The Washington times., 1924-08-15

reduction in three years Of about
$2,750, 900, 900, and means an an.
nual saving in interest of more
than $40, 900, 900. The $1,000, 000,.
900 of short.time obligations have
all been quietly refunded or paid.
The acknowledgements taxes have
been reduced twice, and many Of
them repealed, so that during the
present fiscal year the tax re.
ceipts will show saving to the
people Of approximately $4,000, 900
q day, compared with 1921. One
Government bond has sold well
over 106.
Foreign Debt Settlement.
More than 40 per cent Of tho
amount of debts due US from for.
eign countries has been liquidated,
and will provide funds for the re-
tirement Of about $4,000, 900. 900
Of the principal Of our national
debt In the course Of So years.
These settlements are not only
Stupendous financial transactions,
but demonstrations Of the most
profound nature Of international
good faith and the dominion over
international relations Of moral
power. The finances Of this Ma
ton have been managed with q
genius and a success unmatched
since the days Of Hamilton.
The army and navy have been
reduced to a low peace-time basis,
and surplus materials and sup.
piles converted into cash. Hun.
dreds Of millions Of accounts
have been settled with the rail.
roads, which have been financed
without any public expense 90
that they could adequately serve
the greatest peace-time commerce
ever moved without a shortage OF
cars.
A great revival Of industry
took place, which is now spread
ing to agriculture. Complaint OF
unemployment has ceased. wages
have increased. Capital has be-
come plentiful at a low rate Of
interest and the banks of our
country, as a whole, show q high
percentage Of liquid assets.
Most generous laws for the re.
lief Of disabled veterans have
been enacted, and the Veterans
Bureau established. More than
$1,000 men and women have been
rehabilitated, of whom over $1,000
are earning more than they
earned before the war. Compen-
sation is being paid to nearly
half a million at the rate of
about 100000 q year, which
will be increased about $40, 000, 900
under legislation recently passed.
Forty million dollars have been
provided for hospital facilities, and
under a new law hospitals have
been opened to all the veterans
Of all wars, regardless of the time
or cause Of their disability. No
government ever provided 80 gen.
erously for those disabled by
service in time Of war.
Immigration and Tariff.
To preserve American standards
for all Of our inhabitants, whether
they were the descendants OF for
mer generations residing here or
the most recent arrivals, re.
strictive immigration laws were
passed.
I should have preferred to con-
tinue the policy of Japanese ex.
clusion by some method less like
~ to offend the sensibilities of
the Japanese people. did what
/ could to minimize any harm
that might arise. But the law
has been passed and approved,
and the incident is closed. We
must seek by some means besides
immigration to demonstrate the
friendship and respect which we
feel for the Japanese nation.
Restricted immigration. ig not .
an offensive but a purely de.
fensive action. It Is not adopted
in criticism Of others in the slight.
est degree, but solely for the pur-
pose Of protecting ourselves. We
cast no aspersionS on any race or :
creed, but we must remember
that every object Of our institu.
tions Of society and government
will fail unless America be kept
American.
By means Of a protective tariff
we have saved American agricul.
ture. labor, and industry from the
menace of having their great
home market destroyed through
the dumping upon it Of flood
Of foreign products. Under this
wise policy we saw an economic
revival, and our people as 4
whole, in marked distinction from
sufferers from the financial dis.
tress and depression Of other
lands, have come into an era Of
prosperity and plenty.
AS a source of revenue the
tariff surpassed all expectations
in producing an annual return Of
the unprecedented sum Of $780,.
100000. A fiscal policy which
places large and much needed
revenue in the public treasury,
while stimulating business to a
condition Of Astounding prosperity,
defends itself against any criti.
cism. Its merits are demon
strated by Its results. We lave
protected our own inhabitants
from the economic disaster of an
invasion OF too many foreign
people or too much foreign mer.
chandiSe.
Washington Conference.
The people have never come to
a full realization OF the Importance
Of the Washington conference. It
produced the one effective agree.
ment among the great powers in
all the history Of civilization for
relieving the people Of the earth
from the enormous burden Of
maintaining competitive naval
ornaments. / do not believe any
conference ever did more to pro.
mote the peace of the world.
am perfectly sure that mono ever
did so much to reduce the cost Of
government.
BY removing causes Of irritn-
ton, in which lay the seeds Of war