El Paso herald. (El Paso, Tex.) 1901-1931, 1920-07-02

Europe and despite another year and a
half Of Republican obstruction at home.
the credit Of the government OF the United
States stands unimpaired. the federal re-
serve note IS the unit OF value throughout
all the world and che United States IS the
one great country IN the world which
maintains a free gold market
We condemn the attempt OF the Re
publican party 10 deprive the American
people Of their legitimate pride In the
financing OF the war-an achievement
without parallel in the financial history
Of this or any other country, IN this or
any other war and in particular we con-
denim the parnicious attempt OF the Re
publican party 10 create discomfort among
the holders OF the bonds Of the govern
ment Of the United States and 20 drag
our public finance and our banking and
currency system back into the arena Of
= Tax Revision.
We condemn the failure OF the present
congress 10 respond 70 the oft-repeated
demand OF the president ana me secre-
taries Of the treasury to revise the exist
ing tax laws The continuing IN force
IN times Of peace OF taxes devised under
pressure OF imperative necessity 70 pro-
duce a revenue for war purposes Is IN
defensible and can only result IN lasting
injury to the people. The Republican con
gress persisteutly failed through sheer
political cOWardice, &c make a single move
toward a readjustment OF tax laws which
It denounced before the last election and
was afraid TO revise before the next cleo
ton
We advocate tax reform and a searching
revision OF the war revenue acts 10 fit
peace conditions so that the wealth OF
the nation may not be Withdrawn from
productive enterprise and diverted 10
Wasteful or non-productlve expenditure.
We demand prompt action by the next
congress for complete survey OF existing
taxes and their modification and simpli-
faction with view TO secure greater
equity and justice IN tax burdens and
improvement IN administration
Public Economy.
Claiming TO have effected great econo-
mics in government expenditures, the Re
publican party cannot show the reduction
Of one dollar IN taxation as a corollary Of
Of this false pretense- In contrast the last
Democratic congress enacted legislation re-
ducing taxes from eight billions, designed
TO be raised, to six billions for the first
year after tho armistice, and 70 four bill
lions thereafter athera the total Is left
undiminfshed by our political adversaries.
Two years after armistica day a Rspub-
lean congress provides for eEpendinE the
stupendous sum 4 IS 4o5. 5so. s27-s0.
Affecting great paper economies By re-
ducing departmental estimates Of sums
which would not have been spent in any
event. and by reducing formal appropri-
atoms. the Republican statement OF eX-
penditures cinitE the pregnant fact that
congress authorized the use Of one and a
half billion dollars IN the hands Of vart-
Gus departments and bureaus, which other
wise would have been covered in 10 the
treasury. and which should be added 10
the Republican total Of expenditure
High lost Of Living.
The high cost Of living and the depreci-
alton OF bond values IN this country are
primarily due 10 the war itself, 70 the
Necessary governmental expenditures for
the destructive purposes OF war, TO private
! extrava guuce. TO the world shortage OF
capital. 70 the initiation OF foreign cur
rens and credits and IN large degree, 70
! couscfenceless urofiteertnE-
The Republican party Is responsible TOT
the failure TO restore peace and peace con-
difions in Europe which is principal
| cause OF post-armistice imitation the Worlc
/ over. II has denied the demand OF the
president for necessary legislation 70 dea
i with secondary and local causes
The sound policies pursued by the treas
[ ury and the federal reserve system nave
/ limited in this country, though they cogio
/ not prevent the initiation which was world
vide Elected upon specific promises e
curtam public expenditures and 70 bring
| the country hack 10 a status OF effectiFt
! economy. the Republican party In con-
/ rress wasted time and energy for more
I than a year in vain and e1travaEant IN
] vestiEations costing the taxpayers great
/ sums Of money. while revealing nothing
| beyond the incapacity OF Republican poll
| ticians to cope with the probiemE
DemagoEery Charged
] Demanding that the president, from hi'
] place at the peace table, call the con
l greas into extraordinary session for i'm