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Show UTAH STATESMAN Coolidge Withdrawal Not Affecting Issues CHAIRMAN OLDFIELD DECLARES THAT XT MERELY REMOVES THIRD-TERQUESTION FROM CAMPAIGN. M 1927. Surely a share of the credit for debt reduction through the sinking fund belongs to the administration that enacted the law. The sinking fund applied on the public debt from 1921 to 1927, Inclusive, has amounted to With that deducted from the $5,308,091,069 applied on the debt since Harding succeeded Wilson, the remainder la $8434,012,119. Where did this last amount come from? Mostly from surpluses; partly from Interest and principal payments by foreign governments to the United States, amounting to about $850,000,-00Budget Director Lord reports that In five years the surplus of receipts over expenditures has been $2,892409,-70It Is noteworthy that the amount realised by the Republican administration on capital assets and collection of back taxes is not far from being equal to the total of surpluses given by the budget director. Mr. Madsen, chairman of the house appropriations 0. Responding to a number of requests for an expression of opinion as to what are likely to be major issues of the 1928 presidential campaign, and aa to whether or not the statement of President Coolidge that he did not choose to make the raee next year, would hare an important bearing on the campaign next year, Chairman Wm. A. Oldfield, of the Democratic national congressional committee, said Mr. Coolidge 'a withdrawal would have no important effect on the campaign except to remove the third-terissue. As for other probable issues, Chairman Oldfield said : It win males little difference whom the Republican party nominates, be-1 istrations. As for the administrations forWASHINGTON, D. C. m cause the convention of that party wl be nominated by friends and supporters of the president, and is sure to Indorse the Harding and Coolidge That makes the record of tha last two administrations campaign Issues. In a recent statement from the Black Hills, the president talked of prosperity, of foreign relations and of debt reduction and tax revision, and from what he said we may understand that he intends that his partVs record In these matters shall be Indorsed bthe Republican convent'on. Democrats will be happy to go to the people on these issues, but by no means will they be all the subjects that will be discussed In the campaign. With reference to administration claims of prosperity, economy and debt reduction, the record has been written and it does not support 'the claims of the administration spokesmen. There were 9S6 bank suspensions In the country In 1926, Involving deposits of approximately This Is 298 ' more failures than occurred during the entire eight years of the last two Democratic administrations. Diving the first half of this year, there were 12,29s commercial failures In the country, with liabilities of more than $280,000 000, an appalingly greater number than ever occurred In any entire year In. our history. These figures prove very conclusively that the prosperity of which the president speaks Is not general, but very limited, confined to a few special interests, such as big corporations which buy favors with huge campaign contributions ond get their reward in prohibitive tariff duties aad rdmta-lstratlon- s. - eign policy, the whole country knows that It has cost us Inestimably In valuable friendships and In trade. It has lost us the esteem and the confidence or all and has caused European countries to chuckle when we talk of crilecting the debts they owe us. In Central America, It has resulted In armed con 11c t and bloodshed. Latest figures from the department of commerce show that our exports to Mexico fell off $12,000,000 during the first half of 1927, and I have no doubt that when trade figures are a vr liable for the talance of this, sum will be multiplied many times. Thus the Coolldge-Kel-log- g foreign policy. If there may be said to be one is costing us not only but valuable priceless friendships, markets for our farm and factory products at a time when we need them most. But these will not be the only Issues. The country Is not going to so soon forget the scandals which have aLtin-Amerlc- a, Latin-Americ- committee. Informed the bouse the 1927: 4 More than one-hal- f amount for 1922 to 1927, Inclusive, was the surplus of $635,000,000 Is due to receipts on ac$1,607,000,000. Mr. Mills, well down In a report count of disposal of capital assets, made July 1", said