Candidate Coolidge

Mr. Coolidge in his speech accepting the Republican nomination, gave first a condensed review of conditions as they existed in 1921. This he followed with a rehearsal of the same matters as they appear in 1924, then he turned to a more detailed discussion of specific issues.

Notification. "Deeply conscious of the high honor it [the Party] confers and the responsibility it imposes, I accept its nomination for President of the United States. . . ."

Conditions in 1921. "It is easy to forget, but the impression which the condition of our country in March, 1921, made upon the people was so vivid, so alarming, that it will not soon pass away. . . . We were still technically in a state of war. We had no diplomatic relations with Turkey, Greece, Russia, Colombia or Mexico; and the Far East was causing grave apprehensions.

"An enormous debt had been contracted, then standing at about $24,000,000,000, of which more than $7,000,000,000 was in short-time obligations without any provision for payment. Government bonds were far below par. The high Wartime taxes still burdened the people.

"Demobilization and liquidation remained to be completed. Huge accounts with the railroads were still unsettled. Transportation was crippled. Over $11,000,000,000 of unliquidated debts were due to us from foreign countries. The whole people were suffering from a tremendous deflation. Our banks were filled with frozen assets, and everywhere acute financial distress existed. Interest was high. Capital was scarce. "Approximately 5,000,000 people were without employment. No adequate provision had been made for the relief of disabled veterans and their dependents. 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 burdening their people by building competitive armaments.

"This staggering array indicates some of the major problems of this Administration. . . ."

Republican Record in 1924. "We have ratified separate treaties of world-wide importance with Germany, Austria, Hungary, Colombia and Mexico. Forty-two other treaties have been approved by the Senate and six treaties are now awaiting its action. Friendly intercourse has been resumed with Turkey and Greece. . . . Our foreign relations have been handled with a technical skill and a broad statesmanship which has seldom, if ever, been surpassed.

"In the domain of finances, a budget system was promptly enacted and put into operation, resulting in tremendous savings.

"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 saving in interest of more than $120,000,000.

"More than 40% of the amount of debts due us from foreign countries has been liquidated and will provide funds for the retirement of about $13,000,000,000 of the principal of our National debit in the course of 62 years. . . .

"The Army and Navy have been reduced to a low, peacetime basis. . . . Hundreds of millions of accounts have been settled with the railroads. ... A great revival of industry took place, which is now spreading to agriculture. Complaint of unemployment has ceased, wages have increased. . . .

Most generous laws for the relief of disabled veterans have been enacted and the Veterans' Bureau established. More than 71,000 men and women have been rehabilitated, of whom over 38,000 are earning more than they earned before the War. . . . Forty million dollars has been provided for hospital facilities. . . .

"To preserve American standards for all our inhabitants, whether they were the descendants of former generations residing here or the most recent arrivals, restricted emigration laws were passed. I should have preferred to continue the policy of Japanese exclusion by some method less likely to offend the sensibilities of the Japanese people. I did what I could do to minimize any harm that might arise. . . .

"By means of a protective tariff we have saved American 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. . . . As a source of revenue the tariff surpassed all expectations in producing an annual return of the unprecedented sum of about $500,000,000. . . . "The people have never come to a full realization of the importance of the Washington Conference. It produced the one effective agreement among the great Powers in all the history of civilization for relieving the people of the earth from the enormous burden of maintaining competitive naval armaments. ... A policy was adopted which was more than revolutionary. It was sublime. . . ."

Honesty in Government. "There are those who would disregard all this for an undertaking to convince themselves and others that the chief issue of this campaign is honest government. In all my studies of political history, I cannot recall an Administration which was desirous of a dishonest and corrupt Government that, for the purpose of checking extravagance, ever undertook to introduce a budget system, to cut down taxes, to purge the payrolls, to make enormous reductions in the public debt and to lay firmer foundations; for the peace of the world. . .

"Individuals charged with wrongdoing are being prosecuted. ... If the evidence warranted, those suspected of crime have been indicted; and without favor, but without malice, they will be tried on the charges; returned against them."

Mr. Coolidge's Principles. "I believe in the American Constitution.. I favor the American system of individual enterprise and I am opposed' to any general extension of Government ownership and control. ... I believe in a reduction and reform of taxation. ... I am in favor of protection.

"I favor the Permanent Court and: further limitation of armaments. I am opposed to aggressive 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 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. . . . The domestic affairs of our country appear to me to be: by far the chief concern. From that source comes our strength."

Foreign Policy. "The foreign policy of America can best be described by one word--peace. . . . We have sought to promote peace not only by word but by appropriate action. We have been unwilling to surrender our independence. We have refused to ratify the Covenant of the League of Nations. But we have cooeperated with it to suppress the narcotic trade and promote public health. . . .

