The New York herald., 1922-10-16

try has borne it's part in this experience
without even menace TO our gold stan
Gard money system. What other coun-
Try has such record? Our Govern
ment's expenses have been reduced in
"a proportion unequaied, l think, any
where else.
"Our war debt has been impressively
reduced and policies have been adopted
which insure continuing reduction here
after. our military and naval expenses
have been restored approximately 10
normal. with a promptness which Is the
more striking if we contrast II with the
experience of other nations which par
ticipated in the war.
Tarin Legislation.
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 pro-
ducing costs and a we'll nigh universal
tendency 10 erect barriers against in
telnationa, trade were menacing our
commerce and industry We have passed
tariff legislation which first protects our
own producers and second, through its
provisions for administrative adjust
ment of duties 10 changing conditions
makes possible TO adapt them to shift
ing economic relations anG enables us
10 encourage foreign trade. In the pres
Cnt disturbed condition of money, eN-
changes and world trade | believe that
by inaugurating this policy of fieXibil-
lty and elasticity We have set an eN-
ample which the commercial world will
Nt.H.. F..Nn Il
tion on which To rest our commercial
policy. The first duty is to protect our
national interests. but in" many ways
real protection comes from cooperation
with other nations. The best intelli-
Sence of the day recognizes the need TO
encourage intimacy and understanding
in the social. economic and political
FAMILY of nations. and 1t recognizes that,
in thus inaugurating a plan which looks
10 intimate consideration of the facts.
we are Offering a means OF true unfit
cation and solidarity among the inter-
ests which make up our industrial civil
liZation. and we are taking step
toward the solution of some Of the most
perplexirg economic problems which
confront the nations The last thing
in our thoughts is aloofness from the
rest of the world. We wish to be help
fui. neighborly. useful. To protect our
selves first and then to use the strength
accruing through that policy for the
general welfare OF mankind is our sim
cere purpose
mo other belligerent country has, since
the restoration of peace. reduced its eX-
penditures so rapidly as has our own.
For the year ending June 80, 1920, our
public expenditures aggregated $6.4O3,-
343. 600 year later, IS. 115. .920, 600 For
the fiscal year 1922, $3,373,607, 900. This
has been possible through united and
determined effort, legislative and admin
iStrative. based on the sound business
policy of proper budget organization.
The appropriat for the army for the
fiscal year 1929 is less than one-third
that for the year 1919-20. and nearly
as great a reduction has been accom-
plished in the navy. In all other~di-
rections. save only in the provision for
the care of those who fought the war
for us, there have been similar econ
omes. in making provision to care Tor
the rehabilitation of wounded diseased
and disabled men Of the service no eN-
Dense has been spared that was neces-
gary to perform the full national duty
gratefully and generously. The ma
-ional fiscal policy has been directed to
arrest the too rapid deflation which had
. progressive reduction of the Federal
reserve discount rate. AS n result of
these policies, Liberty bonds have pro-
gressively risen in value. The general
financial situation has steadily improved. !
and to-day the country has a brighter
prospect ahead of it's business. industry
and agriculture than at any time, since
The mistaken program OF drastic defla-
lion adopted by those who were then in
control OF Government policies.
Legislation for Agriculture.
4 There is reason for the most cordial
commendaton Of the program of meas
tres enacted by the Congress for the re-
habilitation of agriculture, the financing
pf the farmers needs. the opening of
foreign markets for their products and
The general stabilization of the industry.
The agricultural interest was perhaps
The worst sufferer from the slump which
the restoration of peace, and it
cannot but be a qualification to you and
your associates who had so much to do !
with framing this legislative program
that such far reaching and beneficial re-
suits have followed it.
Without attempting TO suggest an
enumeration Of the accomplishments for !
which the country is indebted to the !
Sixty-seventh Congress and its imme- |
1iate predecessor it is befitting TO APP
praise the general results, which have /
been so helpful to American welfare that
they will not fail to appeal to the ap-
proval of the American people"