The Birmingham age-herald., 1922-10-16
ACHIEVEMENTS PRAISED
 BY CHIEF EXECUTIVE
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tCoHtinusd From Page One) ing epoch with less of distress and disaster than many other of the great powers.
 50 whether the compariBon is made with cur own experience fin after-war reconstruction 6 genera ton ago. or with the experiences of other nations since the World war, 1t is clear that we have been most fortunate. The Sixty-ssventh Con gress must be awarded recognition for splendid achievements along these lines.
 Financial Situation Met
 The two Congresses serving since the restoration of peace have seen worldwide imitation and deflation. our country has borne its part in this experience without even menace to our gold standard money system. What other country has such a rec ord? Our governments expenses nave been reduced in a proportion unequaled, I think, anywhere. Our war debt has been impressively re- duced and policies have been adopted which insure continuing reduction hereafter. Our military and naval ex- penses have been restored approxi- mately to normal with & prom ptness which is the more striking if we cen- trast 1t with the experience of other nations which participated in the wan
 There Is no need for detail con- cerning the legistlation which has reen passed by the sixty-seventh congress. In a time when wide dif- ferences in producing costs and well high universal tendency to erect barriers against international trade were menacing our commerce and in- dustry, we have assessed tariff legis- lation which first protects our own producers. and second, through its provisions for administrative ad- justuent of duties to changing con- ditions, makes possible to adapt them to shifting economic relations and enables Us to encourage foreign trade. In the present disturbed con ditons of money, exchanges and world trade, believe that by inau- gurating this policy of flexibiiity and elasticity, we have set an example which the commercial world will ao- cept as truly constructive founda- ton on which to rest our commercial policy, The first duty la to protect our national interests. but in many ways real protection comes from cooperation with other nation.
 Take Step Forward
 The best intelligence of the day recognizes the need to encourage in- timacy and understanding In the so- cial. economic and political family of nations; and 1t recognizes that, in thus inaugurating & plan which looks to intimate consideration of the facts we are offering a means of true uni- fication and solidarity among the in- terests which make up our industrial civilization. and we are taking a step La of oF 1aa most perplexing economic problems which confront the nations. The last thing in our thoughts Is aloofness 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 the policy for the general welfare of mankind Is our sincere purpose.
 "No other belligerent country since the restoration of peace has reduced it's expenditures so rapidly as has our own. For the year ending June 30, 1920 our public expenditures ag- gregated $s,403, 3,343.00o; a year later y5,115,920,o ,ooo; for tho fiscal year 1922, s3,373. 3.so7.o00. This has been possible through united and dAter- mined effort. legislative and adminis- trative based on the sound business policy of proper budget organization. The appropriation for tho army for the fiscal year 1922-23 is less than one third that for is19-20. nearly as great a reduction has been accom- plished in the navy. In all other directions, save only in the provision for the care of those who fought the war for us. there have been similar economies.
 Care For Disabled
 ''In making provision to care for the rehabilitation of wounded, dis eased and disabled men of the service no expense has been spared that was necessary to perform the full na- tional duty gratefully and generous ly The national fiscal policy has been directed to arrest the too rapid deflation which had set in, and to this end there has been a progressive reduction of the federal reserve dis count rate. As a result of these poli- cies, liberty bonds have progressively risen in value. The general financial situation has steadily improved and today the country has brighter prospect ahead of its business. indus try and agriculture than at any time since the mistaken program of drastic deflatation adopted by those who were then in control of government politicies.
 There is reason for the most cor dial commendation of the progress of measures enacted by the Congress for the rehabilitation of agriculture, the financing of the farmers needs, the opening of foreign markets for their
 
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