"We have observed with sympathy the continuing difficulties of Europe. . . . The Reparation Commission appointed a committee of experts of which three were Americans, one of whom, Charles G. Dawes, was chosen Chairman. A report has been made which received world-wide approbation and has been accepted in principle by the Governments interested. ... I believe the substance of the plan ought to 'be adopted. . . . If Europe should agree to this proposal, then a private loan should be made by our citizens to Germany for the financial support of this undertaking. ... In my opinion such action, by stabilizing Europe, would result in improving our own economic condition. . . . Our country has always been against aggressive war and for permanent peace. Those who are working out detailed plans to present such a policy for consideration have my entire sympathy. . . . "We helped the Government of Mexico protect Itself against domestic violence. . . . We also indicated the adoption of a policy of making it worth while for a Government so to conduct itself as to merit our recognition."

Protective Tariff. "America opposes special privilege for anybody and favors equal opportunity for everybody. . . . The Republican Party supports the policy of protection as a broad principle, good alike for producer and consumer."

Agriculture. "I confess that my inheritance and personal experience have bred in me a keen interest in the welfare of agriculture. ... As many as 15 laws have been passed to assist and support this fundamental industry. Through the War Finance Corporation it has been extended credits of between $300,000,000 and $400,000,000.

"In addition to this, Government activity provided about $50,000,000 from private sources for the relief of the cattle industry; and, in the early Spring of this year, a $10,000,000 corporation was formed, which, it was estimated, could furnish $100,000,000 for diversification and financial relief in the Northwest. The Intermediate Credit Banks have loaned over $86,000,000 to individuals and cooeperative marketing associations, which assisted directly and indirectly over 500,000 farmers. . . ."

Labor. "Under the policy of protection and restrictive immigration no deflation of wages has occurred. While the cost of living has gone down, wages have advanced. The twelve-hour day and the seven-day week have practically been abolished."

Tax Reduction. "The bill which I signed will save the people about $1,000,000 each day. I want further tax reduction and more tax reform. . . . Our first thought should be to maintain unimpaired the activity of agriculture and industry. That tax is theoretically best which interferes least with business. Every student knows that excessively high rates defeat their own purpose. They dry up that source of revenue and leave those paying lower rates to furnish all the taxes. . . . Good business is worth more to the small-income taxpayer than a considerable percentage of tax reduction. Only about 3,500,000 people pay direct income taxes. The remainder pay, but pay indirectly, in the cost of all purchases-from a pair of shoes to a railroad ticket. This country has at least 107,000,000 of these indirect taxpayers. 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 people. . . ."

The Political Compaign. "Economy should be practiced scrupulously in the conduct of a National campaign. ... I can perceive no reason 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. . . . There should be no relaxing of resolute endeavors to keep our elections clean, honest and free from taint of any kind. Only the closest scrutiny, both of the sources of contributions and the character of expenditures, can accomplish this laudable purpose. For the first time, this has been provided for the coming campaign through the appointment of a competent Senate Committee vested with ample authority. . . . The statutes provide for publication of the names of contributors and of amounts contributed. But a deficit at the end of the campaign in part defeats this. The budget will cure that defect. So far as the Republican Party is concerned, I have made an absolute requirement that our campaign shall live within its means.

"I would make clearly and definitely one other requirement--that no individual or group of individuals may expect any governmental favors in return for party assistance. . . ."

Our Institutions. "The Constitution is the sole source and guarantee of National freedom. We believe that the safest place to declare and interpret the Constitution which the people have made is the Supreme Court of the United States. . . .

"We believe the people of the Nation should continue to own the property and transact the business of the Nation. We harbor no delusions about securing perfection. . . . That system is best which gives the individual the largest freedom of action and the largest opportunity for honorable accomplishment. Such a system does not tend to the concentration of wealth but to the diffusion of wealth. Under our institutions, there is no limitation on the aspirations a mother may have for her children. This country would not be a land of opportunity ... if the people were shackled with Government monoplies. . . .

"Under our institutions, success is the rule and failure is the exception. We have no better example of this than the enormous progress which is being made by the Negro race. . . . They are doing a great work in the land and are entitled to the protection of the Constitution and the Law. It is a satisfaction to observe that the crime of lynching, of which they have been so often the victims, has been greatly diminished; and I trust that any further continuation of this National shame may be prevented by law. . . ."

Prohibition. "Our country has adopted prohibition and has 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."

Child Labor. "Our different States have had different standards, or no standards at all, for child labor. The Congress should have authority to provide a uniform law applicable to the whole Nation which will protect childhood. . .' "

National Defense. "I am in favor of National defense, not merely as an abstract state of mind, but as a concrete mode of action. I favor not merely talking about it but doing something about it. ...

"These, Mr. Chairman, are some of the beliefs which I hold, some of the principles which I propose to support."