New-York tribune., 1922-10-16

sesed ey sae struggle whereas To-
Day our strength il the staff upois
which others would lean. Their We
could turn for help to many others
who we're able TO give 1T; now we
Hn1 not few Of thens turning TO us
for help.
sfit be urged that we cannot fairly
conapaee the conditions Of one gen
eration with those of another. then
let there be comparison of the
progress which our country has been
.ssakStg since the armissice with
that OF any other major beiligerent
in the World War. 1t must be
agreed shat me have come through
this trying epoch with less OF dis
tress and disaster than many others
of the great powers.
Contrast with Other Powers
So. whether the comparison is
made with our own experience in
after.war reconstruction genera
ton ago, or with the experiences OF
other nations In the years since the
Wcrid War. il is clear that we have
been most fortunate. The 87th Con-
aress must be awarded recognition
for splendid achievements along
these lines.
The two Congresses serving since
the restoration Of peace have seen
3 worldwide inhation and deaation.
Our country has borne ita part in
this experience without even menace
TO our gold standard money system.
What other country has such rec
ord e Our governments expenses
have been reduced in proportion
unedualed, think, anywhere else.
Our war debt has been impress
sively reduced and policies have been
adopted which insure continuing re-
duetion hereafter.
Our military and naval expenses
have been restored approximately to
normal with promptness which is
the more striking il we contrast it
With the experience of other nations
which participated in the war.
There is no need for detail con-
eerning the legislation which has
been passed by the Sixty seventh
Congress. In time when wide diff
ferences in producing costs and
well nigh universal tendency to
erect barriers against international
trade were menacing our commerce
and industry we have passed tariff
legislation which first protects our
own producers, and, second, through
its provisions for administrative I'D
justment to changing conditions,
makes it possible to adapt them TO
shifting economic relations and en-
ables US to encourage foreign trade.
in the present disturbed condition of
money, exchanges aud world trade
believe that by jnaugurating this
policy of feasibility and elasticity we
have set an example which the 'om-
mereial world will accept as truly
constructive foundation OIL which TO
rest our commercial policy.
Protection Through Foreign Trade
The first duty is TO protect our ma
tionai interests, but in many ways
real protection comes from co-opera-
ton with other nations. The best
intelligence Of the day recognizes the
need to encourage intimacy and un-
derstending in the social, economic
and political family Of nations, and
it recognizes that in thus inaugu-
rating a plan which looks to intimate
consideration of the facts we are offer
ing means of true unification and
solidarity amonf the interests which
make up our Industrial civilization
and we arc taking step toward the
solution of some of the most per-
picking economic problems which
confront the nations. The last thing
in our thoughts is aloofncss from
the rest of the world. We wish to
be helpful, neighborly. useful. To
protect ourselves first and then to
use the strength accruing through
that policy for the general welfare
of mankind is our sincere purpose.
No other belligerent country has,
since the restoration Of peace, re-
dgeed its expenditures so rapidly as
30, 1920. our public expenditures ag-
gregated s6,403 ,343 600; year later
S5,iIb.9200 900; for the fiscal year
1929 $3,373,6o7 600, This has been
possible through united and deter
mined effort, Legislative aud admin
istrative, based on the sound bust
ness policy Of proper budget organ
ization. The appropriation for the
army for the fiscal year 1922'23 is
less than one-third that for the year
19i9-'20. Nearly as great reduction
has been accomplished in the navy,
No Skimping for Veterans
In all other directions. save only
in the provision for the care of those
who fought the war for us, there
nave been similar economics. In
making provision to care for the re-
hsbilitatiou of wounded, diseased and
disabled men of the service no ex-
pensc has been spared that was nee
essary to perform the full national
duty gratefully and generously The
national fiscal policy has been di-
rected to arrest the too rapid defia-
tien which has set in, and to this
end there has been progressive
reduction of the Federal Reserve dis
count rate. AS result of these
policies Liberty bonds have progress
sively risen In value, The general
proved, and to-day the country has
brighter prospect ahead Of its
business, industry and agriculture
than at any time since the mistaken
program Of drastic defstion adopted
by those who were then in control of
government policies.
There is reason for the most cor
dial eommendation of the program
Of measures enacted by the Con
gress for the rehabilitation OF agri
J, culture, the financing of the farm
Z ers' needs, the opening of foreign
markets for their products and the
general stabilization of the industry.
The agricultural interest was per
hsps the worst sufferer from the
slump which followed the restora-
ton of peace, and it cannot but be
qualification TO you and your asso-
ciates who had so much to do with
framing this legislative program that
such fsr-reaching and beneficial re-
suits have followed il.
Without attempting to suggest an
enumeration of the accomplishments