Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-10-25

istration? l have no doubt of the
verdict, any more than | had tho
remotest doubt of what the an
swer would be two years ago.
Budget System
| The democrats tailed to ADOPT
any budget system ror our govern
ment. The republicans have
adopted it. l voted for 1t and al
/ the same time my fellow citizens
said then that | desired it I'M
derstood that we expected toe
much from it and the results have
proved it. 1t has helped whereveC
there were overlapping expendi-
lures between the different depart.
ments. The budget commission
has been doing exceedingly good
work in pointing out the overlap
ping in such expenses. In the mat
/ ter of conduct of Government af-
fairs by the regular departments OF
! this government, | may say to you
that there has been very little
extravaganza in the expenditure OF
money and for this reason | point
! il out to you that the enormous
debt which we are now laborine
under is the result largely not OF
the efforts of the regular depart
ments of the government, but OF
the Independent commissions, re-
sponsible not at all TO the admin
istrative departments"
zone of the first acts Of the
present administration was to mo-
tify the New York bankers that
this administration would not look
with favor upon the sale of French
or foreign bonds in the United
States until the financial need of
the farmers and producers of the
necessaries of life We're to some
extent looked after, said Secretary
Fall.
Lacking the assistance received
from the war finance board, two
thirds of the banks in New Mex
leo would have closed their doors,
never to open them again, it was
said.
Bonus Question.
Touching upon the bonus ques-
ton, the secretary said that pri-
vately, publicly and in the cabinet
meetings, he had declared in
favor of adjusted compensation
for the soldiers, but that he
agreed with the president that
there ought to be no approval OF
an act which did not provide the
required revenue without n direct
tax levy. The policy of the
American government, following
all wars, has been to try to pro-
vide homes for the former SOL
diers. To this policy President
Harding and his official family
stand committed.
A protective tariff is ma
tional matter, all statements to
the contrary Notwithstanding. 1t
is beyond all reason to contend
that the producers of one district
are entitled to protection, while
the producers of another district
are not. If the wool of New
Mexico ought to have protection,
then it is unreasonable to hold
that the product of the laborcrs
of the east shall go unprotected.
The trouble, the secretary said, is
that economists of the OLD John
Stewart Mill school have been
succeeded by those of the wind
Mir type. When any candidate
seeks to obtain votes on the EEK
PLANTATION" that he favored a
tariff on wool, but voted against
the bill providing q tariff on
wool, he is not explaining" but
"confessing," and throwing him
self on the mercy of the voters
This discussion of the tariff was
the nearest approach the speaker
made to partisanship. Ii might
be construed as not in endorse
ment of the candidacy of any
democrat.
The undeveloped mineral wealth
owned by the United States has a
value of one hundred and fifty bill
lion dollars. The resources of
alone, now lying dormant,
would, if developed, pay the en-
tire war debt of the country before
it falls due.
The so-called lease Of the Tea
pot dome in Wyoming, which has
doomed big in the public prints in
recent months, was discussed pub
licly by Secretary Fall for the first
time. The contracts covering was
made by the department of the in
terror, for the secretary of the
navy, by request of the president. !
1t has guaranteed to the navy |
greater reserves than the navy has
ever had before, and has provided,
without cost to the taxpayers, stor-
age facilities for one and one-half !
million barrels of oil. The pro-
duction of one well in naval re-
serve number three, according to
recent reports received at Wash
ngton, is netting the government
$1,000 a day more than would have |
been received on the ordinary roy
atty basis in any other oil field.
In conclusion, Secretary Fail |
said: "All / ask is that you think
rs you prepare your ballots on ell
ection day. If you are satisfied and
yratified that this country is not
row embroiled in foreign wars, l
nope you will vote in endorsement |
If the party which has so faith
July served you and your country