Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1924-08-15
COOLIDGE ACCE:pT
WITH CONFIDENCE
Has Abiding Faith in Judg-
ment of People on Ac-
complishments and
Purposes.
SEEKS PEACE and THRIFT
Wants Opportunity for All, No
Government Monopolies, In
dependent But Helpful
Foreign Policy.

Washington, Aug. 14.-No single
question vital to the people of the
United States was lodged by Presi-
dent Coolidge in the first great speech
Of the political camnaign-his speech
accepting the nomination as President
offered him by the Republican party,
and delivered in Washington the eve
ming of August II.
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 means, an instrument of
government. If founded upon great
moral principle and directed with
scrupulous regard for its integrity, 1t
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 it will continue to be,
deeply conscious of the high honor 1t
confers and the responsibility it I'M
poses, | 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. l pass
on to the recent past and the present"
rs
The President pointed out the con-
dition of the nation in March, 1921,
when the Republicans resumed the
reins ST government after lapse of
eight years Though more than two
years had passed since the armistice,
the nation was still technically in a
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,-
000,000000. more than ST.000,000,000
of it in short-time obligations without
provision for payment. Government
bonds were below par High war taxes
burdene6 the people. Rehabilitation
and liquidation We're incomplete. Huge
railroad accounts remained unsettled.
Transportation was crippled. I'm
iquidated foreign debts amounted to
$11, GOO,OOOO0O. Banks were filled with
frozen assets. Interest was high. capi-
tai scarce, and financial distress acute.
About 100000 We're 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 armamenrs.
An avalanche of war-worn people and
cheapened merchandise impended
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
and Mexico. that - other treaties
have met with the approval Of the SEN
ate, while G 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 so.
1921" President Coolidge said. "our
expenditures were S5T3S,OOOO00 and
our surplus was SSG0OO.00O. For the
year just closed onr expenditures were
s., 407 100000. ana our surplus exceed
ed S5OOcoO.Ooa. This was n reduction
In the annual cost # cover mt of
S2,Ol1, 100000. The public Geot now
stands at about SD .25OO0O,0OO, which
Is d reduction In three years of about
S2,7I0G0OC0o 0u1 mcars ~ annual
saving in Interest % more Nan S12O.-
100000. The $7,OOOGOO,G0O of short.
time obligations have 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 yrar the tax
.ft. 1.