Pine Bluff daily graphic., 1920-07-03

bias. He invited to Washington as his councillors and coadjutors hun dreds of the most prominent and pro- nounced republicans in the country
 To these he committed responsibili- Many of them had charge of vital activities of the government.
 And yet, with the war successful ly prosecuted and gloriously ended the republican party in congress, far from applauding the masterly leader ship of the president and felicitat- ing the country on the amazing achievements of the American gov ernment, has meanly requited the considerate course of the chief mag istrate by savagely defaming the con- duet of the army and navy and by as- sailing nearly every public office of every branch of the service intimate ly concerned in winning the war abroad and preserving the security of the government at home
 We express to the soldiers and sailors of American the admiration of their fellow countrymen. Guid- ed by the genius of such command CTS as General John J. Pershing the armed force of America constitut- cd decisive factor in the victory and brought new lustre to the flag.
 Financial Achievements.
 A review of the record of the democratic party during the admin istration of Woodrow Wilson presents a chapted of substantial achievements unsurpassed in the history of the re- public. By the enactment of the federal reserve act the old system, which bred panics was replaced by a new system, which insured confi- dence. It was an indispensable fac tor in winning the war and today it is the hope and inspiration of busi- ness. Indeed, one vital danger against which the American people should keep constantly on guard is the commitment of this system to partisan enemies who struggled against it's adoption and vainly at tempted to retain in the hands of
 
 the currency and credits of the na- ton. Already there are we'll de- fined indications of an assault upon the vital principles of the system in the event of republican success in the November election.
 Under democratic leadership the American people successfully finan- ced stupenduous part in the great est war of all time. The treasury wisely insisted during the war upon meeting an adequate portion of the war expenditures for current taxes and the bulk of the balance from popular loans, and, during the first full fiscal year after fighting stop ped, upon meeting current expendi- lures from current receipts notwith- standing the new and unnecessary burdens thrown upon the treasury by the delay, obstruction and ex- travagance of republican congress
 The nonpartisan federal reserve authorities have been wholly free of political interference or motive; and in their own time and their own way have 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 inevitable 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 oth- CT belligrent countries and in neu- tral countries which are in close con tact with the worlds commerce and exchanges.
 We condemn the attempt of the republican party to deprive the Am erican people of their legitimate pride in the financing of the war-ari without parallel in the financial history of this or any other country, in this or any other war. And in particular we condemn the pernicous attempt of the republican lparty to create discontent among the holders of the bonds of the gov ernment of the United States and to drag our public finance and our banking and currency system back into the arena of party politics.
 Taxation.
 We condemn the failure of the present congress to respond to the demand of the president and the secretaries of the treasury to review the existing tax laws. The in force in peace times of taxes devised under pressure of imperative necessity to produce a revenue for war purposes is indefen- sible and can only result in lasting injury to the people.
 We advocate tax reform and a, searching revision of the war revenue a,ts to fit peace conditions sol that the wealth of the nation may not be withdrawn from productive en- terprise and diverted to wasteful or reproductive expenditure. : We demand prompt action by the paSt cCpvraSS for a eomplata Suryny