Evening star., 1924-08-15

You bring formal notice, Mr.
chairman, of a nomination for Presi-
dent of the United States Our system
or nominations is not the outcome
or chance. 1t is the product of ex-
perience. Very early in their search
for sound method of self-govern
ment the American people discovereu
that the only practical way to secure
responsible political action was by
the formatio of parties. which they
adopted because reason pronounced it
the most promising, and continued
because practice found it the most
successful.
Underneath and upholding political
parties was. and is. the enduring
principle that a true citizen of a real
republic cannot exist as segregated
unattached fragment of selfishness.
but must live as a constituent part of
the whole of society, in which he can
secure his own welfare only as he
secures the welfare of his fellow
men
Party means political cooperation,
not as an end in itself, but means,
an instrument of government. II
founded upon a great moral principle
and directed with scrupulous regard
for its integrity, it cannot fail to
sweep onward and upward, advanc-
mighty constructive force. a glorious
bearer OF progress.
Faith of Party.
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
it confers and the responsibility it
imposes. l accept it's nomination for
President of the United States
I'm the history of our country is
recorded the public services rendered
by our party for. more than three
score years. That is secure. l pass
on to the recent past and the present.
1T 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
Il state of war. We had no diplomatic
relations with Turkey, Greece. Rus
sia, Colombia. or Mexico. and the Far
East was causing grave apprehen-
sions In raising and eXpending for
war a vast amount of money a reck-
less extravaganza had come to char
acterize the administration of pub
lie affairs and was all too prevalent
had been contracted, then standing at
about s24, 100000. of which more
than $1,000, ,000, 900 was in Short-time
obligations without any provision for
payment Government bonds were
far below par. The high war time
taxes still burdened the people.
Situation in 1922.
Decentralization and liquidation re-
manned to be completed Huge ac-
counts with the railroads were still
unsettled. transportation was Grip
pied. Over $1,000, 100000 OF unliqui-
dated debts We're due to us from fol-
eign countries. The whole people
were suffering from tremendous de-
f1ation. Our banks were filled with
frozen assets, and everywhere acute
financial distress existed. Interest
was high. Capital was scarce. Ap-
proximately 100000 people were
without employment No adequate
provision had been made for the re-
lief of disabled veterans and their de-
pendents There was an avalanche
of war-worn peoples and suddenly
cheapened merchandise impending
upon US from foreign lands. The great
powers were still engaged in burden
ing their people by building compet-
tive armaments.
"This staggering array indicates
some of the major problems OF this
administration. Perhaps in no peace
time period have there been more re-
markable and constructive accom-
plishments than since March, 1921.
We have ratified separate treaties OF
worldwide Importance with Ger
many Austria. Hungary. Colombia,
and Mexico. Forty-two other treaties
have been approved by the Senate.
and six treaties are now awaiting It's
action. Friendly intercourse has
been resumed with Turkey ana
Greece. ard we have established our
rights and insured peace in the Far
East and the Pacific Ocean. Our for
eien relations have been handled
with A technical skill and a broad
statesmanship which has seldom, II
ever, been surpassed.
Savings in Government.
"In the domain of finances a budget
system was promptly enacted and put
into operation. resulting in tre-
mendous savings. For the nscal
year ending June 80. 1921, our ex-
penditures were $5.53S. 100000 and our
surplus was $S6,O00.000. For the
wear Just closed our expenditures
were s3,497. 100000 and our surplus
exceeded s50O,OO0,000. This was a
reduction in the annual cost of gov
ernment of $2.O41, 100000. The pub
lie debt now stands at about sci $780,
0o0, 1000, which is a reduction in three
years of about $2,750.0 100000 and
means an annual saving in interest
of more than $120,00o.o00. The
s7O0O,oOO.o0O of short-time obliga-
tions have all been quietly refunded
or paid. The internal revenue taxes
<,x,tn nd a nv
of them repealed, so that during the
present fiscal year the tax receipts
will show a saving to the people OF
approximately $6.000,000 a day COM
pared with 1921. One government,
bond sold we'll over los.
More than 40 per cent of the
amount of debts due US from foreign
countries has been liquidated, ant
will provide funds for the retiremen,
of about $4,000. 100000 Of the prin'
cipal of our national debt in thu
course Of 81 years. These settlements
are not only stupendous financia
transactions, but demonstrations Of
the most profound nature of inter
national good faith and the dominion
over international relations of mora
power. The finances Of this Natiol
have been managed with genius ant
q success unmatched since the day.
of Hamilton.
Reduction to Peace Basis.
THE Army and Navy have beer
reduced to a low peace-time basil
and surplus materials and supplies
converted into cash. Hundreds o
millions of accounts have been set
tied with the railroads. which haV'
been financed without any public ex
pense so they could adequately serv'
the greatest peace-time commerce