The Clio messenger. (Clio, Mich.) 1907-current, 1920-07-22

izing the treasury department to make
changes in regulations effective only
from the date OF their approval; en-
powering 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 tax board consisting OF at least
three representatives Of the taxpaylnK
public and the heads Of the prlnelpa,
divisions OF the bureau Of internal
revenue to act as a standing committee
on, the simpiification of forms. pro
cedure and law, and 10 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
innation through certificate borrowing
from the banks, and bonds issued at
artihoial rates sustained by the low
discount rates established by the fed
eral reserve board. The continuance
OF this policy since the armistice lays
the administration open to severe Grill
cism. Almost up TO the present time
board as to credit control have been
frankly dominated by the convenience
of the treasury.
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
stricted credit for legitimate Industrial
expansion. AS a matter OF public pol
icy we urge all banks to give credit
preference to essential industries.
The federal reserve system should be
free from political influence, when ~
quite as important as its independence
OF domination by financial combina-
lions.
The High Cost of Living.
The prime cause of the high cost
of living has been. first and foremost.
a 30 per cent depreciation i'm the pur-
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 greater or less degree.
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-
pie with vain promises or quack rem
edies.
But 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 o. further
imitation in our government borrowing.
by coura geouS but intelligent deflation
OF 0Verexpanded credit and currency,
by encouragement and heightened pro-
duction OF goods and services, by pre-
Vention 81 unreasonable profits, by ex-
ercise OF public economy and stiInuia
ton OF private thrift and by revision
OF war imposed taxes unsuited 20 peace
time economy.
Profiteering.
We condemn the Democratic admin
istration for failure impartially TO en-
force the -protteerng laws enacted
by the Republican congress.
Railroads.
We are opposed to government own
ershlp and operation, or employee op-
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 or other coun-
tries. il is clear that adequate trans
portation service both for me present
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 Transports
tion. 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 of the
constantly increasing development and
distribution. fair return upon actual
value of the railway property used I'm
transportation should be made reason
ably sure, and at the same time to pro-
vide constant employment to those en-
gagged in transportation service. with
fair hours and favorable working con-
ditions at wages or compensation at
least equal to those prevailing in sim
liar lines OF industry. We indorse the
transportation act OF 1920 enacted by
the Republican congress as a most con-
structive legislative achievement.
WATERWAYS
We declare IL TO be our policy TO en-
courage and develop water transporta-
tion service and facilities in connection
with the commerce OF the United
Regulation Of Industry and Commerce.
We approve in general the existing
federal legislation against monopoly
and combinations In restraint of trade,
but since the known certainty OF law
is the safety of all. we advocate such
amendment as will provide American
business men with better means OF de-
termining in advance whether a pro-
posed combination is or is not unlaw-
full. The federal trade commission. nm
der Democratic administra ton. has
n whcb af e wa the purpose tTr
properly orEaniZed and its duties efficient
~ administered should afford protec-
tion TO the public and legitimate business
international Trade and Tariff.
tion OF interna tional balances the ab-
normal economic and trade situation OF
the world, and the impossibility af
forecasting accuro tely even the near
future. preclude the formulation OF n
definite program 90 meet conditions a
year hence. But the Republican party
reafiirms ITS belief In the protective prin-
ciple and pledges itself to revision Of
the tariff as soon as conditions shall
make II necessary for the preservation
of the home market for American labor,
agriculture. and industry.
Merchant Marine.
The national defense and our foreign
commerce require n merchant marine OF
the best type OF modern ship nving the
American nag and manned by American
seamen, owned bN private capital. and
operated by private energy
We indorse the sound legislation re-
Gently enacted 10y the Republican CON
gress that win insure the promotion
ond maintenance OF the American mer-
chant marine
We favor the application OF the work
mems compensation acts 10 the meT-
chant marine.
We recommend that all ships engaged
i'm coastwise trade and all vessels OF the
American merchant marine shall pass
through the Panama canal without pay