The Rice belt journal., 1920-06-19

from the date Of their approval; EN-
powering the commissioner OF inter.
nal revenue with the consent OF the
taxpayer to make final and conc!uslve
settlements Of tax claims and assess
ments. barring fraud, and the creatior
of tax board consisting OF at leasl
three representatives Of the taxpaylne
public and the heads Of the principa
divisions Of the bureau Of interna
revenue to act as standing committee
on the simplifcation of forms. pro-
cedure and lag, and to make recon-
mendations to the congress.
Banking and Currency.
The fact Is that the war, to great
extent, was financed by a policy OF
imitation through certificate borrowing
from the banks, and bonds issued al
artificial 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 crlti-
cisTn. Almost up to the present time
the practices. Of the federal reserve
board as to credit control have been
frankly dominated by the convenience
of the treasury
The results have been greatly in
creased war cost, serious loss to the
millions Of people who in gooo talth
bought Liberty bonds and Victory
notes at par, and extensive postwar
speculation. followed today by. re-
stricted credit for legitimate Industrial
expansion. AS matter OF public pol
icy we urge all banks to give credit
preference to essential industries.
The federal reserve system should De
free from political influence. which is
quite as important as its independence
of domination by financial combina-
tions.
The High Cost of Living.
The prime cause of the high cost
of living" has been, first and foremost,
SO per cent depreciation in the pur-
chasing power of the dollar, due to
a 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 irreparable. There Is no short way
out and we decline to deceive the peo-
pie with vain promises or quack rem
edies.
throughout it's 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 OF further
imitation in our government borrowing,
by courageous but intelligent defiation
Of overexpanded 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 stimula-
tion Of private thrift, and by revision
Of war imposed taxes unsuited to peace
time economy.
Prohteerlna.
We condemn the Democratic admin
istration for failure impartially to en-
force the anti-profiteering laws enacted
by the Republican congress.
Railroads.
We are opposed to government own
erBhip 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 OF other coun-
portation service both for the 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 transporta-
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 reason
able rate, and to furnish enlarged facil-
fn nP
increasing development and
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 transportation service. with
fair hours and favorable working con-
least. equal to those prevailing in SIM
liar lines of industry. We !ndorse the
act Of 1920 enacted by
the Republican congress as q most con-
legislative achievement
Waterways.
We declare II. to be our policy to en-
courage and develop water transporta-
tion service and facilities in connection
with the commerce Of the United
States.
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
as will provide American
termining In advance whether q pro-
posed combination Is or Is not unlaw-
full. The federal trade commission. un-
der a DEMOCRATIC administration. has
not accomplished the purpose for
which It was created. This commission
properly organized and It's duties efficient
Iy administered should afford protec-
ton to the public and legitimate business
international Trade and Tariff.
The uncertain and unsettled cdudi-
ton OF international balances, the alb
normal economic and trade situation of
the world, and the impossibility of
forecastiug accurately even the near
future, preclude the formulation of
definite program to meet conditions a
year hence. But the Republican party
reaffirms It's belief In the protective prin-
ciple and pledges itself to revision of
the tariff as soon as conditions shall
make 1t necessary for the preservation
of the home market for American labor
agriculture. and industry.
Merchant Marine.
The national defense and our foreign
commerce require merchant marine Of
the best type Of modern ship flying the
American flag and manned by American
owned by private capital, and
operated by private energy.
We indorse the sound legislation re-
Gently enacted by the Republican con-
gress that will insure the promotion
and maintenance 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 engaged
n coastwise trade and all vessels of the
American merchant marine shall nass
through the Panama canal without paw
nent of tolls.
immigration.
The standard of living and the stand
ard Of citizenship of nation are its
most prectars possessions, and the pres-
'rvation and elevation of those standards
) the first duty of our government
The immigration policy of the Unit
I'd States should be such as to insure
hat the number Of foreigners In fbe