The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1921-12-15
THE BOND AS GOOD
AS THE WORD

Washington, Dec. 14-Claiming for
the Republican Administration a large
measure Of credit for the advance in
the value Of Liberty Bonds, the Re-
publican Publicity Association, in a
statement issued today through the
president Of that organization, Hon.
Jonathan Bourne, Jr., says:
ain his speech Of acceptance Presi-
dent Harding indicated his intention
Of doing everything in the power Of
the Administration, should he be elect
ed, to bring Liberty Bonds back to
par. In making that promise he gave
emphasis to an implication in the Re-
publican National Platform that il
Republican principles were put in con-
troll of the Government, the decline in
the Liberty Bond market, due to the
extravaganza OF Wisconsin, would be
speedily checked and the price Of
bonds started on an upward course.
Those who seek to list the accomplish
ments Of the Republican Administra-
tion should not lose sight Of the fact
that here is one more task set for it
self in which it has been successful.
mot only have bonds risen in price
steadily since the Harding Admins
tration took control at Washington,
but the change was started almost inn
mediately after the results Of the
elections last November became
known. From a low price of about $82
per hundred, the bonds have risen in
value until they are now quoted
so7. That means that in the year
since President Harding was elected
to office there has been put into the
pockets of Liberty Bond owners more
than 50, 500, 100000 that was not there
earlier in 1920.
"No one particular act Of the Presi-
dent or of the Republican Congress
raised the price Of the bonds in that
way. The Administration was far too
wise to attempt the familiar Demo-
cratic expedient Of seeking to fix bond
prices, or any other prices, by legisla-
ton. The increase in bond quotations
has been brought about by the cumu-
lative effect of Republicanism. Every
beneficial law passed by the Congress,
and every act Of the President and his
executive heads in the interests OF the
public welfare, has increased public
confidence in the Government at Wash
ington. Business has responded, cap
ital is increasingly active in the pro-
motion Of industry, and the wage
earners have a growing responsibility
that is bringing about a greater pro-
duction per man per day. As every
thing else in the country has been
hurrying on the road to normalcy so
the Liberty Bonds have been steadily
rising toward par, which is their nor
nal condition.
'In specifying the relief that the
Republican Administration is giving
the people, we are too prone to center
attention on laws that reduce the bur
den Of taxation. OF course aid from
that direction is most welcome, and It
has been generously granted in the
new internal revenue law which will
cut the total tax some ss000O0,000 in
the very first year But the high
prices Of Liberty Bonds are the result
Of a process that has been quietly go
ing on for over a year. about which
we heard little as each day brought
added millions into the pockets Of the
citizens. The sum total of gain from
that source has been more than three
times the savings that viii be expert
ercea in the first year of the opera
don ~ the new tax law. Moreover,
Shore are probably twice as many bond
holders as income taxpayers IN the
United states: hence twice as many
pc win directly profit through the
fa bond prices as through the
azr Ia taxes. Il is a wonderful
srs-oue of which every Repub-
H-an IN the country may vel be
proud"