Phillips County herald., 1924-08-21

situation caused grave apprehen-
sinns.' 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,-
00O,000,O0O, more than $1,000, ,OOO. 600
of II in short-time obligations without
provision for payment. Government
bonds were below par High war taxes
burdened the people. Demobiliza .'on
and liquidation were incomplete. Huge
| railroad accounts remained unsettled.
Transportation was crippled. Un-
| lQuidated foreign debts amounted 10
| S11 900 100000. Banks were filed 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 armaments
An avalanche of war-worn people md
cheapened merchandise impended
upon America from foreign lands, the
President pointed ont.
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 40 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 Ameri-
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 30,
1921" President Coolidge said. "our
expenditures were S5.53S 100000 and
our surplus was SSG,0OO000. For the
year Just closed our expenditures were
S3,49T 100000, and our surplus exceed
ed 50OOO0,0OO. This was n reduction
In the annual cost of government of
S2,O4l 100000 The public debt now
stands at about S21 10000 OoO. which
is a reduction in three years Of about
S2,750,oo00o0 and means an annual
saving In interest Of more than Sl2O.-
100000 The $1,000. 100000 of short
time obligations have all been quietly
refunded or paid. The Internal reye-
nue. taxes have been reduced twice.
and many Of them repealed, so that
during the present fiscal year the tax
receipts show a saving to the people
OF approximately SG.oO0,OO0 a day COM
pared with 1921. one government
bond has sold well over lO5"
The President pointed out that more
than 40 per cent of the debt due us
from foreign nations has been lQuidat-
ed, providing funds for llquldsting
about $4,000. 100000 Of the national
debt during 62-year term.
THE finances Of this milton have
been managed with genius and
success unmatched since the dnys of
Hamilton" Mr.. Coolidge declared.
"A great revival Of Industry took
place, which In spreading to agrlcul-
ture. Complaint Of unemployment has
ceased, wages have increased. Cap
iial has become plentiful ai low rate
OF interest" Mr.. Coolidge declared.
"and the banks Of our country, as q
whole, show high percentage Of
icuid assets"
Speaking Of the generous laws
passed TO relieve disabled veterans.
the President said that more than H.
COO have been rehabilitAted. $1,000 OF
whom are earning more than they did
before the war. Compensation Ia be-
ing paid al the rate OF about $780,
Oo0,Ooo a year, soon 10 be Increased
by s30,0o0,00o more. s40,0o0Oo0 have
been provided for hospital facilities,
which are open to veterans OF all
American wars.
mo government" the President de-
clared. "eyer provided NO generously
for those disabled by service In time
OF war"
Touching the exclusion law and re-
stricted immigration generally. the
President said: Restricted immigra-
tion il not an offensive but a purely
defensive action. II II not adopted In
criticism Of others In the slightest
degree but solely for the purpose OF
protecting ourselves We cast no MS
pensions on any race or creed, but We
must remember that every object Of
our institutions OF society nnd gov
ernment will fail unless America be
kept American"
Next the President dealt with the
tArin. "By means OF protective
/ tarir." he snid. 1--WE have saved Amer
/ lean agriculture, labor, ind industry
from the menace Of having their great
home market destroyed through the
dumping upon II OF food Of foreign
| products. Under this wise policy We
saw an economic revival, and our peo-
pie US whole. IN marked distinction
] from the RuffVrprs from the financial