, 1923-12-06
Continued from First Page)

VI any American principles. These
rights and principles must 80 wherever
the sanctions Of our government go.
But while the favor of America Is
no ior s;i!e, l am willing to max very
large concessions for the purpose Of
resculnS the people Of Russia. Already
encouraging evidences of returning to
the ancient ways of society can be de-
iecteu. But more are needed. When
ever there appears any disposition to
compensate our citizens who were de.
spoiled, and to recognize that debt con
trtctcd with our government, not by
the c"ar. but by the newly formed re.
public of Russia; whenever the active
spirit of eniuity to our institutions Is
iina,ed; Whenever there appear works
mere for repentance; our country
ought to be the first to go to the eco
nouuic and moral rescue Of Russia.
We have every desire to help and no
desire to inIure. We hope the time is
near al hand when we can act.
Debts.
The current debt and interest DUE
from foreign Governments, exclusive Of
the BrIrish debt of 100000 900, Is
about $1,2uO,O00,000. l do not favor
the cancellation Of this debt, but l see
no objection to adjusting 1t in accord
aHce with The principle adopted for the
british debt. Our country would not
wish to assume the role OF an oppres-
sive debtor, but would maintain the
principle that financial obligations be
tween nations are likewise moral obli-
H.ttln- N.ht,I ptar,,tinanl g.t,l ,.I
honor require should be discharged.
Our government has Il liquidnted
claim against Germany for the expense
oi tie army of occupation of over $500
100000, Besides this, the mixed claims
commission have before them about
l2.oOO claims of American citizens, az
grcgatiug about 81, 900, 900. These
claims have already been reduced by
II recent decision, but there are valid
claims reaching well toward $JOO,O
uID. Our thousands of citizens with
credits due them of hundreds of mil
Hons OF dollars have no redress save
In the action of our government. These
are very substantial interests, which
II Is the duty of our government to
protect us best 1t can. That course |
prul OSU TO pursue.
II Is Tor these reasons that we have
Ii uucct interest In the economic re
c"N'Iy OF Europe. They are enlarged
10y our desire for the stability of civ
iijT.tion and the welfare of humanity.
That we are making sacrifices to that
.,nd none can deny. Our deferred in
tercst alone amount TO n million dol
lHrS n.rar,s .In,, br, -.
icrcd to MD with our advice and coun.
sci. We have reiterated our desire to
see France paid and Germany revived.
We have proposed disarmament. We
have earnestly sought to compose diff
ferences and restore peace. We shall
persevere in ~well-doing. not by force. |
put by reason.
Foreign Service.
The foreign service Of our govern |
proved. |
Fiscal Condition.
Our main problems are domestic
problems. Financial stability is the |
first requisite OF sound government. |
We cannot escape the effect of world
conditions. We cannot avoid the in
evitable results OF the economic dlsor-
ders which nave reached all nations. |
But we shall diminish their harm to
us in proportion MS we continue to re- |
store our government finances TO n
secure and endurable position. This
we can do n must do. Upon that
firm foundation rests the only hope OF
progress and prosperity. From that
source must come relief for the people.
This is being accomplished by n
drastic but orderly retrenchment,
which Is bringing our expenses within
our means. The origin OF his has
been the determination OF the Amer.
lean people, the main support has been
the courage OF those in authority, AMI
the effective method has been the
budget system. The result has IN.
volyed real sacrifice by department
heads. but 1t has been made without
flnchlng. This system is u law of the
congress, 1t represents your Will. II
must be maintained. and ought TO be
strengthened by the example OF your
observance. Without n budget system
there can be no fixed responsibility aud
no constructive scientific economy.
Another reform which is urgent in
our fiscal system Is the abolition OF
the right to issue tar-crempt securi.
ties. Tn existing system not only
permits II large amount OF tho wealth
OF the nation to escape its Just bur.
den but acts ns n continual stimulnnt
to municipal extravaganza. This should
be prohibited by constitutional amend.
mcnt. All he wealth Of the nation
ought TO contribute It's fair share to
tho expenses OF the nation.
Tariff Law.
The present inrin law has nccon'
pllshcd It's W main objects. II has
secured nm abundant revenue ana
ham nrnhnniINn IL nm nnnunlInn nrna-