The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1924-08-21
PRESIDENT COOLIDGE
OUTLINES POLICY
In Speech Accepting Republican Presi.
Dental Nomination, Confidently
Enters Campaign.

question vital to the people of tn,
United States was lodged by Presi
dent Coolidge In the first great speech
of the political campaign n-his speech
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 great
moral principle and directed with
scrupulous regard for its integrity, II
cannot fail to sweep onward and up
ward, advancing always steadily and
surely, 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 it i'm
poses, I accept its nomination for
President of the United States.
'In 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 a 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 reck-
less extravaganza had come to char
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,-
000,000,O00, more than $7,0000OO,00O
Of 1t In short-time obligations without
provision for payment. Government
bonds were below par. High war taxes
burdened the people. Demobilizatfon
and liquidation were incomplete. Huge |
railroad accounts remained unsettled.
Transportation was crippled. Un-
foreign debts amounted to
$11 900, 100000. Banks were filled with
frozen assets. Interest was high, capi- |
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 armaments-
An avalanche of war-worn people and |
merchandise impended |
upon America from foreign lands, the
President pointed out.
Turning to the settlement of these
vast problems since the start of the
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 8 still await action. Friend
" intercourse with Greece and Turkey
has been resumed. Peace and Ameri-
can rights have been assured In the
Ear 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 30,
1921" President Coolidge said, "our
were $5538, 100000 and
,ur surplus was $S6,000,000. For the
year just closed our expenditures were
e, ,497, 900, 900, and our surplus exceed
I'd $500, 100000. This was reduction
n the annual cost of government OF
z, 2,041 100000 The public debt now
stands at about $21, 1,25O, 100000, which
s reduction In three years Of about
s2T50, 100000 and means an annual
saving In interest of more than $12O,-
100000. The $7,O00,0O0,000 Of short
lime obligations have all been quietly
or paid. The internal reve-
,ue taxes have been reduced twice,
md many of them repealed, SO that
Turing the present fiscal year the tax
'eceipts show saving to the people
# approximately $6,O00,0OO a day COM
,ared with 1921. One government
bond has sold well over 105."
The President pointed out that more
than 40 per cent of the debt due us
rom foreign nations has been liquidat-
ID, providing funds for liquidating
about. $13, 600, 100000 of the national
iebt during a 62-year term.
1.-THE finances of this nation have
,een managed with genius and
success unmatched since the days OF
Hamilton" Mr.. Coolidge declared.
"A great revival of industry TOOK
place, which is spreading to agricul-
ure. Complaint of unemployment has
leased, wages have increased. Cap
tai has become plentiful at low rate
# interest" Mr.. Coolidge declared
and the banks of our country, as a
whole, show high percentage OF
liquid assets"
Continued on page three) y