the amount for J927 back tax collections In excess of tax 00. In hie bud- refunds and other lteme of a fiscal year was $370, or characget address last December, President Coolidge gave the receipts from these ter." He Itemises some of the receipts sources for five years aa $1,880,000,000 and he estimated the amount for 1927 such as $90,000,000 from the railroads; at $250,000,000, which made a figure $63,000,000 from federal farm loan very dose to Mr. Madsens. The bonds and other minor securities ; and president remarked that such items of $27,000,000 from the War finance cor w. g poration. Thea he aaya: It will be apparent therefore that without these special and Items, which aggregate $370,000,-00the surplus would have been about $265,000,000." Then Mr. Mills summarises debt retirement for 1927 ns follows: Sinking fund and other 0, retirements charge-abl- e to ordinary re$ ceipts Retirements from surplus 1 The Republican national committee has Issued a bulletin summarising e Economy Polley of Six Years" thus: (1) A reduction of $5r d in public debt; (2) 799,000,000 519,554,844 Total $ 1,131409483 Inasmuch as nearly every dollar of the first of the two foregoing items came from the Democratic ainklng fund law and from payments or inter est and principal by European governments that borrowed from us in World War time; and inasmuch as $370,000,-00or more than one-eal- f of the second Item came from disposal of capital assets, etc., turned over by the Wilson administration. It requires a deal of arrogance to try to make the and public believe are peculiarly O. O. P. policies. The facts for 1927 apply for the other years. Debt retirements and tax reductions have both been due. In large part, to the Democratic sinking fund law, to World War aasets handed over to the Republican administration and to Insistence by the Democratic minorities of house and senate on low 0, g g the a reduction of interest-bearin- $1,729,-000,00- 0; war-tim- e fund, $427,000,000. No. 3: The e . . G. O. P. ADMINISTRATION LEADERS BUSY JUGGLING TREASURY FACTS TO BOLSTER UP ECONOMY CLAIMS CAPITAL ASSETS OF WORLD WAR PERIOD AND BIG NET balance nr general fund turned over to repubDEBT AND TAX ACCOUNT FOR MOST OF REDUCTIONS SINCE G. 0. P. GOT CONTROL. licans, In their ecomiums on debt reducTheyre at It again Ogden Mills, assistant secretary of the treasury. tion, they do not tell the public that a decrease of nearly three billions was effected In the Wilson administration from August 31, 1919, to February 28, 1921; that the more tnan two billions paid on the debt from the sinking fund from 1921 to 1927, Inclusive, was s have raised under a mandatory law enactagain their errors and to the ed by the Wilson administration when return been exposed, but they were both branches of the game at every opportunity, such as a Democratic and when congress policies were of the a visit budget statement, budget Into atatutes that stabilised nadirector at the summer White House, made tional finance. treasof the of the secretary a report They fail to Inform the public that ury, or a speech by the assistant the surpluses applied on the national debt have largely come rrom the disposal of capital assets of the World war. Inherited from a Democratic administration; that the valuable assets turned over to the Republican administration opened the way to tax reduction, and to debt reduction over and above the Democratic sinking fund. There are facts about the financial record of the present administration worthy of approval but the manifest purpose of Its spokesman to ignore the merits of the preceding Democratic regime is not one of them. Budget Director Lord, who likes to cheer up the president by discovering M. Lord, director of the budget, and faithful coadjutors trying to make G. O. P, politics out of treasury reports and budget estimates. They have big figures and lots of them to play the game with. Time and time HIM General Herbert half-truth- Because of its outstanding cleanliness, economy and convenience, Electric Cooking is far superior to any other method. Thousands of housewives who are now using it in their homes their praises of it are enthusiastic in Every Electric Range we sell is of the highest quality, backed by our guarantee and service. Indications of constructive economy." reported, and said, at Rapid City, S. D., the other day: On August 30. 1919, the national debt reached Its peak $26,596,701,648. On June 30. 1927, it stood at $18,511.