, 1922-07-06
SIXTEEN MONTHS
Accomplishment
RECORD OF HARDING Administration
Demonstrates STEADY Prog.
RESS TOWARD normally

'IueFe WAS u national DONueU luOeDt-
edness OF $23 1000. 100000 with an
annual interest charge Of over ST.
100000. This was an increase OF
$500 per cent in the public indebt-
edness compared with 1913, when the
Democratic administration took
charge Of the government. In 1913
the total public indebtedness was
less than the interest charges at the
close Of the Democratic administra-
ton. Within the last 16 months the
public indebtedness has been re-
duced by 800, 900. 900. and a very
appreciable per cent OF the indebted
ness has been refunded at a lower
rate OF interest.
When the Republican administra-
ton came into power government
bonds e selling at IS cents on
the dollar. Today every issue of lib
erty and Victory bonds Is selling at
par or better. This represents an in
crease Of $4,000. 0O0. 900 in the value
OF government securities in the Is
months since the Republicans took
charge.
Unsecured Foreign Loans
When the Republican party took
charge 16 months ago the nation had
$1,000, 0OO. 900 outstanding in
foreign loans, for which 1t had no
written evidence of indebtedness.
much less any business or legal
agreement as to how and when the
loans and interest were to be paid.
A refunding commission has been
created for the purpose of getting
these loans on a commercial basis
n arranging a method whereby the
principal is to be taken care of and
interest paid.
When the Republican administra-
ton came into power the discount
rate Of federal reserve banks was
rs per cent for giltedge commercial
loans. This has been steadily re-
duced until 1t Is now AS per cent.
Budget Systerl
The last year Of the Democratic
administration the actual cost of
running the government was $685.
O4O.689. The actual cost of run
ming the government for the current
fiscal rear ending June 80 will not
exceed $3.922.372,O3O. This Is an
annual saving Of $500. 900 900
which this Republican administration
has made in the routine expenditures
of the government.
This saving has been due largely
to the establishment of a budget sys-
EN-. created by an act of Congress
early in its special session and rigidly
applied by the executive officers of
the administration. The Republican
Congress elected in 1918 passed a
budgent law but 1t was vetoed by
President Wilson.
= New Revenue Law
The Republican Congress under
this administration enacted a rererue
law repeating all transportation
taxes upon freight. express and
parcel post matter, all nuisance taxes,
all excess profits taxes. reduced the
surfaces and reduced the income
taxes (by increasing exemptions) on
all who have an income of $4,000 or
less which affects 30 per cent Of the
people of the United States. All told,
the new revenue bill decreases the
burden of taxes 1913, 900. 900 the
current calendar year and provides
for a reduction equally as great for
the calendar year. OF 1929.
Agricultural Credits
The Republican administration
found agriculture on the brink of
bankruptcy due to unexpected, I'M
warranted and uneconomic deflata-!
ton OF agricultural credits during
the last year Of the Democratic ad-
ministration. Agriculture Is the
basic industry Of the nation. 1t rep
resents 40 per cent of the buying
power OF the country. 1t is the
largest consumer Of steel and iron
products with the exception Of the
railroads. 1t consumes 60 per cent
OF the lumber products. 1t Is the
largest buyer OF motor vehicles. 1t
is the largest buyer of leather and
textile goods. The revival Of all in
dustry depends first upon the re-
vival Of agriculture. An act of Con-
gresS amending n extending the
powers OF the Wa Finance Cornora-
ton gave to agriculture a billion
dollar fund to draw upon for credits.
Other Legislation was enacted to re-
l1ave and revive agriculture. Various
administrative policies were put into
effect to accelerate its revival. To-
day that industry is on its feet. It Is
getting profitable prices for its prod
ucts. is coming into the market as a
buyer and after the harvesting and
sale of this years crops will again
resume its proper place In Americas
COMMERCIAL and Industrial life.
Unemployment Has Ceased
When this administration came
INTO power there were approximately
5000. 900 wage in idleness.
Today there is a job for every man
who wishes to work. There IL a
scarcity of farm labor. There is a
scarcity Of skilled and unskilled labor
in many OF the leading industries,
which are advertising for help. I'm
employment has ceased to be a factor
outside Of the industries in which
there are strikes. This has been
brought about by the cumulative mol
tcies of the administration, which
resulted In a revival of industry and
commerce.
Paternalism Outlawed
When this administration came
into mower government Interference
In private business was the rufn
P~aternalism was ped IN.