The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-16
HARDING SHOWS
NATION PASSED
CRITICAL PERIOD
CONTINUED PROM PAGE ONE


industry. we have passed tariff leg
islation which first protects our own
producers. and second. through It's
provisions for Administrative adjust
ment Of duties TO changing condl-
tions. makes possible TO Rdapt them
TO shifting economic relations and
enables US 20 encourage foreign
trade. In the present disturbed con-
tion or money, exchanges and world
trade, I believe that by inaugural
Ing this policy OF fleNlbliity aud
elasticity. we have set an example
which the commercial world will ac-
cent as a truly constructive founda-
ton ON which TO rest our CONNER
cial policy
Protection First Duty.
The first duty is TO protect our
national interests, hut In mnny
ways real protection comes from co.
operation with other nations The
best intelligence OF tho day recog-
nizes the need 10 encourage intimacy
and understanding In tho social oco.
nomic and protoctional family OF ma
uons; and II recognizes that. I'm this
inaugurating plan which looks 10 in
timnte consideration OF tho facts we
are offering as means Of true uni.
ncstion and solidarity among tho
interests which makes UP our Indus
ttlal civilization ana we arc taking IA
step toward the solution Of some Of
me most perpleNing economic prob
lenS which confront the nation.
Inc last thing IN our thoughts Is
aloofness from the rest OF the world.
We wish to be helpful, ncigbborIv.
useful. To protect ourselves frat
ana then TO use the strength. ac.
cruing through that policy for the
general welfare OF mankind is our
sincere purpose.
NO other belllgorent country has.
SINCE the restoration OF peace. re-
uuceu its expenditures so rapidly as
June 30. 1920. our public expondi,
lures aggregated s6.4O3,843,O0O;
year later s5,1l5.92O,OOO.
For the fiscal year, 1922, ss.373-
100000. This has been possible
through united determined effort.
legislative and administrative. based
on the sound business policy of
proper budget organization. The an
preparation for the army for the lis
col year l922-23 Ia less than one
third that for the year 1920.
nearly as great reduction has been
accomplished In the navy. In AN
a
provlslon for the care OF those who
Fought the war for us. there have
bcen similar economics In milking
nrovision 10 care for the rehabiIlta-
ton OF wounded, diseased and dis
ablcd men Of tho service no EXPENSE
mas been spared that was necessary
10 perform the fun national duty
gratefully and generously. The ma.
tional fiscal policy has been directed
70 arrest the too rapid deflatiou
which had set in, end 10 ,hia rnd
there has been progressive reduc.
tion Of the federal reserve discount
rate. As result Of these policies.
Liberty bonds have progressively |
risen In value. The general finan- !
cial situation has steadily improved |
and today the country has a brighter |
prospect ahead Of its business, In |
dustry and agriculture than at any |
time since the mistaken program OF |
drastic deflntion adopted by those |
who were then in control of govern !
ment policies.
There is reason for the most cor.
dial commentator OF the program
or measures enacted by the congress !
Tor the rehabilitation OF agriculture, |
the financing of the farmers needs, |
the opening Of foreign markets for |
their products and the general stab |
ilization OF the industry. The agri- |
cultural interests was perhaps the |
worst sufferer from the slump which |
followed the restorntion Of peace,
and IL cannot hut he n qualification /
10 you and your associates who had |
70 much to do with framing the leg
lslatlve program that such far