The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1924-08-15
Has Abiding Faith in Judg-
ment of People on Ac-
complishments and
Purposes.
SEEKS PEACE and THRIFT
Wants Opportunity for All, No
Government Monopolies, In
dependent But Helpful
Foreign Policy.

accepting the nomination as President
offered him by the Republican party,
and delivered In Washington the eve
ming of August IA.
After outlining the sound foundation
of the party system of government,
the President said: "Party means po-
litical cooperation, not as an end In
itself, but a means, an instrument Of
government. If founded upon a great
moral principle and directed with
scrupulous regard for its integrity, 1t
cannot fail to sweep onward and up
ward, advancing always steadily and
surely, a mighty constructive force, a
glorious bearer of progress.
"That Is what the Republican party
always has been and is today: In full
faith that such 1t will continue to be,
deeply conscious of the high honor 1t
confers and the responsibility 1t I'M
poses, I accept it's nomination for
President of the United States.
SIN the history of our country Is re-
corded the public services rendered by
our party for more than the three
score years. That is secure. pass
on to the recent past and the present"
Progress of Four Years.
The President pointed out the con-,
dition of the nation in March, 1921,
when the Republicans resumed The
reins Of government after lapse of
eight years. Though more than two
years had passed since the armistice,
the nation was still technically in
state of war. No diplomatic relations
existed with Turkey, Greece, Russia,
Colombia or Mexico, the Far East
situation caused grave apprehen-
sions" Because of the war, "a recl-
acterize the administration of public
affairs and was all too prevalent In
private life" The national debt had
risen to the staggering total Of S24,-
O00,000,000, more than $1,000 100000
of it in short-time obligations without
provision for payment. Government
bonds were below par. High war taxes
burdened the people. Rehabilitation
and liquidation were incomplete. Huge
railroad accounts remained unsettled.
Transportation was crippled. I'm
liquidated foreign debts amounted to
$11 900, 100000. Banks were filled with
frozen assets. Interest was high, capt.
tai scarce, and financial distress acute.
About 100000 were without employ
ment. No adequate provision had been
made for relieving disabled veterans
and their dependents. The great pow
ers continued to burden their peoples
by building competitive ornaments.
An avalanche of war-worn people and
cheapened merchandise impended
upon America from foreign lands, the
President pointed out.
Turning to the settlement of these
vast problems since the start of the
Republican regime, the President
pointed out that treaties of worldwide
Importance have been ratified with
Germany. Austria, Hungary, Colombia
and Mexico, that AZ other treaties
have met with the approval of the SEN
ate, while 6 still await action. Friend
ly intercourse with Greece and Turkey
has been resumed. Peace and Ameri-
can rights have been assured in the
Far East and the Pacific.
Turning to finance, the President
called attention to the enactment Of
the budget system, and the resultant
tremendous savings.
For the fiscal year ending June 80,
1921" President Coolidge said, "our
expenditures were $5,53S 100000 and
our surplus was $se,OOO,0Oo. For the
year just closed our expenditures were
$3, 497, 100000, and our surplus exceed
cd 500OO0,00O. This was a reduction
In the annual cost of government Of
1904, 100000. The public debt now
stands at about $21 ,250,000,0O0, which
Is a reduction In three years of about
S2,750, 100000 and means an annual
saving In interest of more than $780,
100000. The $7,0O0,OOO,OOO of short
time obligations have all been quietly
refunded or paid. The internal reve-
nue. taxes have been reduced twice,
and many of them repealed, so that
during the present fiscal year the tax
receipts show a saving to the people
of approximately 100000 day com
pared with 1921 One government
bond has sold well over 1O5."
The President pointed out that more
than 40 per cent of the debt due us
from foreign nations has been liquidat-
ed, providing funds for liquidating
about $4,000, 100000 Of the national
debt during 62-year term.
1.-THE finances of this nation have
been managed with genius and a
success unmatched since the days of
Hamilton" Mr.. Coolidge declared.
"a great revival Of industry took
place. which is spreading to agricul-
ture. Complaint of unemployment has
ceased, wages have increased. Cap
ital has become plentiful at a low rate
Of interest" Mr.. Coolidge declared,
"and the banks of our country, as a
whole, show high percentage Of
liquid assets"
Speaking Of the generous laws
passed to relieve disabled veterans
the President said that more than H..
600 have been rehabilitated, $4,000 OF
whom are earning more than they did
before the war. Compensation is be
ing paid at the rate of about $780,.
100000 a year, soon to be increased
by $30.O00,000 more, S40,O00.O00 have
been provided for hospital facilities,
which are open to veterans Of all
American wars.
mo government" the President de-
clared. Fever provided SO generously