Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1920-07-15
achieved under the broad-visioned lead
ership of the president.
Financial Achievements.

cISulp vi tue PRESIDENT
Financial Achievements.
By the enactment Of the federal re-
serve act the old system. which bred
panics. was replaced by a new system.
which insured confidence. 1t was an
indispensable factor in winning the
var and today II is the hope and
inspiration of business. Indeed. one
vital danger against which the Ameri-
can people should keep constantly on
guard Is the commitment of this sys-
tenn its partisan enemies who struggled
against its adoption and vainly at,
speculative bankers a monopoly OF the
currency anS 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
insisted during the war upon meeting
an adequate portion of the war exs
penditure from current taxes and the
bulk OF the balance from popula
loans, and. during the first full fiscal
year after lighting stopped, upon meet
ing current expenditures from current
receipts Notwithstanding the new and
treasury by the delay, obstruction and
extravaganza of a Republican con-
gress.
The nonpartisan federal reserve au-
litical interference or motive; and in
their own time and their own way.
have used courageously, though eau
tlously, the instruments at their dis
posal to prevent undue expansion Of
credit in the country.
AS a result of these sound treasury
and federal reserve policies, the inevt-
table wal imitation has been held down
to a minimum, n the cost of living
has been prevented from increasing
here In proportion to the increase in
other belligerent countries n in neu-
trail countries which are in close con-
tact with the worlds commerce and
exchanges.
After a year and a half Of fighting
in Europe and despite another year
and a half of Republican obstruction
at home. the credit of the government
of the United States stands unim-
paired, the federal reserve tote is the
unit OF value throughout the world
and the 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 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 he Republican party to Gre
ate discomfort among the holders of
United States and to drag our public
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 a single move toward a
readjustment of tax laws which it
denounced before the last election n
was afraid to revise before the next
election.
We advocate tax reform n a
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 n
diverted to waSteful or no~nproductive
enterprise.
w" demand prompt action by the
next congress for a complete survey
tions and simplification with a 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-
duction of n dollar in taxation as a
corollary of this false pretense. In
contrast, the last Democratic congress
enacted legislation reducing taxes from
s 1000, 600, 600, designed to be raised. to
6 5000, 00O. 900 for the first year after
the armistice, and to $4,000. 900. 900
thereafter; and there the total Is left
urdiminished by our political adver-
saries. Two years after armistlce a
a Republican congress provides for ex-
5so,S27.So.
Affecting great paper economies by
reducing departmental estimates of
sums which would not have been spent
in any event, and by reducing formal
appropriations, the Republican state
ment of expenditures omits the prog
nant fact that congress authorized the
use of 1900. 600, 900 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 of
world shortage of capital, to the in
laticn of foreign currencies and cred
its and. in large degree, to conscience
less profiteering.
The Republican party is responsible
for the failure to restore peace and
peace conditions in Europe, which is
a principal cause of post-armistice
imitation the world over. 1t has de-
nicd the demand of the president for
necessary legislation to deal with sec
ondary 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 "a
worldwide. Elected upon specific
promises to curtail public expendi-
lures and to bring the country back
to a status of effective economy, the
Republican party in congress wasted
time and energy for more than a year
in vain and e~xtravagant investiga-
tions, costing the taxpayers great
sums of money while revealing moth
ing beyond the i~ncapacity of Republi-
can politicians to cope with the prob
lens.
Demanding that the president, from
his place at the peace table. call the
congress into extraordinary session
for imperative purposes of readjust-
ment, the congress when convened
spent thirteen months in partisan pur-
suits, failing to repeal a single war
statute which harassed business or to
initiate a single constructive measure
to help business.
It busted itself making a pre-elec-
ton record of pretended thrift. having
not one particle Of s~Ibstantial exist
GERS n the high cost of living without
enacting a single statute to make the
former afraid or doing q 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 a relentless pursuit Of those
taking advantage of postwar conditions
and are demanding and receiving outra-
geous profits.
we pledge the Democratic party to a
policy of strict economy In governmental
expenditures and to the enactment and
be required to bring profiteers before the
har Of criminal Justice.