Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1924-08-16
Has Abiding Faith in Judg-
ment of People on Ac-
compliments and
Purposes.
SEEKS PEACE AND THRIFT
Wants Opportunity for All, No
Government Monopoiies, In
dependent But Helpful
Foreign Policy.

quEbllbu fitAt ~ tile IttHiE VI eiiE
United States was lodged by Presl-
dent Coolidge in the first great speech
Of the political campaign-hls 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 a great
moral principle and directed with
scrupulOus regard for its integrity It
cannot fail 10 sweep onward and up
ward, advancing always steadily and
surely, a mighty constructive force,
glorious bearer of progress.
''That Is what the Republican party
always has been and Is today In full
faith that such II Will continue to be.
deeply conscious of the high honor II
confers and the responsibility 1t i'm.
poses, accept It's nomination for
President Of the United States.
In the history Of our country Is re
corded the public services rendered ny
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
relns of government after n lapse of
eight years. Though more than two
years had passed since the armistice,
the nation was still technically In n
state Of war No diplomatic relations
existed with Turkey, Greece. Russia
Colombia or Mexico, the Far East
situation caused grave apprehen
slons" Bccause 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 bad
risen to the staggering total of S24..
000000,0O0 more than s7.00O,000,000
of II In shnrt-time obligations without
provision for payment Government
bonds were below par High wor taxes
burdened the people disqualification
and liquidation were incomplete. Huge
railroad accounts remained unsettled
Transportation was crippled Tn
llquidated foreign debts amounted to
$11 .00O00O,O00 Banks were filled with
frozen assets interest was high, CAPT
tai scarce, and financial distress acute.
About 100000 were wlthout 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 ornaments.
An avalanche Of war-worn people and
chcnnened merchandise lmpended
upon America from foreign lands. the
President pointed out.
Turning TO the settlement of these
vast problems since the start Of the
Republican regime, the President
pointed out that treaties Of worldwide
importance have been ratified with
Germany. Austria, Hungary. Colombia
have met with the approval of the sen.
ate, while still await action. Friend.
ly intercourse with Greece and Turkey
has been resumed Peace and Amerl-
can rights have been assured In the
Far 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 80.
1921" President Coolidge snid, "nur
expenditures were s5.53S, 100000 and
our surplus was SSGOO0O00. For the
year Just closed our expenditures were
81, 497 100000, and our surplus exceed
ed 000O0.0OO This was q reduction
In the annual cost Of government OF
$2,041 100000. The public debt now
stands AT about $2l $50. OO0. 900. which
Is a reduction In three years Of about
s., 750,O00o00 and means an annual
saving In interest Of more than s12O
100000. The S7.O00.OO0.0O0 Of short
time obligations hnve all been quietly
refunded or paid. The Internal reve-
nue. taxes have been reduced twice.
and many Of them repealed. so that
during the present fiscal year the tax
receipts show saving to the people
OF approximately 100000 a day com
pared with 1921. one government
bond has sold well over IO5H
The President pointed out that more
than 40 per cent Of the debt due us
from foreign nations has been Isqnidat-
ed, providing funds for liquldating
shout S1S.OO0.Oo0000 Of the national
debt during a 62-year term.
THE finances Of this nation have
been managed with genius and
success unmatched since the days Of
Hamilton" air. Coolidge declared.
"A great revival az industry took
place, which Is spreading 10 aEricul-
ture. Complaint Of unemployment has
ceased. wages have Increased. Cap
ital has become plentiful az a low rate
of interest" Mr. Coolidge declared.
and the banks Of our country. as
whole. show a high percentage Of
liquid assets"