Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-16
for splendid achievements along these

for splendid achievements along these
lines.
"The two Congresses serving since
the restoration Of peace have seen n
world wide imitation and dchation.
Our country has borne its part in this
experience without even menace to
our gold standard money system.
Our governments OK
penses have been reduced in a pro-
portion unequallcd, | think anywhere
else
"Our war debt has been impress
sively reduced and policies have been
adopted which insure continuing re-
duction hereafter. Our military and
naval expenses have been restored
approximately to normal. with
promptncss which is the more strik-
ing if we contrast it with the OK
periencc of other nations which par
ticipated in tho war.
There is no need for detail con-
corning the legislation which has
been passed ~ the G-lh Congress. In
time when wide differences intro
ducing costs and a well nigh univcr-
sal tendency to erect barriers against
international trade were mfnacing
our commcrc and industry. We have
passed tariff legislation which first
protects our own producers. and SOC
ond, through its provisions for adj
ministrative adjustment of duties TO
changing conditions. makes possible
t. adapt them to shifting economic
paI
age foreign trade. In the present
disturbed condition of money. ex-
changes and world trade. | believe
that by inauGurating this policy Of
fieXibility and elasticity, we have set
an example which the commercial
world will accept as truly constuc-
tive foundation on which to rest our
commercial policy.
THE first duty is to protect our
national interests, hut in many WAYS
real protection comes f ON coopera-
ton with other nations.
"The last thing in our thoughts is
aloofncss from the rest OF the world
We wish To he helpful. noighborlv.
useful. TO protect ourselves first.
ana then to use the strength. accrn-
ing through that policy for the gem
eral welfare of mankind. is our sin
ccro purpose.
NO other belliccrCnt country has
since the restoration Of peace. re-
ducfd its expenditures so r1pidly os
has our own. For the wear ending
June 30. 1920. our public expenditures
aggregated $50; 3 3.0O0: n vcar lat
or So,ll5.920.0G0, For the fiscal ,car
w.. 1913 1907 900. This has hc.n
possible through united ana dctcr-
mined effort. legislative and admins
ua'lNc, based on the sound business
PoiirN OF proper budget organization.
ihc appropriation for the army
ior the fscal year 1922-o3. is less
'iian one third that for the wear 1914
~ nearly as great "A reduction has
necn accomplished in the navy IN
all other directions. save only in tho
PROVISION for the care of those u,bo
fought the war for us. there bYvo
h'ch similar economics. In maxim.
pioVis'on to care for the rchabiIito-
'ioh or wounded, diseased and dis
ahlod mon of the service. no eyncnso
mas been spared that was necessary
10 perform the fun national rrtv
gratefully and generously.
THO national fiscal policy has
hcen directed 10 arrest the too rand
"ci'at'on which had set in. ami IN
'h's end there has been a progres-
sive reduction of the federal reserve
discount rate. AS result OF those
folcics. liberty bonds have progress
sivciy risen in value The general
financial situation has steadily i'm
proved. and today the country has 81
brighter prospect ahead of its bust
ness. industry and agriculture. than
NJ any time since the mistaken nro.
gram or drastic de:ation adopted bv
those who were then in control Of
government policies.
There is reason for the most cor.
d.ai commentator of the prorra M
OF measures enacted by the Congress
Tor the rehabilitation of Agriculture
the financing OF the farmers. need.
the opening Of foreign markets. for