Expression

At the 38th annual Lincoln Day dinner of the National Republican Club, at the Waldorf-Astoria in Manhattan, President Coolidge expressed himself on Government policies at such length as he has done only once before, in his message to Congress. The Lincoln Day address was fittingly called the opening attack of his campaign for nomination. As such it contained a more extensive explanation of the reasons which have prompted his policies than any previous declaration. Extracts:

"Mr. Chairman: One hundred and fifteen years ago today Abraham Lincoln was born. To me the greatness of Lincoln consisted very largely of a vision by which he saw more clearly than the men of his time the moral relationship of things. . . ."

Farming. "No one would deny, I suppose, that industrially we are very flourishing. But agriculture has only partially revived. The farmer is not receiving his share.

"This problem is not merely the problem of the agricultural sections of our country; it is the problem likewise of industry, of transportation, of commerce and of banking. I bring it to you because I know that in part it is your problem. I have already encouraged organization and cooperative marketing that organized agriculture may cope with organized industry. I have promoted tariff investigations for increased rates on wheat. I have extended relief through the War Finance Corporation and the Federal Reserve Bank System."

Tax Reduction. "Immediately upon my taking office it was determined, after conference with Secretary Mellon, that the Treasury Department should study the possibility of tax reduction for the purpose of securing relief to all taxpayers of the country and emancipating business from unreasonable and hampering exactions. The result was the proposed bill which is now pending before the Congress.

"There is no escaping the fact that when the taxation of large incomes is excessive they tend to disappear. I am not making any argument with the man who believes that 55 per cent ought to be taken away from the $1,000,000 income, or 68 per cent from a $5,000,000 income; but when it is considered that in the effort to get these amounts we are rapidly approaching the point of getting nothing at all, it is necessary to look for a more practical method. That can be done by a reduction of the high surtaxes, when viewed solely as a revenue proposition to about 25 per cent.

"I stand on the simple proposition that the country is entitled to all the relief from the burden of taxation which it is possible to give. The proposed measure gives such relief. Other measures which have been brought forward do not meet this requirement."

Bonus. "It is of the utmost importance, in order to be able to meet a fast approaching foreign competition, that to keep business good and prevent depression we reduce our debt and keep our expenditures as low as possible. These are the economic reasons why the granting of a bonus would jeopardize the welfare of the whole country. It was estimated that under the bonus bill which was vetoed, if all the beneficiaries had taken the certificates which it was proposed to issue, the plan would have cost $225,000,000 annually for the first four years, and a total of $5,400,000,000.

"This would more than destroy all the great labor which the country has gone through for the purpose of reducing its debt."

Europe. "The prospect of a European settlement has arisen which holds some promise. Three Americans of outstanding and well-seasoned ability have been called to give their expert assistance and advice. They do not represent our Government. Their only official standing comes from their being agents of the Reparation Commission.

"Yet they cannot help being Americans and will bring to their problem not the point of view of the American Government but, what may be more effective, the point of view of the American mind."

Mexico. "We recognize that the people of that country have a perfect right to set up and pull down Governments without interference from us. "When disorder arose there, President Obregon sought the purchase of a small amount of arms and munitions of our Government for the purpose of insuring his own domestic tranquility. We had either to re fuse or to comply. To refuse would have appeared to be equivalent to deciding that a friendly Government, which we had recognized, ought not to be permitted to protect itself."

Oil. "Lately there have been most startling revelations concerning the leasing of Government oil lands. It is my duty to extend to every in dividual the constitutional right to the presumption of innocence until proven guilty. But I have another duty equally constitutional, and even more important, of securing the enforcement of the law. In that duty I do not intend to fail.

"There will be immediate, adequate, unshrinking prosecution, criminal and civil, to punish the guilty, and to protect every national interest. In this effort there will be no politics, no partisanship. It will be speedy, it will be just. I am a Republican, but I cannot on that account shield any one because he is a Republican. I am a Republican, but I cannot on that account prosecute any one because he is a Democrat.

"I want no hue and cry, no mingling of innocent and guilty in un thinking condemnation."