The Holly chieftain., 1923-12-13

1
the cherished rights Of humanity.
do not propose to make merchandise
OF any American principles. These
rights and principles must 60 wherever
the sanctions Of our government 60.
But while the favor of America is
not for sale, am willing to make very
large concessions for the purpose of
rescuing the people of Russia. Already
encouraging evidences Of returning to
the ancient ways of society can be de-
tected. But more are needed. When
ever there appears any disposition to
compensate our citizens who were de-
spoiled. and to recognize that debt con-
tracted with our government, not by
the czar. but by the newly formed re-
public of Russia; whenever the active
spirit Of enmity 10 our institutions is
abated; whenever there appear works
mete for repentance; our country
ought to be the first to go to the eco
nomic and moral rescue Of Russia.
We have every desire to help and no
desire to injure. We hope the time Is
near at hand when we can act.
Debts.
| The current debt and interest due
from foreign governments, exclusive of
the British debt of $4,6OO,OOOOO Is
about $7,2O0,0OO,0OO. l do not favor
the cancellation of this debt, but see
no objection to adjusting 1t in accord
ance 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-
cations which International faith and
honor require should be discharged.
Our government has a llquidated
claim against Germany for the expense
of the army Of occupation Of over $225.-
100000. Besides this, the mixed claims
commission have before them about
1850 claims Of American citizens, az
gregating about s1.225, 100000 These
claims have already been reduced by
u recent decision. but there are valid
claims reaching well toward $500, ,OOO,-
600. Our thousands of citizens with
credits due them of hundreds Of mil
lions of dollars have no redress save
in the action of our government. These
are very substantial interests, which
1t Is the duty of our government to
protect as best it can. That course l
propose to pursue.
1t is for these reasons TINT we have
a direct interest in the economic re-
covery of Europe They are enlarged
by our desire for the stability of CIV
iliZation and the welfare Of humanity.
That we are making sacrifices to that
end none can deny. Our deferred in
terest alone amounts to million dol
lars every day. But recently we Of
fered to aid 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,
but by reason.
Foreign Service.
The foreign service of our govern
ment needs to be reorganized and i'm
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 disor-
ders which have reached all nations
But we shall diminish their harm to
US in proportion as we continue to re-
store our government finances to a
secure and endurable position. This
we can do and 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 u
drastic but orderly I retrenchment
which is,bringing our expenses within
our means. The origin Of this has
been the determination Of the Amer.
lean people, the main support has been
the courage of those In authority, and
the effective method has been the
budget system. The result, has in.
volved real sacrifice by department
heads, but 1t has been made without
ilinchlng. This system is q law of the
congress. 1t represents your Will. II
must be maintained, and ought to be
strengthened by the example Of your
observance. Without budget system
there can be no fixed responsibility and
no constructive scientific economy.
Another reform which Is urgent in
our fiscal system Is the abolition OF
the right to issue tax-exempt securi
ties. The existing system not only
permits large amount of the wealth
of the nation to escape Its Just bur
den but acts as continual stimuant
to municipal extravaganza. This SHOULD
be prohibited by constitutional amend
ment. All the wealth Of the, natior
ought to contribute Its fair share tc
the expenses Of the nation.
Tariff Law.
The present tariff law has accom-
pllshed its two main objects, 1t ha!