The Delta independent., 1920-06-11


in days of peace would have been con-
sidered remarkable but now passes al
most unnoticed because great events
have SO crowded on each others heels
in the years of world war that the
comprehension and appreciation of
legislative accomplishment are well
nigh lost. Let me give a few ex-
amples of what has been accom-
plished
The estimates have been reduced
over billion dollars. The oil-leas-
ing and water-power bills, two meas
ures of large effect and high impor-
tance, which have been halting and
stumbling for many years in the in
capable hands OF Democratic ma
Jority, have become laws. We have
passed the vocational rehabilitation
act for the benefit of wounded SOL
diers and several acts for the disposi-
ton of war material, very necessary
to our finances. We have amended
and improved the federal reserve and
the farmers loan acts. We have
cared for the soldiers OF the Civil
war, straitened in their old age
through the rise in prices, by an in
crease in their pensions The civil
service retirement law. a long-de-
ferred act of justice to faithful serv-
ants of the government. has been
passed and minimum wage bill for
all persons in government employ has
passed both houses. We have been
obliged to restore the army and navy
10 peace footing. a work as difficult
as II was necessary. We have met
this by two most important meas
ures. the army and navy pay-bill and
the law for the reorganization of the
army on peace basis. Two of the
most important acts of any period
the shipping act for the upbuilding of
1 the American marine and the settle
ment of the affairs of the shipping
board and the law establishing the
budget, great measure of economy
and sound financial administration.
are conspicuous as our latest achieve
ments.
| We have made a remarkable begin
ming, hut We are fully conscious that
/ il is only beginning. Much has been
| uoht, lhuCH Tt1lld1nS TO 90 ana
we pledge ourselves to exert all our
energies to deal with what is still un-
done. The wreck and confusion of a
great war, in business, finance and
all economic conditions. cannot be
cleared away and fully readjusted in
a year and a half. nor indeed in twice
| that time. Reconstruction must be
steady and energetic. but 1t also de-
mands care II II is to be of lasting
value. The rise of prices. the high
cost of living which reach daily into
every home. is the most pressing as
| II is the most difficult and most es-
sential problem which confronts us.
Some OF the sources of this trouble
can be reached by legislation although
not ALL but everything that can be
effected by law should be done at
once. Profiteering, the charging of
extortionate and unjustifIed prices.
which is stupid as well as unlawful.
are subject now to ample punitive
laws. Those laws should be enforced.
others IL necessary added, and the
offenders both great and small should
be pursued and punished. not in the
headlines OF newspapers after the
manner of the present attorney gen
eral. but quietly, thoroughly and eff
ciently, in the courts of the United
States. Something more in this direc-
tion can be accomplished by the prop
er regulation OF cold storage. and n
bill for that purpose has passed both
houses and is now in conference.
Another deep-seated cause of the
rise of prices. more effective in its
results. although less obvious than
profiteering. is the abnormal increase
per capita Of the circulating medium,
This has doubled since the war be-
gan and II in the space of few
years the amount of the circulating
medium is doubled It has a most
profound effect in stimulating and
advancing prices. During the war
credits have been enormously inflat-
ed and there have been large addi-
tions to the currency through the
federal reserve banks. Here it is
possible to check the advance of
prices by law We can provide for
the control Of credits in such man.
ner as to give preference to the
most essential products. We are also
able to reduce the amount of the
circulating medium in the form of
federal reserve bank notes, the au-
thority having been given during the
war to increase the issue of these
notes from two billions to four bill
lions. 1t should be one OF the first
acts of congress to deal with this
essential point and II would have n
marked effect in reducing prices by