The Birmingham age-herald., 1924-12-07

1ne leglSlatlVe program as outllned ln the Presidents message to the present congress contains several blanks of in- terest to the business and financial worlds.
 Economy: The President has estimated a surplus of $67,ss4,4S9 on this years budget and by following a program of rigid economy in all government depart ments hopes to have a surplus of $373, 745,714 in 1926. On these grounds he tentatively promises further tax reduc- tion.
 Waterways and reclamation are en- dorsed as worthy of attention and i'm provement, providing such work does not interfere too much with the general program of economy. The St. Lawrence project, certain work in the Mississippi basin, and the improvement of several harbors would provide business with new facilities and lower shipping costs between certain points.
 Better distribution for the farmer is expected from the finding of the Presi- dents special committee now studying the farm problems. A cutting down of the margin between what the farmer gets for his products and what the con- sumer pays for them Is desirable.
 Railroad consultations are looked on with favor. Economy in operation should result and the railroads should be easier to deal with when organized into larger units.
 The working mans job will continue to ho tions calculated to keep cheap labor outside. The tariff program and re- stricted legislation go hand in hand. A high tariff and free immigration means that cheap foreign goods are kept out but that the cheap foreign labor can come in and make them here. Likewise there is little sense in banning cheap foreign labor as living individuals if you are going to leave the gate open canned in the form of manufactured goods. No change is foreseen in either the tariff or immigration laws.
 Department reorganization in Wash ington is recommended on the ground of better operation and further economy. In referring to this matter the President doubtless has in mind the plan for de- partment reorganization outlined and proposed by Herbert Hoover in his an- nual report.
 Outlawing of war is commended as an ideal. The League of Nations is not looked on with favor but the World court is desirable. Further disarmament conferences are endorsed. All progress toward the elimination of war is of course favorable to business and finan- cial stability and solidity in spite of the prevalent notion that many wars are engendered by business and financial interests for selfish ends.
 Foreign relations are better than at any time during the past 12 years and with the Dawes plan in operation the recovery of Europe is really begun. As economic improvements are realized and trade recovers in Europe the United States will benfit by increased trade.
 Foreign debts will be paid The Pres ident expects the $12,000,0O0,000 owed us by foreign governments to be paid. As these debts are funded and gradually paid off the income will constitute further relief for American taxpayers,
 How much the present short session of congress will be able to accomplish before it's adjournment is problematical, but the program as recommended is sound. This public declaration of gen. eral policy has set the business world at peace.