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Show COOLIDGEACCEPTS WITH CONFIDENCE Has Abiding Faith in Judgment Judg-ment of People on Accomplishments Ac-complishments and Purposes. SEEKS FE AND THRIFT Want3 Opportunity for All, No Government Monopolies, Independent In-dependent But Helpful Foreign Policy. Washington, Aug. II. No single question vital to the people of the 1,'nlled Slates was dodged by President Presi-dent Coolidge in the lirsl great speech of the political ca inpn ign his speech accepting the nominal ion as President offered him by the Republican parly, and delivered In Washington the evening eve-ning of August 14. After outlining the sound foundation of tin! parly system of government, the President said: "Parly means political po-litical co-operation, not as an end In Itself, but a means, an Instrument of government. If founded upon a great moral principle and directed with scrupulous regard for its integrity, It cannot fail to sweep onward and upward, up-ward, advancing always steadily and surely, a mighty constructive force, a glorious bearer of progress. "That is what the Republican party always has been and is today. In full fallh that such It will continue to be, deeply conscious of the high honor It rotifers and the responsibility it imposes, im-poses, I accept Its nomination for President of the United States. "In the history of our country is recorded re-corded the public services rendered by our party for more than the threescore three-score years. That Is secure. I puss on to the recent past and the present." Progress of Four Years. The President pointed out the condition con-dition of the nation in March, "1 021 , when the Republicans resumed the reins of government after a lapse of eight years. Though more than two years had passed since the armistice, the nation was still technically In n state of war. No diplomatic relations existed wilh Turkey, Greece, Russia, Colombia or Mexico, the Far East situation caused "grave apprehensions." apprehen-sions." Because of the war, "a reckless reck-less extravagance had come to characterize 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 $24,-000.000,000. $24,-000.000,000. more than $7,000,000,000 of It In short-time obligations .wilhout provision for payment, Government bonds were below par. High war taxes burdened the people. Demobilization and liquidation were Incomplete. Huge railroad accounts remained unsettled. Transportation was crippled. Unliquidated Un-liquidated foreign debts amounted to $11,000,000,000. Ranks were filled with frozen assets. Interest was high, capital capi-tal scarce, and financial distress acute. About 5,000,000 were without employment. employ-ment. No adequate provision had been made for relieving distillled veterans and their dependents. The great powers pow-ers continued to burden their peoples liy building competitive armaments. An avalanche of war-worn people and cheapened merchandise Impended upon America from foreign lands, the President pointed out. Turning to the settlement of these vast problems since the start of the Republican regime, the President pointed out that treaties of world-wide Importance have been ratified with Germany, Austria, Hungary, Colombia and Mexico, that 42 other treaties have met with the approval of the senate, sen-ate, while 0 still await action. Friendly Friend-ly intercourse with Greece and Turkey , lias been resumed. Peace and American 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, 1021," President Coolidge said, "our expenditures were $5,538,000,000 and our surplus was $86,000,000. For the year just closed our expenditures were $3,497,000,000. and our surplus exceeded exceed-ed $500,000,000. This was a reduct:on In the annual cost of government of $2,041,000,000. The public debt now stands at about $21,250,000,000, which is a reduction in three years of about $2,750,000,000 and means an annual savlncr in interest of more than $120,-000,000. $120,-000,000. The $7,000,000,000 of short-time short-time obligations have all been quietly refunded or paid. The Internal revenue reve-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 $0,01X1,000 a day compared com-pared with 1021. One government bond has sold well over 105." The President pointed out that more than 40 per cent of the debt due us from foreign nations has been liquidated, liquidat-ed, providing funds for liquidating about $l.'i.0O0,0OO,IH)O of the national debt during a 02-year term. "The finances of this nation have been managed with a genius and a success unmatched since the days of Hamilton." Mr. Coolidge declared. "A great revival of industry took place, which is spreading to agriculture. agricul-ture. Complaint of unemployment has ceased, wages have increased. Capital Cap-ital has become plentiful at a low rate of Interest," Mr. Coolidge declared, "and the banks of our country, as a whole, show a high percentage of liquid assets." Speaking of the generous laws passed to relieve disabled veterans, the President said that more than 71,-OM) 71,-OM) have been rehabilitated, 33,000 of whom are earning mure than they did before the war. Compensation Is being be-ing paid ut the rale of about $1,-OW.OW $1,-OW.OW a year, soon to be increused by $:;o,0(ii,00 mure, S40,0.tO,0M. have been provided for hospital facilities, which are open to veterans of ail American wars. "No government," the President declared, de-clared, "ever provided so generously for those disabled by service in time of war." Touching the exclusion law and restricted re-stricted Immigration generally, the President said: "Restricted immigration immigra-tion is not