Every evening, Wilmington daily commercial., 1920-07-02

aSSalllng nearly every pubic oilcer OIL every
branch of the service intimately con-
cerned in winning the war abroad and
preserving the security of the government
at home.
We express to the soldiers and sailors
of America the admiration of their fellow
countrymen. Guided by the genius OF
such commanders as General John j.
Pershing the armed force of America con-
stituted 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 crucial hours of the war
and contributed to the brilliant admins
trative success, achieved under the broad
visioned leadership of the President.
FINANCIAL ACHIEVEMENTS.
A review of the record of the Demo-
cratic party during the administration
of Woodrow Wilson presents chapter
in the history of the republic. For fifty
years before the advent of this admins
tration periodical collusions have inn
peded the industrial progress of the Amer
lean people and caused inestimable loss
and distress. BY the enactment of the
Federal Reserve act, the old system which
bred panics was replaced by a new sys-
tenn which insured confidence. IL was an
indispensable factor in winning the war
and today it is the hope and inspiration of
business. Indeed one vital danger against
which the American people should keep
constantly on guard is the commitment of
this system to partisan enemies who
struggled against its adoption and valnly
attempted to retain In the hands of
speculative bankers a monopoly of the
currency and credits of the nation. Al
ready there are we'll defined indications
of an assault upon the vital principles of
the system in the event of Republican
success in the elections in November
Under Democratic leadership the Amer
lean people successfully financed their
stupendous part in the greatest war of all
times. The treasury wisely insisted dur
ing the war upon meeting an adequate
portion of the war expenditure from cur
rent taxes and the bulk of the balance
from popular loans, and during the first
full fiscal year after fighting stopped,
upon meeting 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 non-partisan Federal Reserve au-
thorities have been wholly free of political
or motive; and In their own
time and their own way have used cour-
ageously, though cautiously the instru-
ments Mt their disposal TO prevent undue
of credit in the country As
a result of this the Treasury and Federal
Reserve policies. the inevitable war in
flation has been held down to minimum
and the cost of living has been prevented
from increasing higher in proportion to
the increases in other bclligerent countries
and in neutral countries which arc in
close contact with the worlds commerce
and exchanges.
CREDIT UNIMT AIRED.
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 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 country in the
world which means free gold market
We condemn the attempts of Repub-
lican party to deprive the American
people Of their legitimate pride in the
financing Of the war-an achievement
without parallel in the financial possibility
of this or any other country. in this or any
other war, and in particular we condemn
the pernicious attempt of the Republican
party to create discomfort among the
soldiers of the bonds of the governments Of
the United States and to drive our banking
and currency system back into the arena
Of party politics.
TAX REVISION
We condemn the failure of the present
Congress to respond 10 the oft-repeated
demand of the President and the Secre-
taries of the Treasury TO revise the exist
ng tax laws. The continuance in force
n peace times of taxes devised under
pressure of imperative necessity TO produce
4 revenue for war purposes Is ndefensible
md can only result in lasting injury to the
people. The Republican Congress per-
;istently failed, through sheer political
,owardice to make a single move toward
Of tax laws which it de-
bounced before the last election and was
ifraid 10 revise before the next election.
We advocate tax reform and a searching
evision of the war revenue acts to fit
,eace conditions so that the nation may
lot be withdrawn from productive enter
rise and diverted to wasteful or nom
productive expenditure.
We demand prompt action by the next
congress for complete survey o existing
axes and their notifications and simph-
cation with-a view to secure greater
quity and justice in tax burden and
in administration.
PUBLIC ECONOMY.
Claiming to have effected great econom- |
S In government expenditures, the |
republican party cannot show the re- |
uction of one dollar In taxation as a |
orollary OF this false pretense. In con- |
rast the last Democratic Congress |
nacted legislation reducing taxes from |
light billions, designed To be raised, to six |
illions for the first year after the arrhistice |
nd to four billions thereafter; and there |
he total Is left undimished by our political |
dversaries. Two years after armistice |
ay Republican congress provides for |
xpendlng the stupendous sum of S., ,403,- |
80, ,327. 30
EtfectIng great paper economies by /
educing departmental estimates Of sums
rhlch would not have been spent in any |
vent, and by reducing formal appro-
the Republican statement of |
expenditures omits the pregnant fact that
congress authorized the use of one and
half billion dollars in the hands of
arious departments and bureaus which
therwise would have been converted /
ito the Treasury and which should be |
dded to the Republican total of expendi-
Ires.
HIGH COST OF LIVING.
The high cost of living and the depre-
ation of bond values in this country are
rIrnarilx due to war itself To the neces=