Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1920-06-11

the encouragement Oh Inc pIO-
duction and importation Of fer
tilizing material and Of its ex-
tensiye use.
The Federal farm loan act
should be so administered as to
facilitate the acquisition of farm
loan, to owners. and thus mimi
/. mize the evils of farm tenanfry
and TO furnish such long time
credits az farmers may need to
finance adequately their larger
and long time production opera
tons.
FISCAL POLICY
The next Republican administration
will inherit from its Democratic pre-
decessor a floating indebtedness Of
over $4,000. 900. 600, the prompt liquid
alton Of which is demanded by our
financial consideration Moreover, the
whole fiscal policy Of the govern
ment must be deeply Influenced by
the necessity OF meeting obligations
in excess $4,000, 900. 900 which mature
in 1898. But sound policy equally de-
Mands the early accomplishment Of
that real reduction Of the tax burden
which may be achieved by substitut-
ing simple for complex tax laws and
procedure, prompt and certain deter
mination Of the tax liability for de-
lay and uncertainty, tax laws which
do not mulct for tax laws which do
excessively mulct the consumers or
needIessiy remove enterprise and
thrift.
We advocate the issuance Of SYM
plified form OF, income return; auth
orizing the treasury to make changes
in regulations effective only from the
date of their approval; empowering
the commissioner of internal revenue
with the consent of the tax payer to
make final and conclusive settlements
Of tax claims and assessments bear
ing fraud and the creation and tax
board constituting, of at least three
representatives OF the tax paying
public aid and the heads of principal
divisions of the bureau of internal
revenue to act as a standing commit
tee on the simplifcation of forms.
procedure and law and to make
recommendation to the congress.
BANKING AND CURRENCY
The fact is that the war to a great
extent was financed by policy Of in
dation through certificate borrowing
from the banks and bonds issued at
ratification rates sustained by the
low discount rates esta blished by the
federal reserve board.
The continuance of this policy
since the armistice lays the admins
tration open to severe criticism.
Almost up to the present time the
practices of the federal reservation
as to control and frankly dominated
by the convenience of the treasury
The results have been greatly
increased war cost. a serious loss to
the millions of people who in good
faith bought liberty bonds and VIC
tory notes at par. and extensive post
war speculation. followed today by
restricted credit for legitimate in
dustrial expansion. AS a matter of
public policy we urge all banks to
give credit preference to essential
industry.
The federal reserve system should
be free from political influence,
influence, which is quite as import
ant as it's independence of domino
ton by financial combinations.
HIGH. COST OF LIVING
The prime cause. Of the high cost
of living has been first and fore
most. a so per cent depreciation in
the purchasing power of the dollar,
due to expansion of our currency
and credit. Reduced production,
burdensome taxation. swollen profits
and the increased demand for goods
arising from a fictitious but enlarged
buying power have been contributing
causes in a greater or less degree.
WecoEdemn the unsound policies
of the Democratic administration
which brought these things to pass,
and their attempts to impute the
consequences to minor and second
airy causes. Much of the injury
| wrought is irrepairable. There is
no short way out and We decline to
deceive the people with the vain
promises or quack remedies. But as
the political party that throughout
is history has stood for honesty and
honest finance We pledge ourselves
TO earnest and consistent attack
uopn the high cost of living by rig
| orous avoidence of further imitation
in our government borrowing. by
| courageous and Intelligent defiation
| OF over expanded credit and cur
rency, by encouragement of height
ened production of goods and SER
vices, by prevention of unreasonable
| profits, by exercise of public econ
omy and stimulation of private
thrift and by revision of war i'm
posed taxes unsuited to peace time
economy.
! PRoFITEERING
We condemn the Democratic ad-
ministration for failure to impartial
ly enforce the anti profiteering laws
enacted by the Republican Con-
gress.
RAILROADS
We are opposed to government
ownership and operation Of employe
, operation of the railroads. In view
of the conditions prevailing in the
| country, the expenditures of the last
| two years, and the conclusions which
may be fairly drawn from An obser-
walton of the transportation systems
OF other countries, it is clear that
adequate transportation can be fur
| nished more certainly, economically
and efficiently through private own
ership and operation under proper
regulation and control.