an offensive but a purely defensive action. It Is not adopted in criticism of others in the slightest degree, but solely for the purpose of protecting ourselves. We cast no aspersions as-persions on any race or creed, but we must remember that every object of our Institutions of society anil gov-ernmei.t gov-ernmei.t will fail unless America be kept American." Next the President dealt with the tariff. "P.y . means of a protective tariff," he said, "we have saved American Amer-ican agriculture, labor, and industry from the menace of having their great home market destroyed through the dumping upon it of a flood of foreign products. Under this wise policy we saw an economic revival, anil our people peo-ple as a whole, In marked distinction from the sufferers from the financial distress and depression of other lands, have come into an era of prosperity pros-perity and plenty. As a source of revenue rev-enue the tariff surpassed all expectations expecta-tions in producing an annual return of I lie unprecedented sum of about $550,000,000. A fiscal policy which places a large anil much needed revenue rev-enue in the public treasury, while stimulating business to a condition of abounding prosperity, defends itself against any criticism. Its merits are demonstrated by its results. We have protected our own Inhabitants from flie economic disaster of an invasion of loo many foreign people or too much foreign merchandise." The Washington Conference. Next the acceptance speech dealt with the Washington conference whereby an end was put to the ruinous ruin-ous competitive naval armaments of world powers, the importance of which has never been fully realized by the people in general, Mr. Coolidge declared. Turning to the "honest government" issue, President Coolidge pointed out bluntly that in all his studies of political politi-cal history he could not recall an administration ad-ministration which was desirous of a dishonest government that, to check extiavagance, introduced a budget system, sys-tem, cut. taxes, purged pay rolls, made enormous reductions in the public debt and laid firmer foundations for the peace of the world. President ''olidge declared he favored fa-vored the s . ,ein of private American enterprise and was opposed to the extension ex-tension of government ownership and control ; that he believed in economy in public expenditures and the practical practi-cal application of the tehory ; that he believed in tax reduction and tax reform re-form ; that he favored protection. Favors Permanent Court. "I favor the permanent court and further limitation of armaments," the President said. "I am opposed to aggressive ag-gressive war. I shall avoid involving ourselves in the political controversies of Europe, but I shall do what I can to encourage American citizens and resources re-sources to assist in restoring Europe, with the sympathetic support of our government. I want agriculture and industry on a sound basis of prosperity and equality. I shall continue to strive for the economic, moral and spiritual welfare of my country. American citizens citi-zens will decide in the coming election whether these principles shall have their approval and support. "The domestic affairs of our country appear to me to be by far the chief concern. From this source comes our strength. The home market consumes nearly all our production. Within our own boundaries will be determined to a very large degree the economic welfare wel-fare and the moral worth of the American Ameri-can people. These are plain facts, but there are others equally plain." Reaffirming his opposition to entrance en-trance into the League of Nations as a surrender of independence, the Presi-dena Presi-dena favored becoming a member of the permanent Court of International Justice, "as peace means fundamentally fundamental-ly a reign of law." Entrance into the so-called World court "would do much to Indicate our determination to restrain re-strain the rule of force and solidify and sustain the rule of reason among nations," Mr. Coolidge said. America Helps Europe. The President reviewed the difficulties difficul-ties of Europe and the unavailing efforts ef-forts to find a way out until the American Amer-ican plan, proposed in 1922. was finally, adopted, under which the reparations commission appointed a committee of experts, whose three American members mem-bers included Gen. Charles G. Dawes, the President's running mate on the Republican ticket. The appointment of General Dawes as chairman and the report which has met world-wide approbation were pointed out. When the reparations plan is in operation, op-eration, the President said, lie would consider it time to approach the great powers with the proposal for another conference to limit armaments still further and devise plans for the codification codi-fication of international law. "I trust that never again will the women of this nation be called on to sacrifice their loved ones to the terrible ter-rible scourge of war," President Coolidge Cool-idge said. Touching Latin America, the President Presi-dent said that we have constantly striven to come to more complete un derstandings with those nations. He recited the help given Mexico to avert domestic violence there, and the Indication Indi-cation of u policy of making It wo-th while for a government to conduct itself it-self so as to merit recognition. He pointed to- the written agreement with Mexico to negotiate a treaty of amity and commerce such us has not been In existence since ISsl. Equal Opportunities for All. Of discrimination of all kinds, President Presi-dent Coolidge said : "This