-906,93a reduction of $8,084,794,717 In a little less than eight years." WHERE THE MONEY CAME FROM The situation will be better understood by mentioning farts the budget director omitted: Debt August 31 .1919 $264 96.701.648 Debt February 28 ,1921.. 23.820.lTno.000 Reduction before Wilsons term explred..$ 2,776 701,648 So In 18 months or Wllaon the .was nearly three billions. In Total reduction about 8 veers $ 8 084.794.717 In 18 months of Wilson 2.776.701.6(8 ItnQ $ 6.308,093.069 Leaving But that Is not the whole story. Where did the five billion paid on the national debt frdln March 1. 1921, to July 1, 1927, come from? Nearly all from sinking fund and surpluses. The sinking fund, which Is applied on the of a law debt under requirements signed by President Wilson March 3, 1919, grows in amount from year to year. It waa 0261.260.250 for the fiscal year 1921 and $333,688,400 for facts about No. 1 account for nearly all reduction In Interest charges except from refunding bonds at lower rates, which was made possible by foresight of Democratic administration In providing various dates of maturity and privilege of redemption. No. 2: Evidently the figure Intended Is The bulletin compares 1931 fiscal year expenditures with 1927 appropriations. But in usl World War demobilisation was still under way. The drop In expenditures from 1919 to 1920 was over $12400,000.000 and from 1920 to 1921 about $1400,000400. Nos. 4 and 5 are accounted for in the general article. s. 5 $269.- - interest charges; than five billions of the debt reduction cited Is made up as follows: Democratic sinking fund Uw $2474480.950; World War capital aasets and back taxes, interest and principal on war loans abroad, $850,000400; decrease of net balance In general Cooking Device In The World wrong-doing- g 000,000 In the annual As to No. 1: More 611,754,538 debt-payin- ering tha tax burden more than the Republican administration, ever spouting of constructive economy, would concede. The Most Satisfactory a, marred our governments record during the last seven years, the oil scan-dathe veterans bureau and the department of justice records nor Is it going to forget the debauchery of elections, of which the Illinois and Pennsylvania primaries have been glaring examples. History shows that wherever a republic has been, corrupted, Its downfall has been Inevitable. If the corruption that Is eating at the very vitals of our government is not removed, it will destroy our liberties. The Republican administration has not merely condoned these crimes, but has sought to protect the to enjoy perpetrators and aid them . The the fruits of their other governmental favors. time has come to clean house, and As for debt reduction, there Is no the party In power as now controlled use the special credit due to either the Hard- has shown qn unwillingness tocan the ing or Coolidge administrations. From broom. Only by a. change June 80, 1919, when debt retirement evils that threaten the country be rewas commenced by President Wilson moved. It may be that In foregoing another and a Democratic aecretary of the treasury, until March 4, 1921. when the nomination, the president, realising hording term began, the debt was re- the handicap under which the Republiduced more than $2,400,000,000 or as can nominee of 1928 must run, has much as it was curtailed during any thrown off a millstone rather than put three years of the Republican admin aside a crown. $275,-000,00- 0. 4. revenue were about at and end and that we have come to the point, therefore, where we will have to rely for the future entirely upon current taxes." These Important facts, which show the assets inherited from the Wilson administration have enabled the Republican administration to present a favorable financial showing, are usually to be found In remote corners of public addresses, or only in statistical tables. The public will recall the big headlines about the surplus for 1927 of $635,809,921. Of this, $611,754,538 was applied on the national debt. This amount, together with the sinking fund of $338,528,400, and certain Interest and principal payments by foreign countries on what they borrowed In connection with the World War, made up nearly all of the billion dollar reduction for 1927. Now turn to Mr. Mills report and see what be says of the resources of the surplus for Down will bring you one of these wonderful servants. You may pay the balance in convenient monthly payments. NOW IS THE TIME TO EQUIP YOUR HOME WITH AN ELECTRIC RANGE OGL frUHBnr WSMI TOWER EFFICIENT PUBLIC SERVICB $2400.-00040- 0. ... |