Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1920-06-22

L IZfng
| changes in regulations effective only
| from the date of their approval: en-
towering the commissioner OF inter
nal revenue. with the. consent OF the
| taxpayer. to make final and conclusive
| settlements of tax claims and assess
ments. barring fraud, and the creation
| Of q tax board consisting of at least
! three representa- ives of the taXpaylng
| public and the heads of the principal
| divisions of the bureau of internal
| revenue to act as a Standing committee
! on the simplificatiOn of forms. pro-
| cedures and law, and to make recon-
mendations to the congress.
Banking and Currency.
The fact is that the war, to a great
extent, was financed by a policy OF
| imitation through certificate borrowing
| from the banks. and bonds issued at
| artificial rates sustained by the low
| discount rates established by the fed
| eral reserve board. The continuance
| OF this policy since the armiStlce lays
the administration open to severe criti-
| cism Almost up to the present time
| the practices of the federal reserve
board as to credit control have been
frankly domino ted by the convenience
The results have 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 a re-
| Strcted credit for legitimate industrial
| icy we urge all banks to give credit
| preference TO essential industries
The federal reserve system should be
free from political influence, which IS
| quite important as its independence
Of domination BY financial combina-
| tionS.
The High Cost of Living.
The prime cause of the high cost
| a so per cent depreciation in the pur-
| chasing power of the dollar. due to
| gross expansion of our currency and
! credit. Reduced production, burden
| some taxation swollen profits, and the
| increased demand for goods arising
| from a fictitious but enlarged buying
! power have been contributing causes
| to a 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 irrepara BILE. There is no short way
| out and we decline to deceive the peo-
| Pile with vain promises or quack rem
| edles
| But as the political party that
| throughout it's history has stood tor
! honest money and sound tnance we
/ pledge ourselves to earnest and con-
! sistent attack upon the high cost OF
| living by vigorous avoidance OF further
initiation in our government borrowing,
| by cOura geouS but intelligent defia on
| Of oYerexpanded credit and currency,
! by encouragement and heightened pro-
| ductiOn of goods and services. by pre-
vention of Unreasonable profits by ex-
! ercise Of public economy and st1mula-
ton of private thrift. and by revision
of war imposed taxes unsuited to peace
| time economy.
Profiteerins.
We condemn the Democratic admin
! iStra ton for failure impartially to en-
| force the anti-profiteering laws enacted
by the Republican congress.
Railroads.
We are opposed to government own
! ership and operation or employee OPP
| Grafton of the railroads. In view Of the
! conditions prevailing in this country,
| the experience of the last two years,
! and the conclusions which may fairly
be drawn from an observation of the
! transportation systems of other coun-
tries. it is clear that adequate trans
and future can be furnished more GER
| tainly. economically. and efficiently
| through private ownership and opera
tinn under proper regulation and con
troll.
/ There should be no speculative profit
! in rendering the service of transpOrta
ton. but in order to do justice to the
| capital already invested in railway en-
| terprises to restore railway credit to
| induce future investments at a reason
! able rate, and to furnish enlarged facil-
| tiles to meet the requirements or the
| constantly increasing development and
! diStri butiOn. a fair return upon actual
value of the railway property used in
| transportation should be made reason
| ably sure. and at the same time to pro-
! vide constant employment to those en-
| gagged in TRANSFORMATION service. with
fair hours and favorable working con-
! ditions at wages or cOmpensa ton AT
Least enlIaI TO those nrevailing in sim
liar lines of industry. We indorSe the
TRANSFORMATION act of 1920 enacted by
the Republican congress as most con
structive Legislative achievement
Waterways.
We declare it to be our policy to en-
! c0ura ge and develop water transports
ton service and facilities in connection
with the commerce of the United
States.
REGULATION of Industry and Commerce
We approve in general the existin 9
federal legis lation AGAINST monnp0lA
and combinations in restraint Of trade
but since the known certainty of a la W
Is the safety of all. we advocate sucl
amendment as will provide American
business men with better means Of de
| termininG in advance whether a pro
nosed combination is or is not unlaw
! full. ThAs federal trade commission. un'
der Democratic administration has
not accomplished the purpose fol
which it was created; This romm9ssiof
uroperlv ORGANIZED and IT'S duties efficient
| " administered should afford prOteC
ton TO the public and Legitimate bushes!
! interests,
international Trade and Tariff.
The uncertain and unsettled condi
tion Of International ha1nncee the an.
normal economic and trade situation o
the world, and the impossibilitv 0
f"recas STING accurately even the nna1
future. preclude the formulation of :
| definite program to meet conditions
year hence. But the Republican party
rpaffirns its belief in the protective prin
ciple ard pledges itself to a revision o
the tariff soon conditions shall
make it necessary for the preservation
Of the home market for American labor
agriculture. and industry.
Merchant Marine.
The national defense and our foreigr
commerce require a merchant marine o
the best tyne Of modern ship fving tn
American flag and manned by American
seamen. owned nv private capital, ant
operated nv private energy
We indorse the sound legisla ton re
Gently enacted by the Republican con
gress that will insure the promotion
AVID maintsnanC of the American mer
chant marine.
We favor the application of the work
mems compensation acts to the mer
Chant marine.
We recommend that all ships enga ge
i'm coastwise trade and all vessels Of tn
, American merchant marine shall pas
, through the Panama canal without pay
, ! ment of tolls
immigration.
The standard Of living and the stand
, | ard or citizenship Of a nation are it
| most nreCiNuS possessions. and the pres
ervation and elevat ion of those standard
, | Il the first duty of our government.
! The immgration policy of the Unit
+ ! ed States should be such as to inSur
/ that the number of foreigners in tn
4 country at any one time shall not OK
coed that which can be assimilated wit
? reasonable rapidity. and to favor immi
I grants whose standard are similar [
I | ours
4 The selactjve tests that are at preser