Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-13
DETERMINED TO BARE
" ALL GUILTY, HE INSISTS
Tells Republican Club No Politics, Only
Speed and Justice, viii Enter
Scandal Pmging.


case Of some railroads. must be
looked upon with a great deal of
satisfaction.
Only. Partially Revived.
But agriculture has only par
TALLY revived. Its position has
been improved. and the returns for
the year are nearly 30 per cent in
excess Of two years ago. But the
great food staples do not sell on a
parity with the products Of indus
try. Their average price Is little
above the pre-war level. while
manufactures are about SO per cent
higher. The farmer is not receiv-
ing his share.
The result has been a decrease
in the value OF farm lands, the
choking of the avenues OF credit
with obligations which are worth
less or doubtful, the foreclosure Of
mortgages. and the suspension of a
large number Of banks. To this
depression there have been other
contributing causes. but the main
difficulty has been the price Of
farm produce.
Very likely you are wondering
why agriculture should be dis
cussed here in this metropolis. One
reason is that want to emphasize
as forcibly as possible your very
intimate dependence upon agricul-
tural welfare. That great interest
cannot be affected without the
necessity Of your being. affected.
The farm Is one OF the chief mar
kets for the industries Of the ma
ton. You have a direct economic
and financial interest. You cannot
long prosper with that great popu-
lation and great area in distress.
You have a political interest. The
people Of those numerous states
cast an enormous influence upon
the making of the laws by which
you are governed. Unsound eco
nomic conditions are not conducive
to sound legislation. The farm has
a social value which cannot be
overestimated. 1t is the natural
home of liberty and the support Of
courage and character. In all the
nation 1t is the chief abiding place
of the spirit of independence. do
not need to dwell upon the moral
requirement for the equitable die
tribution of prosperity and the re-
. lief of distress by the application
p of every possible and sound rem
. edy. This problem Is not merely
=, the problem of the agricultural
! sections of our country; 1t is the
problem likewise Of industry. OF
transportation. Of commerce. and
of banking. l bring 1t to you be-
cause I know that in part. 1t is
your problem. I have already en-
couraged organization and Coop
erative marketing that organized
agriculture may cope with organ
lied industry. have promoted
tariff Investigations for increased
rates on wheat. l have extended
relief through the War Finance
Corporation and the federal re-
serve bank system.
Need of Support.
l shall not now discuss the de-
lor; ,1,
a preservation Of peculiarly agri-
cultural remedies. made specific
recommendations in my message
to the Congress. and there are
bills pending for carrying my sug-
gestions into effect What ! am
most anxious to impress upon the
prosperous part of our country Is
the utmost necessity that they
should be willing to make sacri-
fees for the assistance of the I'M
successful part. I do not mean by
that any unsound device like price.
fixing, which I oppose because 1t
3 would not make prices higher. but
would. in the end, make them
lower: it would not be successful
and would not prove a remedy. But
l do mean that the resources of
the country ought to. come to the
support of agriculture. The Or
ganization recently perfected to
supply money and management for
the larger aspects Of agriculture
and active support. I am glad
financial America is moving in
that direction. 1t will be less
work and less expense for you to
meet this situation in that way,
for you will meet It: you will be
affected by its economic. political
and moral results
WhSN an examination is made
to ascertain some Of the causes
Of these conditions, among the
first which suggest Themselves is
the amount and the method Of ma
Of about $4,000. 100000 the people
of this country pay nearly $1,000
00O, 900 in taxes. which Is over $68
for every inhabitant OF. the land.
OF this amount the national gov
eminent collects about. $4,000
governments about $4,000. 600. 900.
AS direct burden this is a, stu
pendous sum, but when It is real
lied that in the course of our
economic life 1t is greatly aug
mented when it reaches the con-
of living. its real significance be-
gins to be appreciated. The ma
. tional and local governments
- ought to be unremittinE In their
efforts. to reduce expenditures and
pay their debts. This the national
to do. The war cost OF more than
SAC, 200. 100000 is already nearly
half paid. Amid: the. disoriered
currencieS of the warning nations
our money is, and has been main
tanned. at. the gold standard. Our
budget has. long since been bal
anced. and our debt-paying pro-
gram is at the rate of $500. 100000
each year. In spite. Of all these
expenditures. the, next fiscal Year
has an estimated surplus revenue
of over s300. 060, 900.
This represents o great financial
achievement in the past three
years. In, the fret place, it was
necessary to provide for more
than $1,000; 100000 of .short-time
maturities. These have all: either
been paid or refunded. so that they
will become. due In the future at
orderly. intervals. when they can
When it Ia realized that such large
loans were made in a way that not
only left business undisturbed. but
was scarcely percepttble to the
public. the skill with which Secre-
tery Mellon managed them can
we'll be appreciated.
lledaoin9 Exnenlltases.
Colncfdenc with this was the
even greater task OF reducing ma
tiona1 expenditures. Through leg
z islative enactment and executive
effort this has gone steadily for
ward, and Is now proceeding from
day to day. Under the watchful
care of the budget bureau every
department is constantly striving
to eliminate all waste and discard
every unnecessary expense.
Every reasonable effort has been
made to secure tho liquidation Of
our International debts. The
largest, which was. that Of Great
Britain. and which amounted with
accumulated interest to. $4,60O,-
5000. has been settled on terms
that provide for Its payment over
a period, of" sixty-two years.. In
terest nuns at 3. per cent until
1888. and after that 3h per cent.
r@%.. q. L.