Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-10-15
!. NJ ADOO STATES
BIC MONEY HAS
COP. CONTROL
Former Secretary of the
Treasury Says Present
Administration Has Fa-
vored Financial Interests.

Charging that the republican
party has increased living costs in
the United States about four bill
lion dollars a year through the
Fordney- McCumber tariff bill;
that it has hurt business. the labor
err and the farmer through its de-
flation program and it's aloofness
from cooperation with the nations
of Europe; that its handling Of the
railway problem has been unfair
to the worker, the producer and
the shipper. and that 1T has re-
duced taxation for the rich while
maintaining the taxes of the less
wealthy at their former figure,
William G. McAdoo, former secre-
tary OF the treasury. in an address
at the high school auditorium last
night, urged his hearers to help re-
turn a democratic majority to con-
gress in the coming election, ito
save the nation from further DOM
ination by the special interests"
Mr.. McAdoo spent a considerable
portion of his time in recitation
of his achievements as secretary
of the treasury during war time,
and as director general of the rail-
ways of the country.
He declared that study of leg
islation passed since the republic
can administration took control at
Washington would show that it has
been dictated by the special in
terests. He declared that the
Fordney-McCumber tariff law,
which recently went into effect,
has increased the cost of living
four billion dollars year for the
American people. and that 10 per
cent of this increased cost will go
into the Golfers of the government
while the remainder will go into
the pockets of the big financial in
terests. He said that the appllca- |
tion of the emergency tariff by the
republicans had been responsible
for n curtailment of European
imports to the United States and
a consequent cutting down of
American exports. This, he said,
was the cause Of the slump that
came in 1920. when American
prosperity was at its peak, had
been the ruination of the farmer
and had caused many millions of |
men to be without employment.
Favors Protective Tariff.
Mr.. McAdoo declared himself In ,
favor of protective tariff in cases |
where it was seen that protection |
was necessary. but said such a |
tariff should be framed by a non
partisan tariff board, such as he
said the democrats had created,
whose recommendation should he
accepted by congress.
The speaker criticized republi-
cans for having urged deflation.
and declared that such policy had
been dictated by Wall street
which Is able to profit through
the losses of Others" He said that
transportation had been respon-
siole for evils that existed, during
the period of 1880. but that In
attempting to punish the specula-
tors the government had done ir-
reparable damage to farmers and
working men.
Mr.. McAdoo said the republicans
had failed to keep raitn with the
people on their promises to reduce
taxation. He stated that the in
come tax of the multi-millionaire
had been cut down Is per cent
while the taxpayer of less wealth
IS paying at the same old rate.
Both. he said, had been given an
additional exemption Of $500.
which, he stated. did not amount
% anything. |,
The Esch-Cummins railway law /,
anne in for a rap from Mr.. Nc
Adoo, who said it had been respon-
'ible for raise in rates and a cut
n wages. Through its operations,
he claimed. this law had curtailed
business and had dealt the farmer
md the stockman a severe blow. 6
lie said the railway men could {
Judge for themselves whether the