The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-07-02

war and today it Is the hope and in
spira ton Of business. Indeed, one vi
tai danger against which the Ame1-
can people should keep constantly on
guard is the commitment Of this sys-
tenn to partisan enemies.
Under Democratic leadership the
American people successfully financed
their stup endous part in the greatest
war Of all time.
The non-partisan federal reserve
authorities have been wholly free Of
| political Interference or motive; and.
| in their own time and their own way,
have used courageously, the instru-
ments at their disposal to prevent un-
due expansion Of credit in the coun-
| try.
AS a result Of these sound treasury
and federal reserve policies, the newt
able war initiation has been held down
| to a minimum.
After a year and half of fighting
in Europe and despite another year
and half Of Republican obstruction
! at home, the credit Of the government
Of the United States stand unimpaired
| We condemn the attempt Of the Re-
publican party to deprive the Ameri-
can people Of their legitimate pride in
the financing Of the war-an achieve,
ment without parallel in the financial
! history Of this or any other country in
| this or any other war. And in par
| ticular we condemn the pernicious at
tempt of the Republican party to Gre
| ate discomfort among the holders of
the bonds Of the government Of the
| United States.
Tax Revision
We condemn the failure Of the pres
ent congress to respond to the oft-re-
| peated demand Of the president and
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
| perative necessity to produce a reve-
| nue. for war purposes is indefensible
and can only result in lasting injury
to the people. The Republican con-
| gress persistently failed through sheer
| political cowardice, to make a single
move toward readjustment Of tax
laws which is 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 fit peace conditions, so that
the wealth of the nation may not be
Withdrawn from productive enterprise
! to wasteful or non-productive eXpendi-
lures. We demand prompt action by
the next congress for a complete sur
vey Of existing taxes and their modi
fication and simplificauon.
Public Money.
Claiming to have effected great
economies in government expendi.
lures, the Republican party can not
show the reduction Of one dollar in
taxation as a corollary of this false
pretense. In contrast the last Demo
cratic congress enacted legislation
reducing taxes from eight billions, de-
+ signed to be raised, to six billions for
the first year after the armistice. and
| to four billions thereafter; and there
the total is left by our political advar-
saries.
| Affecting great paper economies by
reducing departmental estimates OF
sums which could not have been spent
in any event, and by reducing formal
appropriations, the Republican state
ment Of expenditures omits the preg-
nant fact that congress authorized
the use of one and one-half billion
dollars, in the hands of various de-
partments and bureaus.
The high cost of living and the de-
probation of bond values in this coun-
| try are primarily due to war itself;
to the necessary governmental cx-
! penditures for the destructive pur-
poses of war, to private extravaganza,
to the world shortage Of capital, TO
| the influence of foreign currency and
credits, and in larger degree, to con
scienceless profiteering.
The Republican party is responsible
! for the failure to restore peace and
peace conditions in Europe, which is
principal cause of post-armistice infla
| ton the world over 1t has denied the
demand of the president for neCes
sary legislation to deal with secondary
| and loyal causes. The sound policies
pursued by the treasury and the fed
eral reserve system have limited in
this country, though they could not
prevent the initiation which was world
wide The single truth is that the
| high cost Of living can only be rene
died by increased production, strict
| governmental economy and a relent
| less pursuit Of those who take advant
age of postwar conditions and are
! demanding and receiving outrageous
profits.
We pledge the Democratic party to
a policy of strict economy in govern
ment expenditures and to the enact
ment and enforcement Of such legis
lation as may be required to bring
profiteers before the bar Of criminal
! justice.
The Tariff
| We reaffirm the traditional policy
of the Democratic party in favor Of a
tariff for revenue only and to confirm
the policy Of basing tariff revisions
upon the intelligent research of non
partisan commission rather than up
on the. demands Of selfish interests
| temporarily held in allegiance.
Budget
In the interest Of economy and good
administration, we favor the creation
of an effective budget system that will
function in accord with the principles
Of the constitution. The reform should
reach both the executive and legis
lative aspects Of the question
A budget bill was passed in the clos
ing days of the second session of the
sixty-sixth congress, which, invalid
a. Nv 1oi nDp et;tnti0pa1 dpfacte