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Show THE CITIZEN 4 COLOSSAL TASK CONFRONTS HARDIty ADMIN 1STR A TION Few people, either Republicans or Democrats, comprehend the colossal task that confronts the Harding administration in its attempt world, and prosperity and contentment to bring peace to a war-tor- n to its own. What can America do to promote better relations among the countries of Europe? Manifestly she cannot lend them any more to money as this nation has about reached the limit of its ability finance the world and at the same time maintain its own industrial, activities. America should resume helpful participation in European credits. And this nation is rehabilitation by extending long-tim- e entitled to expect that if it extends such credits it will be to a solvent Europe, able at some reasonable future date to pay; and a Europe restored to industrial activity, productivity and peace, will be best able to pay. herself Europe cannot carry the armament loads she has saddled with since the close of the war and at the same time restore her economic condition, to say nothing of paying anything on either the interest or principal of her great debt to this country. Europe is the bankrupt and the sooner she wakes up and admits the fact, sooner will she get down to brass tacks and adopt methods to right her economic status. among the different states. What Europe lacks is It is natural that there cannot be absolutely free trade and a more easy form of communication between the rival countries, because of racial antagonism and the difficulties interposed by the various different languages spoken. Rut Europe could, perhaps, be taught bv this country to stifle the rancor left over from the late war and that would to adopt some form of enlightened industrial eventually lead to a more rapid rehabilitation than is now taking co-operat- ion co-operat- place. America has free trade among ion states. It has worked out to the advantage of the nation and to each individual state. America might influence European states to adopt some similar plan of trade as exists here, obviously to her great advantage. America would not be false to its own traditions in attempting to lead Europe into closer trade relations, because the differences that exist in labor conditions in continental Europe are slight, as compared to that obtaining between Europe and America. Holding so great a bulk of European obligations America is in position greatly to influence the economic and fiscal policies of Europe. And what must the Harding administration do for America and her people if it is to achieve the high aims for which it was elected and placed in power? First, it must maintain the integrity of the United States and this means avoiding any entangling alliances with other nations. Second, it must erect a tariff wall sufficient to bar the dumping of cheap foreign made goods on the home market to protect labor in a fair days pay and to revive manufacturing industries. as well as to stimulate farming and stock growing. The Harding administration must pass a wise tax law. Here is the cruix of the whole business the center around which gravitates the whole future success of the party in power. A false move in any direction indicating that the administration is favoring the wealthy classes at the expense of the masses, will sweep them out of power at the first opportunity the people have to express their will at the forty-eig- ht poles. The administration must check the tide that is now flowing bonds. Already well over two-thirstrongly in the direction of tax-fre- e of the wealth of the created during the war period, has been submerged in these bonds, leaving a big deficit in national tax collections to be paid by the common people. The expense of conducting the business of the nation, no matter how deeply the naval and standing army appropriations are cut, ds multi-millionair- es so-ciill- ed IS cannot be reduced below a certain figure, and some of the t must pay the fiddlers. Shall the millionaires be exempt by being permitted to bin, wealth in tax free bonds? Will it be wise to kill a soldier bill and at the same time repeal the excess-profitax patent to all that any man who can make an excess profit out business, under the present adverse economic pressure, is to scant consideration and should be made to pay in excess f others? Will it redound to the prestige and glory of Repubij, to repeal the $2,000 limit on corporation incomes and raise on postage stamps another cent ? This coming winter the Republican administration will to the utmost to keep the workers of the nation from stamp The millions out of work this summer have laid by nothing them over the comparatively inactive winter season. This is for states, cities and towns to take up and regulate to the' their ability, when it arrives, but it will be charged up to the! lican administration and if the stalwarts at Washington k taken a formidable industrial depression, this next winter, sideration, while frittering away valuable time with the tax': the tariff, they are due for a sudden awakening when the frosts of Old Boreas has littered up the landscape. Wise Republicans will sound the warning now. It may late after the depression has set in and hunger and unempl d like twin ghosts throughout the land. stalk While charged with the direction of Europe into safe a: industrial channels, with disarmament the keynote of it policy, and with the passage of wise and beneficial tax an: laws, the Republican administration stands today more close!; with the welfare of the people at home than any previous! tration ever has been. It was elected to bring the nation chaos. It is charged with the rehabilitation of the country restoration of prosperity. It dare not fail if it hopes to con; power. Something for suffering Europe but sanity and sure idealistic nonsense with a sturdy and American eii America was the mandate of the voters at the last national i It must be heeded. The Republican administration must with the voters. 1 ts ' tfe be a in; gi: hartid-in-han- : full-fledg- ed DISCOUNT RATES AND THE BANKERS DOLLAR! 4 t m: One of the most important contributions to the certain iff t3 ment of business conditions, since the incoming of the F. administration, has been the steady lowering of the discoff lcf bv the Federal Reserve banks. The last reduction to prTC effective July 21 in the reserve districts of Boston, New York. delphia and San Francisco is the third since March. At t sF 9 m the discount rate was at its peak 7 per cent. In April it 4, duced to (M2 and in June to 6 per cent. While all districts b Mtl followed the example of these four, it is expected they sfc bff do so. I11 any event the action of the four has influence in the money market as together they handle of the nations business. It is considered significant that the Bank of England I lowed the example of these reserve banks and made similar tions in its discounts at approximately the same time that thf made in this country. 1 he whole purpose of these reductions, with whicl administration is unusually sympathetic, is to make it business man, the manufacturer, the shipper, the farmer the1! to get. money and thereby furnish a natural and legitimate tj 7 far-reachi- ng 1 m to business. C kIj i |