Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-10-16

duced and policies have been adopt
ed which insure continuing reduction
hereafter. Our military and naval
expenses have been restored approx
mately to normal. with promptness
which is the more striking if. We con-
trast it with the experience of other
nations which participated in the war
There is no need for detail concern
ing the legislation which has been
passed by the Sixty-seventh Congress.
In time when wide differences in
producing costs and a well-nigh uni
versal tendency to erect barriers
against international trade were
menacing our commerce and industry.
we have passed tarfh legislation
which first protects oar own pro-
ducers, and second. through its pro-
visions for administrative adjustment
of duties to changing conditions, makes
possible to adapt them to shifting
economic relations and enables US to
encourage foreign trade. In the pres
ent disturbed condition of money. ex-
changes and world trade l believe
that by inaugurating this policy of
fexibility and elasticity We have set
an example which the commercial
world will accept as a truly construc-
tive foundation on which to rest our
commercial policy. The first duty lis
in many ways real protection comes
from cooperation with other nations.
Questions to Consider.
The best intelligence of the day
recognizes the need to encourage in
timacy and understanding in the
social. economic and political family
of nations; and ii recognizes that. in
thus inaugurating a plan which looks
to intimate consideration of the facts.
we are offering means of true unfit
cation and solidarity among the ia
terests which make up our industrial
civilization. and we are taking a step
toward the solution of some of the 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 pro-
tect ourselves first, and then to use
the strength accruing through that
policy for the general welfare of
mankind is our sincere purpose.
Expenditures Reduced.
mo other belligerent country has.
since the restoration of peace. re-
duced its expenditures. SO rapidly as
has our own For the year ending
June 30. 1920. our public expenditures
aggregated Sc, 600, a year later
s5.l15. 100000. For the fiscal year
1922. s5.3f3.so7. 900. This has been
termined effort. legislative and ad-
ministrative, based on the sound
business policy of proper budget or
EaniZation- The appropriation for
the Army for the fiscal year 1929 81
is less than one-third that for the
year 1890; nearly as great re-
duction has been accomplished 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.
In making provision to care for the
of oh
and disabled men of the service no
expense has been spared that was
necessary to perform the full ma
tionai duty gratefully and generous
ly. The national. fiscal policy has
been directed to arrest the too-rapjd
deffation which had set in, and 10
this end there has been a progress
sive reduction Of the federal reserve
discount rate. AS result of these
policies. liberty bonds have progress,
sively risen In value. The general
financial situation has steadily i'm
proved and today the country has a
brighter prospect ahead Of its bus
mess industry and agriculture than
ut any time since the mistaken pro-
cram of drastic defiation adopted by
polfcies
Reason Ter C0a1eadation.
s'There is reason for the most cordial
commentator OF the program OF meas
ures, enacted by the Congress for the
Of agriculture. the financ-
ing of the farmers needs. the opening
Of foreign markets for their products
and the general stabilization Of the in
dustry The agricultural interest was
perhaps the worst sufferer from the
dump which followed the restoration
of peace, and it cannot but be q graft
fcation to you and your associates
who had SO much to do with framing
this legislative program that such far
reaching and beneficial results have
followed 1t.
tsWithout attempting to suggest an
enumeration Of the accomplishments for
which the country II indebted to tho
Sixty-seventh Congress and its imme-
date predecessor, It In betting to
appraise the general results. which have
been SO helpful to American welfare
that they will mot fail to appeal to the
approval Of the American people"