The Washington times., 1924-08-15
DEFE NDS
PRESENT
TARIFF
Foreign Policy Of America
Peace. He Says, in Ac-
ceptance Speech

"A recital Of the achievement
Of the Republican Administration
since March, 1921, NTH. especiG
emphasis on reduction of tn
public debt, Government economy
LOsvered tGres, the Fordrey-Mc
CMmber tariff, the Washington
arms conference and the DGaOei
plan, featured the speech here lGs1
night of President CGIvin CoolidOG
IN accepting the Republicans pYesi
Dental nomination. The full tea,
of the speech foIloVs:
MIR. CHAIRMAN. members Of
4V1 the committee, ladies and
gentlemen:
You bring formal notice, Mr..
Chairman, Of a nomination for
President Of the United States!
Our system Of nominations Is not
the outcome Of chance. It Is the
product Of experience. Very early
In their search for a~sound method
OF self-government the American
people discovered that the only
practical way to secure RESPONSE.
BILE political action was by the for
nation of parties, which they
adopted because reason pronounced
It the most promising, and con.
tinued because practice found It
the most successful.
Underneath and upholding pc.
Htical parties was, and is, the en-.
during principle that a true citi-
zen Of a real Republic cannot exist
as a segregated, unattached frag-
nent Of selfishness, but must live
as constituent part of the whole
OF society, in which he can secure
the welfare Of, his fellow men.
Party means political co.opera-
ton, not as an end in itself, but
q means, an instrument Of govern.
ment. If founded upon a great
moral principle and directed with
gcrupulous regard for its integrity,
1t cannot fail to sweep onward and
upward, advancing always steadily
and surely, mighty constructive
force, a glorious bearer Of progress.
That Is what the Republican
party always has been and is to.
day. In full faith that such it
will continue to be. deeply con.
scious of the high honor it con-
fers and tho responsibility 1t i'm
poses, accept its nomination for
President Of the United States.
In the history Of our country IL
recorded the public services rem
dered by our party for more than
threescore years. That Is secure.
pass on to the recent past and
the present.
Conditions in 1921.
It 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 armistice we were still
technically in a state Of war. We
had no Diplomatic relations with
Turkey, Greece, Russia, Colom'
bia, or Mexico, and the Far East
was causing grave apprehensions.
In raising and expending for
war a vast amount Of money a
reckless extravaganza had come to
characterize the administration Of
public affairs and was all too
prevalent in private life. An
enormous debt had been contracted,
then standing at about $4,000.
100000, Of which more than 81, 900,
100000 was in short.time obliga-
tions without any provision for
payment. Government bonds were
far below par. The high war
time taxes still burdened the peo
pie.
Generalization and liquidation
remained to be completed. Huge
accounts with the railroads were
still unsettled. Transportation
was crippled. Over $11, 200, 00O, 900
Of unliquidated, debts were due to
us from foreign countries. The
whole people were suffering from.
q tremendous deflation. Our
banks were filled with frozen. as.
sets, and everywhere acute finan.
cial distress existed. Interest was
high. Capital was scarce. AID:
proximately 100000 people were
without employment. No ade.
quate provision had been made
for the relief Of disabled veterans
and their dependents. There was
an avalanche OF war.worn peoples
and suddenly cheapened merchan.
disc impending upon us from for
eign lands. The great powers
were still engaged in burdening
their people by building competi.
tive ornaments.
Staggering Problems.
This staggering array indicates
some of the major problems Of
this administration. Perhaps In
no peace.time period have there
been more remarkable ana con-
structive accomplishment than
since March, 1921.
We have ratified separate trea-
ties Of worldwide Importance with
Germany, Austria, Hungary, Co.
lombia and Mexico. Forty.two
other treaties have been approved
by 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 rela.
tons have been handled with a
technical skill and a broad states.
manship which has seldom, if
ever, been surpassed.
In the domain of finances a
budget system was promptly
enacted and put into operation,
resulting in tremendous savings.
For the fiscal year ending June
30. 1921, our expenditures were
$5,53S, 100000, and our surplus
was Ss6,000,000. For the year
Just closed our expenditures were
$3,497, 900, 900, and our surplus
exceeded $500, 900, 900. This. was a
reduction in the annual cost Of
government Of S2,04l, 100000