New Mexico state record., 1920-06-25


Of tax board consisting Of at least
3se!ie and the heads Of the principal
revenue 10 act as q standing committee
on the simpliacstion OF forms. pro-
cedurs and law, and TO make recon-
menossions TO the congress.
Banking and Currency.
The fact 10 that the war. TO q great
nsSn sasa sn.oSGs nsnssa ssfass BBosy BBSEo ~s %
from the banks, and bonds issued at
artlncial rates sustained oy the low
discount rates esta tabiished by the fed
ersl reserve board The continuance
OF this policy since the srmistlce lays
the administration open to severe criti-
cism Almost up 10 the present time
board as to credit control have been
frankly dominated by the convenience
The results Esvs been a greatly in
creased war cost. . serious loss to the,
millions Of people who in good faith
bought Liberty bonds and victory
notes at par. and extensive postwar
speculation. followed today by re-
stricted credit for legitimate industrial
expansion AS matter OF public pol
Icy we urge all banks TO give credit
preference to essential industries.
The federal reserve ryftem should be
free from political influence, which Is
quite as important as its independence
Of domination by financial combins-
The High Cost Of Living.
The prime cause of the high cost
OF living" has been, first and foremost
q so per cent depreciation in the pur-
chasing power OF the dollar. due 70
credit Reduced production burden
some taxation. swollen prohts, aud the
Increased demand for goods, arising
from fictitious but enlarged buying
power have been contributing cauies
to greater or less degree.
We condemn the unsound fiscal poll
cies OF the Democratic administration
which have brought these things TO
pass, and their attempts TO impute the
consequences to minor and secondary
causes. Much OF the injury wrought
is irreparable. There is no short way
out and we decline to deceive the peo-
edies
Bat as the political party that
throughout its history has stood for
honest money and sound finance we
pledge ourselves TO earnest and con
sistent attack upon the high cost OF
living BY vigorous avoidance OF further
imitation In our government borrowing.
by courageous but Intelligent detiatiOn
OF overe1panded credit and currency,
by encouragement and heightened pro-
duction OF goods and services. by pre-
vention OF unreasonable profits, by tx
ercise OF public economy and suInula-
tion of private thrift and by revision
Of war imposed taxes unsuited to peace
time economy.
Profiteering.
We condemn the Democratic admin
istration for failure impartially to en-
force the -prohteering laws enacted
by the Republican congress
Railroads.
We are opposed 10 government own
ership and operation or employee op-
Grafton Of the railroads. In view OF the
conditions prevailing IN this country,
ehe experience of the last two years,
ktsk atF1a
be drawn from an observation OF the
transportation systems OF other coun-
tries, IL is clear that adequate trans.
and future can be furnished more GER
tainly economically. and efficiently
through private ownership and opera-
tion under proper regulation and con-
troll
There should be no speculative profit
in rendering the service Of transporta-
tion but In order to do justice to the
capital already invested in railway en-
terprises 20 restore railway credit. 10
induce future investments At a reason
able rate, and 10 furnish enlarged tacll-
tiles 20 meet the requirements Of the
constantly Increasing development and
81 istribution, fair return upon actual
value OF the railway property used In
should be made reason
ably sure, and az the same time to pro-
vide constant employment 10 those en-
gagged in transportation service. with
fair hours and favorable working con-
ditions at wages or compensation at
least equal 10 thos. prevailing In sim
liar lines Of Industry. We indorse the
act OF 1920 enacted bv
the Republican congress as a most con-
structiye Legislative achievement.
Waterways.
We declare IL 70 he our policy to en-
courage and develop water transporta-
lion service and facilities In connection
with the commerce OF the United
States
!. -.,t..tx. "a l-I.-... - Sn..--
We approve in general the existing
federal legislation against monopolv
and combinations In restraint Of trade.
1ut since the known certa aintv NJ law
= the safety OF all. we advocate such s
amendment as win provide American 7
business men with better means OF de- {
ermining IN advance whether pro- !
'osed combination IL or Is not unlaw- I
.ul. The federal trade commission, IN !
Ter Democratic administration. has !
not accomplished the purnnre for q
which n was created THIS commission :
properly organized md its duties efNoient- 2
v administered should afford protec-
ion 70 the public and Legitimate business I
interests q
international Trade and Tariff.
The uncertain and unsettled condi-
ion of intern tional balances the an. !
ormal economic and trade situation OF .
he world. and the impossihlitv NJ :
oreca sting accurately oven the near :
ufure. preclude the formulation of =
ehnite program 10 rneet conditions a ?
esr hence Put the Repuhiicau partv /,
eafrrms its belief IN the protective prin- c
iple ard pledges Itself 10 revision Of Il
he tariff as soon a. conditions shah '
lake II necessary for the preservation .
Z the home marriott Tor American labor
grtculture. and Industry.
Merchant Marine. :,
The national defense ana our foreign a
ommerce require a merchant MARINE of u
he best tvpe of modern shin fyinR the IA
american rag and manned by American a
aamer. owned nv private capital. and :.
persted bv private enercv ~
We indorse the sound legislation re- !.
entity enacted hy me Republican con- !,
ress that win insure the promotion | Il
~ r1a'"'eranc- Of the American ner -
hsnt marine.
We favor the application of the work.
lens compensation acts 20 the ner-
nant marine. q
We recommend that all ship. engaged a.
coastVise trade and All vessels of the d
mericsn merchant marine shall pass j.
ent OF tolls Of
immigration. r
The standard ~ living and tn. stand p
"a of citizenship NJ a nation are its =
49, nrsc'aus Possessions. aid the pres g
walton and elevation OF tho.< standards
the FIRST duty OF our government
The Immigration policy % IN. Unit pl
States should he snrh ~ 20 insure 81
at the number - f0rei gners H. the ne
,untry a. snv one time shall not er- bl
ed tnat which can he assirnileted win ~
ssonable rapidly and 10 favor inmi- III
ants whose standard are similar to
lrs 60
The selective tests that are at present br
piled should he improved by requiring u
higher physical standard. a more COM
etc exclusion Of mental detectives and ( IN
irninals. and a more effective inspec- r.
VI applied as near the source Of innni- / -
alton as possible. as well as the port |
entry Justice 70 the foreigner and
ourselves demands pro, isiOn for the :
idance. rroiecti0n and better economic Ell
strfbution of our alien population To an
ciiitate government supervision aii al ~
7'N., -- - AZ 10