, 1922-06-22


and interest were to be paid. a refunding commits
sion has been created Tor the purpose of getting
these loans on a commercial basis and arranging
a method whereby the principal is to be taken care
of and interest paid.
When the Republican administration came into
power the discount rate of federal reserve banks
was IS per cent for gilt edge commercial loans.
This has been steadily reduced until it is now 45
per cent
The last year of the Democratic administration
the actual cost Of running the government was 80
53sYoa0,6s9 The actual cost of running the govern
ment for the current fiscal year ending June 30tl
will not exceed s3,e22.372, $50. This is an annual
saving of s1,600,O00,00O which this Republican ad-
ministration has made in the routine expenditures
of the government.
This saving has been due largely TO the establish
ment Of a budget system, created by an act of con
gress early in its special session and rigidly APP
piled by the executive officers of the administra-
tion. The Republican congress elected in 1918 passed
a budget law but it was vetoed by President Wilson.
The Republican congress under this administra-
ton enacted a revenue law repeating all transpor
tation taxes upon freight, express and parcel post
matter, all nuisance tayes, all excess profits taxes,
reduced the surfaces and reduced the income taxes
(by increasing exemptions) on all who have an in
come of 5000 or less, which affects 30 per cent OF
the people of the United States. All told, the new
revenue bill decreases the burden of taxes SS1S,
100000 the current calendar year and provides for
4 reduction equally as great for the calendar year
of 1923.
The Republican administration found agriculture
on the brink OF bankruptcy due TO unexpected, IN
d n uueCOnO0AlC ut2ldllOn vi TlC
tural credits during the last year of the Democratic
administration. Agriculture is the basic industry
of the nation 1t represents 40 per cent of the buy
ing power of the country. 1t is the largest consumer
of steel and iron products with the exception of the
railroads. 1t consumes 60 per cent of the lumber
products. 1t is the largest buyer of motor vehicles
1t is the largest buyer of leather and textile goods
The revival of all industry depended first upon tn,
revival of agriculture. An act of congress amending
and extending the powers of the war finance cor
~poration gave to agriculture a billion dollar funt
tn draw un0n for credits Other LEGISLATION was
enacted to relieve the revive agriculture. Various
administrative policies were put into effect to &C
celerate its revival. Today that industry is on its
feet. 1t is getting profitable prices for its products
is coming into the market as a buyer and after the
harvesting and sale of this years crops will agar
resume its proper place in Americas commercial
and industrial life.
When this administration came into power Their
were approximately 100000 wage earners in idle
ness. Today there is a job for every man wh'
wishes to work. There is n scarcity of farm labor
There is n scarity of skilled and unskilled labor IL
many of the leading industries, which are advertis
ing for help. Unemployment has ceased to be
factor outside of the industries in which Their,
are strikes. This has been brought about by tn,
cumulative policies of the administration, which re
suited in a revival of industry and commerce.
When this administration came into power gov
eminent interference in private business was tn,
rule. Paternalism was encouraged. Individual in
l~itiative was throttled. This administration ha'
put a stop to government interference with business
in a destructive way. 1t has encouraged individual
initiative and enterprise. 1t has outlawed pater
n~a1istic and socialtistic practices. 1t has eStab
IIished the practice of friendly counsel and advice
with leaders in commercial and Industrial affairs
to take the place of the intimidation and hosti,
ultimatums which were the vogue under the pre-
vious administration.
l. It has given encouragement and optimism to hon
est capital and thrift by refusing to recognize oil
deal with the present powers of Russia, thereb,
placing it's stamp of reputation upon those pol
Iicies which operate for the destruction and confis
cation of private property the naturalization o
Industries, the creation of fiat money and all othel
Esocialistic and communistic practices which pre-
vail in soviet Russia.
The administration has refused to become Ell
tangled with the petty, selfish, war-breeding jeal
ousies and politics of Europe. At the same tim
it has shown its earnst and sincere desire to pre-
mote the cause of peace and unity among all ma
Itions by the calling of the Washington conference
| which resulted in the agreement to limit nava
,armaments and to substitute international arbitra
ton for war. This guarantees to the people of thi
country not only an immediate relief from take
needed to construct immense naval armament blu
it guarantees to business and commerce a long pei
Eiod of security from war, thereby enabling Their
to plan long years ahead for peaceful expansio
that will add to their own prosperity, the pros
perity of the nation and insure steady employment
to tens of millions of people.
D-f- n-xoJ IL.