Greenbrier independent. [volume] (Lewisburg, Va. [W. Va.]) 1859-1980, 1920-08-06
achieved under the broad-visioned lead
ership OF the president
Financial Achievements,


Financial Achievements.
By the enactment OF the federal re-
serve act the old system. which bred
p o:hin' was replaced by new system.
indispensable factor in winning the
war and today it is the hope and
vital danger against which the Ameri-
can people should keep constantly on
guard is the commitment OF this svs-
tenn Its partisan enemies who struggled
against its adoption and vainIy at
tempted to retain in the hands Of
speculative bankers a monopoly OF the
Under Democratic leadership the
american people successfully financed
u nerr s'uRIendous part in the greatest
insisted during the war upon meeting
an aaequate portion OF the wal. OK
bulk of the balance from popular
loans. and. during the first full fiscal
year after lighting stopped. upon meet
receipts Notwithstanding the new and
unnecessary burdens thrown upon the
treasury by the delay. obstruction and
SrcSS.
The nonpartisan federal reserve au-
thorities have been wholly free OF po-
iitical interference or motive: and in
thelr own time and their own way.
nave used couragcously. though eau
posai TO prevent undue expansion OF
credit in the country.
As result of these sound treasury
ana FEDERAL reserve policies. the incvi-
table war imitation has been held down
10 minimum. and the cost OF living
mas been prevented from increasing:
mere in proportion to the increase in
other belligcrent countries and in ncu-
IRA! countries which are in close con-
TAG! with the worlds commerce and
| exchanges.
t.. After a year, and Il half of lighting
and half OF Republican obstruction
ny nome. the credit of the government
unit OF value throughout the world
and the United States is the one great
| free gold market.
We condemn the attempt OF the Re
publican party to deprive the Ameri-
the financing OF the war-an achieve
msnt without parallel in the financial
m t6iS OF this or any other country.
ticular. we condemn the pernicious at
tempt OF the Republican party to Gre
| ate discomfort among the holders OF
the bonds OF the government OF the
United States and to drag our public
hnance and our banking and currency
system back into the arena OF party
politics.
Tax Revision.
| The Republican congress pcrsistentIy
f RAJ through sheer political coward
readjustment of tax laws which il
denounced before the last election and
| was AFRAID to revise before the next
We advocate tax reform and n
acts to 1T peaee eondtions w so thnt the
| wealth of the nation may not be with
drawn from productive enterprise and
enterprise.
w W. demand demand prompt action by the
| OF existing taxes and their modificn-
| tions and simplification with a view to
secure greater equity and justice in
tax burden and Improvement in adj
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
corollary OF this false pretense. In
enacted legislation reducing taxes from ON
5000; 100000 for t5e arst yea. after
thereafter; and there the total is left
undiminished by our political adver-
for aay
bending per the stupendous sum OF s5.4o3.-
reducing: dcpartmental estimates Of
sums which would not have been spent
an sXfn and the by
nant fact that congress authorized the
use Of sl.5oo.ooo.o0o in the hands OF
various departments and bureaus
which otherwise would have been COW
erred into ITO ot the treasury tS and which
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 cXpendi-
lures for the destructive purposes Of
world shortage Of capital. to the ine
flaticn of foreign currencies and cred
it's and. in large degree, to conscience
The. Republican party Is responsible
for the failure to restore peace and
eanepa Cause In hfh Is
imitation the world over. 1t has de-
nicd the demand OF the president for
ondary and local causes. The sound
| policies pursued by the treasury and
hs have @
not prevent. the imitation which was
world wide. Elected upon SPECIFIC
lures and to bring the country back
| to a status Of effective economy. the
Republican party. in congress wasted
in vain and extravagant investiga-
| lions. costing the taxpayers great
ing beyond the imcapa city OF Repu Esf-
can politicians to cope with the prob
lens.
his place at the peace table. call the
| congress into extraordinary session
| for imperative purposes Of readjust-
ment. the congress when convene
spent thirteen months in partisan pur-
! suits. falling to repeal a single war
initiate single constructive measure
| to help business.
1t busted itself making n pre-elec-
tion record of pretended thrift having
not one particle of substantial exist
ence in fact. 1t ragged against profit
enacting single statute to make . the
| former afraid or doing single act to
bring the latter within limitations.
The simple truth is that the high cost
! Of living can only be remedied by in
| creased production, strict governmental
| economy and relentless pursuit OF those
/ taking advantage of postwar conditions
a demnnlinp and receiyinp