Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-07-03

Of the war and contributed to the
acheved under ,ha broad .y fS1sT
leadership of the President.
Financial Achievement.
! n review OF the record OF the
D sirn,iaa , party during the admin
1 SCENTS chapter OF substantial achieve
ments unsurpassed IN the history Of
the advent OF this administration
| periodical commissions had impcueu
the Industrial progress Of the Amer
,can people ana caused inestiniaDlc
]Jss. Hy the enactment OF the FED
.ihl reserve act the old system. which
system winch insured confidence.
II Was an Indispensable factor in
winnine the war ana today 1t IL
ihueeo' one vital danger against which
the American people snouiG Keen
nnnstantiy on guard is the commit
I incht OF this system IL partisan enc
iiilcs VINO struggled against IT'S adop-
tion ana S3Iniy attempted 10 retain
! :, ,nn,,n.,'i, - - "p.Sd 'htNc OahherS
| IT'S OF the nation. Already there arc
Wei defined Indications OF an assault
( cess In the elections IN November
I Inder Democratic Lenders the poo
pl. successfully financed their stu
pHnhdQua part IN the greatest war OF
an time. The Treasury wisely in
sisted, during the war. upon meeting
l.enditurc from curren, taxes and the
1u!k OF the balance from popular
year after hghting stopped. upon
m.etins current expenditures from
current receipts. Notwithstanding the
new and unnecessary burdens thrown
I upon the Treasury ny the delay OBJ
stTuction and extravaganza of Il Itc-
I publican Congress.
Imitation Held Down.
The nonpartisan Federal reserve
NJ
political interference or motive: and
IN their own time and their own
cautiously. the INSTRUMENTS at their
disposal To prevent undue expansion
e sui, fre mi mn, Ia the countay: AS re;
fedcral reserve policies. the incvIta-
pie war Imitation has been held down
- minimum and the cost OF living
iias been prevented from Increasing
mere IN proportion to the increase
IN other bc!iiscrcnt countries and
close contact with the worlds COM
'hcTcc and exchanges.
After a year and half OF lighting
IN Europe and despite another year
AT nome. the credit Of the government
OF the United States stands un!m-
paired, the Federal reserve note is the
unit OF value Throughout, al! the world
ana the United states Is the oae
great country in the world which
maintains a free gold market
We condemn the attempt OF the
Hcpubiican party TO deprive the
pride in tn" financing of the war-an
achievement without parallel in the
financial history OF this or any other
country. in this or any other war.
Ana In particular We condemn the
pcrnicious attempt of the Republican
party 10 create discomfort among the
holders OF the bonds OF the govern
mcnt Of the United States and to CraE
IN nj l,,,,
and currency system back into the
arena OF party politics
Tax Lewiston.
We condemn the failure OF the pres
cnt consrs's 10 respond to tho Oft
the Secretaries OF the Treasury to re-
wise the existing tax laws. The con-
tlnuance in force in peace times OF
taxes devised under pressure of i'm
pcrativc necessity to produce a rev.
cnuc for war purpose is indcfensiblc
and can only result in lasting Injury
20 The people The Republican Con-
Hress persistenily failed. through
move toward rcadjusiment OF tax
laws which it denounced before the
last election and was afraid TO revise
before the next election.
We advocate tax reform and a
searching revision OF the war revenue
acts to fl; peace conditions so that
the wealth of the nation may not be
Withdrawn from productive enter
prise and diverted TO wasteful or non
productive expenditure.
We demand prompt action by the
next Congress for complete sur
yey OF existing taxes and their modi-
hcai!ons and simp!ification with
view TO secure greater equity and
justice in tax burden and improve
mcnt in administration.
Public Economy.
Claiming 10 have effected great
economies in government expendi-
lures. the Republican party cannot
show the reduction OF one dollar in
taxation as coroliaTy of this false
pre,ense. In contrast. the last Demo-
cratic Congress enacted legislation
raising taxes from eight billions, de-
signed TO be raised. to six billions for
the first year after the armisticc. and
20 four billions thereafter and there
the total is left undiInished by our
political adversaries Two years after
armistice day 4 Republican Congress
provides for eXpcndinE the stipend
Gus sum OF s'.403 ,3o9.S27.So.
Erecting great paper economies by
reducing departmental estimates Of
sums which would not have been
spent in any event. and By reducing
formal appropriations. the Repub-
lican statement of expenditures omits
the pregnant fact that Congress au-
thorized the use OF one and n half
billion dollars in the hands of vari-
Gus departments and bureaus. which
otherwise would have been covered
into the Treasury, and which should
De added to the Republican total OF
expenditures.
High Cost OF Living.
The high cost Of living and the
depreciation of bond values in this
country are primarily due 10 war
itself. 10 the necessary governmental
expenditures for the destructive pur-
poses OF war to private eXtravagancc,
TO the world shortage of capital. to
the imitation OF foreign currcncies and
credits and in large degree TO con-
scicnceless profiteering.
The Republican party is rcspon-
siblc for the failure to restore peace
and peace conditions in Europe,
which is u principal cause of most
armistice imitation the world over. 1t
has denied the demand of the Presi-
dent for necessary Legislation to deal
with secondary and local causes. The
sound policies pursued by the Treas
ury and the Federal reserve system
have limited in this country. though
they could not prevent. the imitation
which was world wide.
Elected upon specific promises to
curtail public expenditures and TO
bring the country back to status
of effective economy, the Republican
party in Congress wasted time and
energy for more than a year in vain
and extravagant Investigations. cost
ing the taxpayers great sums OF
money. while yp ling pOfhincr no