Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-08-15


r.n,nittee. Ladies and Gentlemen:
Won bring formal notice. Mr..
c.a;rnar,. of q nomination for
1D.esident of the United States. Our
sss,eu Of nominations is not the
outcome Of change. II Is the prod
ret Of experience. Very early In
,heir search for A sound method OF
ssT.goyernment the American peo-
a,e discovered that the only practical
rsv TO secure responsible political
.e,isn was by the formation Of
s.,+ies, which they adopted because
Issson pronounced it tho most
!Is~,,ising, and continued because
yD,setice found 1t the most success
'' Underneath and unfolding politi-
- narties was, and is, the endur-
To- principle that a true citizen of
.s real Republic can not exist as a
"..reeated, unattached fragment of
s.isshness, but must live as a con-
e.l,nent part Of the whole of society,
!. whfch he can secure his own well
~ only as he secures the welfare
., hIs fellow men.
party means political cooperation,
-, as an end in itself, but q means,
an instrument Of government. II
.s,sded upon q great moral principle
.rd objected with scrupuHous re-
r,1l Tor its integrity it can not fail
=. sueep onward and upward, ad-
y,pcing always steadily and surely.
-. mighty constructive force, a
s,orious bearer Of progress.
that IL what the Republican
parry always has been and Is to-
asy In full faith that such 1t will
tort,nue to be. deeply conscious of
,Ss high honor it confers and the
,.sponsibility It imposes. / accept
ws nomination for President of the
United States.
In the history Of our country is
accorded the public services render
I'd by our party for more than three
,eore years. That liz secure. 1 pass
on to the recent past and the
present. ..-rasEss
II Is easy to forget, but the i'm
preston which the condition Of our
country In March, 1921, made upon
the people was so deep, SO vivid, so
alarming, that it will not soon pass
away. over two years after the
armlstice we were still technically in
a state Of war. We had no dfplo-
matte relations with Turkey, Greece,
Russia, Colombia, or Mexico, and
the Far East was causing grave
apprehensions. In raising and ex-
pending for war vast amount of
money a reckless extravaganza had
come to characterize the administra-
ton Of public affairs and was all too
prevalent in private life. An enor-
nous debt had been contracted,
then standing at about $4,000, 000,-
900, Of which more than $1,000, 0OO,-
900 was In short time obligations
without any provision for payment.
Government bonds were far below
par. The high war time taxes still
burdened the people.
rehabilitation and liquidation re-
NAMED to be completed. Huge ac-
counts with the railroads were still
unsettled. Transportation was
crippled. Over 81 900, 000, 900 of I'M
tquidated debts were due to us from
foreign countries. The whole peo-
pie were suffering from ire
nehdous deflation. Our banks were
filed with frozen assets, and every
where acute financial distress ex-
listed. Interest was high. Capital
vas scarce. Approximately $780,
600 people were without employ
nent No adequate provision had
been made for the relief of disabled
veterans and their dependents.
There was an avalanche OF war
worm peoples and suddenly cheaper
ID merchandise impending upon us
nom foreign lands. The great
bowers were still engaged in burden
ing their people by building COM
Futive ornaments.
Constructive Accomplishments
This staggering array indicates
some of the major problems of this
administration. Perhaps in no
peace-time period have there been
more remarkable and constructive
accomplishments than since March,
wi. We have ratified separate
treaties Of world wide Importance
Win Germany, Austria, Hungary.
'olumbia, and Mexico. Forty-two
e'her treaties have been approved
py the Senate. and six treaties are
now awaiting its action. Friendly
Intercourse has been resumed with
turkey and Greece and we have
established our rights and insured
peace In the Far East and the Pacific
ocean. Our foreign relations have
peen handled with n technical skill
anu broad craftsmanship which
aas seldom. IL ever, been surpassed.
N tho domain Of finances a budget
Ss'em was promptly enacted and
saL INTO operation, resulting in
Iemendous savings. For the fiscal
year ending June 80. 1921, our ex-
fenoitures were $5,53S, 900, 900, and
euf surplus was $685. o0, 900. For the
year inst closed our expenditures
we're S3,t97,000, 900. and our surplus
.Aceeded 00.000,O00. This was a
.eauction in the annual cost of gov
aahent of S2,04i 100000. The public
sset now stands at about $780,
Ssp'eVV, which is a reduction in three
sesfs Of about S2.75o.00O. 900 and
NY aeshs an annual saving In interest
a. Ss more than 100000. 900. The ST.
"Voc,o0o of short time obliga tions
nav. all oeens quietly refunded or
tau' The internal taxes
Ave been reduced twice. and many
~ them repealed. so that during the
r se hsc0 year the tax receipts
sa a, Snow a saving to the people OF
sssproAimately $4,000, 1000 a day com
hS@td with 1921. One Government
VIVA has sold well over lOS.
, more than 40 per cent Of the
S" mount OF debts due us from foreign
~, has been liquidated, and
=" provide funds for the retirement
W., about $4,000, 900, 600 Of the
a,nlcipal Of our national debt in the
ms Mse OF o. years. These settle
ssas arc not only atupendous
s,.al transactions but demon
~ ss of the most profound nature
International good faith and the
,,n. 'h'on over International rela-
~ eva" Is, OF moral power The finances
s"AS Nation have been managed
ma, genius and q success I'M
"'TSs ~ since the days of Hamilton.
d. d. Army and Navy have been re-
ss sssa TO a low peace-time basis, and
q ~. a.