Rockingham post-dispatch. [volume] (Rockingham, N.C.) 1917-1965, 1920-07-08

achieved under the broad-vlsioned lead
sership OF the president
Financial Achievements

achieved under the ad-visioned lead.
sership OF the president.
Financial Achievements.
BY the enactment OF the federal re-
serve act the old system, which bred
penics. was replaced by new system
indispensable factor In winning the
war and today 1t Is the hope and
inspiration Of business, Indeed. one
vital danger against which the Ameri-
guard Is the commitment Of this sys-
TEN its partisan enemies who struggled
against Its adoption and vainly at
tempted to retain in the hands OF
speculative bankers monopoly OF the
currency and credits OF the nation.
Under Democratic leadership the
American people successfully financed
their stupendous part in the greatest
war OF all time. The treasury wisely
an adequate portion OF the war ex-
penditure from current taxes and the
bulk OF the balance from popular
loans, and. during the first full fiscal
year after fghting stopped. upon meet
recSipts Notwithstanding the new and
unnecessary burdens thrown upon the
treasury by the delay. obstruction and
extravagance OF Republican con-
The nonpartisan federal reserve au-
tnorities have been wholly free Of po-
Iticai interference or motive; and in
their own time and their own way
nave used courageously, though eau
tiously, the instruments at their dis
posal to prevent undue expansion OF
credit in the country.
As result of these sound treasury
and federal reserve policies. the tnevi-
table war imitation has been held down
to minimum, and the cost of living
has been prevented from increasing
here In proportion to the increase In
hal k,.to tNH ~ ft.
trail countries which are in close con-
tact with the worlds commerce and
exchanges.
After year and a half of fighting
in Europe and despite another year
and half of Republican obstruction
at home. the credit of the government
tof the United States stands unim-
paired. the federal reserve note Is the
and the United States is the one crest
country in the world which maintains
"a free gold market.
We condemn the attempt of the Re-
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
States anu drag our PUBIC
finance and our banking and currency
system back into the arena of party
politics.
Tax Revision.
The Republican congress persistently
failed, through sheer political coward
ice. to make single move toward a
readjustment of tax laws which 1t
denounced before the last election and
was afraid to revise before the next
election.
We advocate tax reform and
searching revision of the war revenue
acts to fit peace conditions so that the
wealth of the nation may not be with
drawn from productive enterprise and
diverted to wasteful or nonproductive
enterprise.
We demand prompt action by the
next congress for a complete survey
of existing taxes and their modifica-'
tions and simplification with view to
secure greater equity and justice in
tax burden and Improvement in ad-
ministration.
Public Economy.
Claiming to have effected great econ
Omies in government expenditures the
Republican party cannot show the re-
corollary OF this false pretense. In
contrast, the last Democratic congress
enacted legislation reducing taxes from
$4,000, 000, 900, designed to be raised. to
for aI the first year zee ooa f5 eG
thereafter; and there the total is left
by our political adver-
saries. Two years after armistice day
a Republican congress provides for ex-
pending the stupendouS sum of $5.403.-
9o,327.30.
Affecting great paper economies by
reducing departmental estimates of
sums which would not have been spent
the Republican state
ment of expenditures omits the prog
rant fact that congress authorized the
use of $1,000. 100000 in the hands of
various departments and bureaus
which otherwise would have, been COW
cred into the treasury, and which
should be added to the Republican to-
tai of expenditures.
High Cost of Living.
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 expendi-
lures for the destructive purposes of
war, to private extravaganza. to the
world shortage of capital, to the in
fiaticn of foreign currencies and cred
less profiteering.
The Republican party is responsible
for the failure to restore peace and
peace conditions in Europe; which is
imitation the world over. !, 1t has de- ]
MED the demand of the president for
necessary legislation to deal with sec
0ndary and local causes. The sound
policies pursued by the treasury and
the federal reserve system have lin
tied in this country. though they could
not prevent, the imitation which was
world wide. Elected upon specific
promises to curtail public expendi-
lures and to bring the country back
to a status of effective economy, the
party in congress wasted
time and energy for more than year
in vain and extravagant investiga-
tions, costing the taxpayers great
sums OF money while revealing moth
ing beyond the incapacity of Republi-
can politicians to cope with the prob
lens.
congress into extraordinary session
for imperative purposes of readjust-
ment, the congress when convened
spent thirteen months in partisan pur-
suits, falling to repeal single war
statute which harassed business or to
initiate single constructive measure
to help business.
1t busted itself making pre-elec-
ton record of pretended thrift. having
not one particle of substantial exist
ence In fact 1t ragged against profit
GERS and the high cost of living without
enacting single statute TO make the
former afraid or doing single act to
bring the latter within limitations
The simple truth is that the high cost
Of living can only be remedied by in
creased production, strict governmental
economy and relentless pursuit of those
taking advantage of postwar conditions
and are demanding and receiving outra-
geous psofits.
we pledge the Democratic party to n
policy of strict economy In governmental
ord 90 H. =