The New York herald., 1921-04-13
HARDING ADDRESS COVERS
HIS CAMPAIGN PLEDGES
Continued from First Page.

ness which turns 70 greed. but ever
concerned with that productivity at
home which is the source of all abid-
ing good fortune. II is agreed that
We cannot sell unless we buy but
ability TO sell is based on home de-
yelopment and the fostering of home
markets There Is little sentiment
in the trade Of the world. Trade
can and ought 10 be honorable, but
1t knows no sympathy. While the
delegates of the nations at war were
debating peace terms at Paris, and
while we later debated our part in
completing the peace, commercial
agents Of other nations were opening
their lines and establishing their
outposts. with a forward look to
the morrow's trade.
IL was wholly proper. and has
been advantageous to them. Tardy
as we are, 1t will be safer to hold
our own markets secure and build
thereon for our trade with the
world.
A very important matter is the
establishment of the Governments
business on business basis. There
was federation of the easy going,
unsystematic method of handling
our fiscal affairs when indirect tax
alton held the public unmindfu' of
the Federal burden. But there Is
Knowledge OF the "a lgh cost of gov
ernment to-day and the high cost OF
living is fnseparably linked with
high cost of government. There
can be no complete correction Of the
high living cost until governments
cost is notably reduced.
Let me most heartily commend
the enactment of legislation pro-
ytding for the national budget sys-
tenn. Congress has already record
ed its belief In the budget. 1t will
be very great satisfaction to know
OF it's early enactment. so that it
may be employed in establishing the
economies and business methods so
essential to the minimum of expen-
diture.
/ have said to the people we meant
to have less OF government in busi-
ness as well as more business In
government. It Is well to have 1t
understood that business has q
right to pursue Its normal. legiti-
mate and righteous way unimpeded.
and 1t ought have no call to meet
risk is borne by the public treasury.
There is no challenge to honest and
lawful business success. But Gov
ernment approval of fortunate. un-
trammelled business does not mean
toleration of restraint of trade or
of maintained prices by unnatural
methods It Ia we'll to have legiti-
mate business understand that just
Government, mindful of the inter-
ests OF all the people. has right to
expect the cooperation of that le-
gitimate business In stamping out the
practices which add to unrest and
inspire restrictive legislation. Anx- ("
ious as we are to restore the on
ward flow OF business. it Is fair to
combine assurance and warning In
one utterance.
Denatfon Fails to Hit Mark.
One condition In the business
world may well receive your inquiry.
Defiation has been in progress but
has failed to reach the mark
where IL can be proclaimed to the
great mass of consumers. Reduced
cost OF basic production has been
recorded, but high cost of living has
not yielded in like proportion. For
example. the prices on grain and
livestock have been Debated. but
TIE cost of bread and meats is not
adequately reflected therein. 1t Is
to be expected that -perishable
staples will be slow in yielding to
lowered prices, but the maintained
retail costs in perishable foods can
not be justified.
! have asked the Federal Trade
Commission for a report of Its OBJ
servations, and II attributes. In the
main. the failure to adjust consum-
ers' cost to basic production costs
to the exchange Of information by
open price associations" which OPP
crate, evidently, within the law, to
the very great advantage of their
members and equal disadvantage to
the consuming public. Without the
spirit OF hostility or haste in accusa-
tion OF profteering. some suitable
inquiry by Congress might speed
the price readjustment TO normal re-
lationship, with heipfulness OF both
producer and consumer. A measur-
ing rod OF fair prices will satisfy
the country and give us a business
revival to end all depression and
unemployment.
The great interest of both the pro-
ducer and onsumer-indeed. all our
Industrial and commercial life, from
agriculture 20 finance-in the prob
lens of transportation, will find It's
reflex in your concern to aid rees-
tablisnment, to restore efficiency and
bring transportation cost into a
helpful relationship rather than con-
ID l.f tn
activities.
IL is little TO be wondered that ill
considered legislation, the war
strain. Government operation In
heedlessness OF cost and the con-
ilcting of programmes. or the lack
OF them, for restoration have
brought about a most difficult situ-
alton. made doubiy difficult by the
low tide or business. All are so
intimately related that no improve
ment will be permanent until tho
railways are operated efficiently at
a cost within that which the traffic
can bear.
II we can have II understood that
Congress has no sanction for Gov
ernment ownership, that Congress
does not levy taxes upon the people
60 cover deficits in a service which
shorld be self-sustaining, there will
be an avowed foundation on which
70 rebuild.
Rail Rates Must BE Cut.
Freight carrying charges have
mounted higher and higher until
commerce is halted and production
discouraged. Railway rates and