is one country coun-try ; we are one people united by common com-mon interests. There should be no favorites fa-vorites and no outlasts; no race or religious re-ligious prejudices in the government. America opposes special privilege for anybody, and favors equal opportunity for everybody. It has adopted these conclusions because they arc the logical logi-cal conclusions of our ideals of freedom. free-dom. Moreover, we believe they contribute con-tribute to our material welfare. We oppose the artificial supports of privilege privi-lege and monopoly because they are both unjust and uneconomic. They are not right. They do not work." The Farm Situation. Reviewing the situation of the farmer, farm-er, the President said that one of the first thoughts in 1021 was for the relief re-lief and revival of agriculture as a fundamental Industry, and touched upon the credits of between three and four hundred million dollars extended through the War Finance corporation, an additional $50,000,000 provided for the relief of the cattle Industry, and the formation of a $10,000,000 corporation corpora-tion in the spring which, it was estimated, esti-mated, can furnish $100,000,000 for diversification di-versification and relief in the Northwest. North-west. He told of the activities of the intermediate credit banks, directly and indirectly assisting 500,000 farmers. The President commented on the present upturn of prices for agricultural agricul-tural products. "The government rendered a great deal of assistance," he said, "and private enterprise co-operated, but the fundamental remedy was provided, as it always must be provided, not so much through the enactment of legislative legis-lative laws as through the working out of economic laws. Because the farmers have thoroughly realized this, they have on the whole opposed price fixing by legislation. While maintaining maintain-ing that sound position, they have seen a partial relief come in a natural way, as it was bound to come. "We now need in agriculture more organization, co-operation, and diversification. di-versification. The farmer should have the benefit of legislation providing for flood control and development of inland in-land waterways, better navigation east and south from the Great Lakes, reclamation, and especially relief for those who cannot meet their payments pay-ments on irrigation projects. But the main problem is marketing. Co-operative effort, reorganization of the freight-rate structure, good business, and good wages in manufacturing, and the settlement of European affairs will all help to provide better market conditions. con-ditions. "The Republican platform recognizes that agriculture should be on a basis of economic equality with other Industries. Indus-tries. This is easy to say, but the farmers themselves and their advisers have never been able to agree on a plan to provide it by law. Now that nature and economic law have given some temporary relief, I propose, therefore, to appoint a committee to investigate and report measures to . the congress in December that may help secure this result which we all desire. I want profitable agriculture established permanently. I want to see the dollar of the farmer always purchase as much as any other dollar. "Under the policy of protection and restrictive immigration." he asserted, "no deflation of wages has occurred. While the cost of living has gone down, wages have advanced. The 12-hour 12-hour day and the seven-day week have practically been abolished. The uninterrupted operation of public utilities util-ities with mutually satisfactory and legally established methods of adjusting adjust-ing labor questions have been sought. Collective bargaining and voluntary arbitration have been encouraged. Republican Re-publican rule has raised the wage earner to a higher standard than he ever occupied before anywhere in the world." Reduction of Expenses. President Coolidge then pointed out that the people of the country, because be-cause of the war have had to recreate re-create nearly one-fifth of our national resources. We can make up the loss, he said, only by saving part of what we produce each day. "It Is for that reason," he continued, contin-ued, "that the present administration has made every possible effort to cut down the expenses of government. The expenses of the government reach everybody. Taxes take from everyone every-one a part of his earnings, and force everyone to work for a certain part of his time for the government. "When we come to realize that the yearly expenses of all the governments in this country have reached the stupendous stu-pendous sum of about $7,500,00(1,000, we get some idea of what this means. Of this amount about $3,500,000,1 KM) is needed by the national government, and the remainder by local governments. govern-ments. Such a sum is difficult to comprehend. com-prehend. It represents all the pay of 5,0l0.0ii0 wage earners receiving $5 a day, working 300 days in tile year. If the government should add on $100,-0 $100,-0 10.000 of expense, it would represent four days more work of these wage earners. These are some of the reasons rea-sons why I want to cut down public expense. "Because of my belief In these principles, prin-ciples, I favor economy that the tnxes of everybody may bo r 'dueed. Much has already been done. The bill which I signed will save the people about $1,000,000 each day. I want further tax reduction and more tax reform. The raising of the revenue required to conduct our government Is intimately connected with our economic welfare. If It Is done by wise and just laws, the burden will be most easily