The Cordova daily times., 1922-02-28
TUESDAY, FEBRUARY 28, 1922
THE BOND AS GOOD AS THE WORD

ln HIS speech or acceptance ITeSlueHC Ildlu- ing indicated his intention of doing every thing in the power of the administration, should he be elected to bring Liberty Bonds back to par. In making that promise he gave emphasis to an implication in the Republican National Platform that if Republican principles were not in control of the government, the de- cline in the Liberty Bond market, due to the extravaganza of Wilsonism, would be speed fly checked and the price of bonds started on an upward course Those who seek to list the accomplishments of the Republican Adminis-' ~traton should not lose sight of the fact that here is one more task set for itself in which it has been successful
 vi Not only have bonds risen in price steadily since the Harding Administration took con- trol at Washington, but the change was start cd almost immediately after the result of the election last November became known. From a low price of about $S2 per hundred, the bonds have risen in value until they are now quoted around $97. That means that in the year since President Harding was elected to office there has been put into the pockets of Liberty Bond owners more than S2,oOO,OoO,ooo that was not there earlier in 1920.
 No one particular act of the president of the Republican Congress raised the price of the bonds in that way. The administration was far too wise to attempt the familiar Dem ocratic expedient of seeking to fix bond pric es, or any other prices, by legislation The 1n- crease in bond quotations has been brought about by the cumulative effect of Republican, ism Every beneficial law passed by the Con- gress, and every act of the president and his executive heads in the interests of the public welfare, has increased public confidence in the government at Washington. Business has responded, capital is increasingly active in the promotion of industry, and the wage earners have growing responsibility that is bring ing about greater production per man per day. As everything else in the country has been hur1ying on the road to normalcy, so the Liberty Bonds have been steadily rising to- ward par, which is their normal condition.
 In specifying the relief that the Republican Administration is giving the people, we are too prone to center attention in laws that re- duce the burden of taxation. Of course aid from that direction is most welcome, and it has been generously granted in the new in ternal revenue law which will cut the total tax some $800,000,0O0 in the very first year. But the high prices of liberty Bonds are the result of a process that has been quietly go- ing on for over year, about which we heard little as each day brought added millions into the pockets of the citizens. The sum total of gain from that source has been more than three times the saving that will be experienced in the first year of the operation of the new tax law. Moreover, there are probably twice as many bond holders as income taxpayers in the United States; hence twice as many people will directly profit through the in' crease in bond prices as through the decrease in taxes It is wonderful record-one of which every Republican in the country may we'll be proud.
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