Evening journal., 1922-02-23

Is maintaining armies OF which she
cannot meet the costs; that although
her debtor governments have not
overcome their deficits; that al
though they cannot pay the interest
due America. we should lend, lend.
lend more, more, and more.
Fourth, Democratic leaders still
hold the irrevocable conviction that
we must put upon our necks the
bonds of the League OF Nations.
Apart from argument. sir, what
are the facts dlscernible TO those
who will look through the fog Of
phrases? Every informed, intelli-
gent and honest man knows that the
present depression Of prices and col
lapse OF trade are due first to the
ruin and waste wrought by the war
There are some, and among them
Democratic Senators. who hold that
the depression in American prices
was precipltated, and the contrac-
ton OF credit accelerated, through
the action OF the Federal Reserve
Board during the Democratic ad-
ministration. If the waste OF war be
the cause of our distress, every in
formed, intelligent and honest man
must allow that the causes which
may retard. TIE removable causes
which may delay the return of gem
eral prosperity are inextricably re-
lated to one another. They are
profigate public expenditure. result
ing either in punitive taxation or a
deprecated currency. or both
I'm the light OF these facts. Mr..
President, let us consider for a mo-
ment the Ills bequeathed us and the
measures taken by our Govern
ment to meet them. Since our par
tisan critics are blaming a Repub-
lican administration, let us consider
the financial burden left us by the
Wilson Administration and the Re-
publican efforts to tighten It.
Il do not dwell now upon II . nsw
laws for the protection and relief OF
agriculture, although three OF these.
at least. are OF enduring Importance.
l do not speak OF the legislation we
have passed to sustain the export
u aus w A0A pun A0A " al u AAAt
budget act. The country is coming
to know that the legislative program
already written by this Congress Is
more far-reaching and comprises
more constructive measures than
any written in time Of peace at any
one session within the lifetime OF
any Of us now LIVING. Therefore. !
wish now to call attention to dollars
spent and dollars saved. considering
their inestimable influence on our
prosperity.
The indelible record shows that
$11.0OO.0OO.O0O were expended upor
the artillery program. the aircraft
program. and to meet the cost of the
shipping Board and the United
States Railroad Administration dur
ing the war. For this vast outlay
the Democratic administration sem
TO the fighting front less han zoe
cannon and less than 200 aircraft
manufactured in America on the &C
count OF TIE American Government
during the great war; for this vas
sum. the Democratic administration
during the war produced but a sin
gle Shipping Board built ship {,
carry soldiers across seas and mad
OF the American railroad system blu
one vast railroad wreck.
Here we know that 81. 900.
900 were In great part wasted Wit
what waste or with what wisdom
were expended the other $1,000,
100000 advanced TO other govern
ments by a Democratic Secretary O
the Treasury we can never know
but we do know that. wasted or We
spent. the two sums together con
stitute S22, OOO.OOO,OO0 OF the S2S.
600. 100000 OF the American ma
tional debt.
For the fiscal year 1920. a Demo
cratic administration asked. ex
elusive OF the service OF the debt. a
appropriation Of 7O0,OOO.OOO by
Republican congress, which vote
three billions less than were aske
for by the Democratic admlnlstra
ton
For the fiscal year 1922. tn
Democratic administration submit
ted estimates for $4,000, 100000. eS
/ elusive OF the service OF the deb
and a Republican Congress vote
| appropriations in the sum of a b
lion dollars less than the amour
I asked for by the Democratic admin