borne. But if the method of taxation Is not sound disaster will follow, reaching even to financial panic. Our first thought should be to maintain unimpaired the activity of agriculture and industry That tax is theoretically best which interferes in-terferes least with business. Asks Just Taxation. "Only about 3,5ix,000 people pay direct di-rect income taxes. The remainder pay, but pay indirectly, in the cost of all purchases, from a pair of shoes to a railroad ticket. Tiiis country has at least 107.000,000 of these indirect taxpayers. tax-payers. I am not disturbed about the effect on a few thousand people with large incomes because they have to pay high surtaxes. They can take care of themselves, whatever happens, as the rich always can. What concerns me is the indirect effect of high surtaxes on all the rest of the poeple. Let us always remember the poor. Whatever cry the demagogue may make about his ability to tax the rich, at the end of the year it will always be found that the people as a whole have paid the taxes. We should, therefore, have a system of taxation under which the people as a whole are most likely to be prosperous. Our country will be better bet-ter off if, disregarding those who appeal ap-peal to jealousy and envy, it follows In taxation and all else the straight path of justice. For Economical Campaign. "Economy should be practiced scrupulously scru-pulously In the conduct of a national campaign. I know it is difficult to distinguish dis-tinguish between real service to the people and mere wastefulness. Costs have increased by doubling of the electorate, elec-torate, rendering close calculation impossible. im-possible. "Nevertheless, I can perceive no reason rea-son why the budget system should not be beneficial in a campaign, as it has proved to be in government. It is to be tested by our committee. "I would make clearly and definitely one other requirement, that no individual, indi-vidual, or group of individuals, may expect any governmental favors in return re-turn for party assistance. Whatever anyone gives must be given for the common good, or not at all. Contributions Contribu-tions can be received on no other basis. "For the first time after having opportunity op-portunity fully to organize, the women wom-en of the nation are bringing the new force which they represent directly to bear on our political affairs. I know that the influence of womanhood will guard the home, which Is the citadel of the nation. I know it will be a protector protec-tor of childhood. I know it will be on the side of humanity. I welcome It as a great instrument of mercy and a mighty agency of peace. I want every woman to vote. "The Constitution is the sole source nnd guaranty of national freedom. We believe that the safest place to declare and Interpret the Constitution which the people have made is in the Supreme Su-preme court of the United States. "Under our institutions there is no limitation on the aspirations a mother moth-er may have for her children. That system I pray to continue. This country coun-try would not be a land of opportunity, America would not be America, if the people were shackled with government monopolies. "Our country has adopted prohibition prohibi-tion and provided by legislation for Its enforcement. It is the duty of the citizen to observe the law, and the duty of the Executive to .enforce. I propose to do my duty as best I can. For Child Labor Amendment. "Our different states have had different dif-ferent standards, or no standards at all, for child labor. The congress should have authority to provide a uniform law applicable to the wdiole nation which will protect childhood. Our country cannot afford to let anyone any-one live off the earnings of its youth of tender years. Their places are not in the factory, but in the school, that the men and women of tomorrow may reach a higher state of existence and the nation a higher standard of citizenship. citi-zenship. "I am in favor of national defense, not merely as an abstract state of mind, but as a concrete mode of action. ac-tion. I favor not merely talking about It, but doing something about It. I do not want the safety of my country to be imperiled in its domestic or foreign for-eign relations by any failure to be ready to preserve order or repel attack. at-tack. But I propose to work for voluntary vol-untary observance of law and mutual covenants of peace. Common Sense Greatest Asset. "We are likely to hear a great deal of discussion about liberal thought and progressive action. It is well for the country to have liberality In thought and progress in action, but Its greatest asset Is common sense. In the commonplace things of life lies the strength of the nation. It is not in brilliant conceptions and strokes of genius that we shall find the chief reliance re-liance of our country, but in the home, in the school, and in religion. America Amer-ica will continue to defend these shrines. Every evil force that seeks to desecrate or destroy them will find that a Higher Power has endowed the people with an inherent spirit of resistance. The people know the difference dif-ference between pretense and reality. They want to be told the truth. They want to be trusted. They want a chance tn work out their own material mate-rial and spiritual salvation. The people peo-ple want a government of common sense. "These. Mr. Chairman, are some of the beliefs which I hold, some of the principles which I propose to support. Because I am convinced Unit they are true, because I am satisfied that they are sound. I submit them with abiding faith to the Judgment of thi American people." |