures and II the enactment and
enforcement of such legislation as may
be required 10 bring prodJeers before the
bar OF criminal Justice
The Tariff
We affirm the traditional policy NJ she
; lAnVOCV4Ffr plrfE in favor of