anaheim-gazette 1923-02-22

AMERICA SHOULD RETAIN ECONOMIC INDEPENDENCE For many months international financiers, anxious to bolster up the value of their foreign investments, have been trying to dragoon the American government int oan international economic conference. Now the scheme appears anew in the garb of agrarianism, the plea being that it is necessary for the United States to financially rehabilitate Europe in order that foreign markets may be provided for American farm products. No matter on what ground this plan is promoted, it can mean nothing to the American people in general, but that political involvement in European affairs which by a rather decisive two to one majority they repudiated at the polls in November, 1920. There is no problem mutually affecting Europe and the United States which in our situation we cannot better settle by individual negotiation than by calling a conference of nations, most of them near bankruptcy and seeking to drag us down with them, in which we will have either to accept their decisions as to our economic policies or again undergo the experience of being denounced by foreign and home grown aliens for failing in our "duty" to "bust" ourselves in the alleged interests of humanity in general. The hard-headed American farmer knows that his best market is here in the United States and that nothing can be gained for him by involving his country in the broils and the financial difficulties of Europe, which we did not originate and cannot control and cannot straighten out. Europe must quit fighting, quit awaiting American deliverance and go back to work. Until the European nations themselves show a clearer purpose to help themselves, there is no sound reason why the American people should either bankrupt or endanger themselves organization of the government was held June 29, 1921, less than one month after the enactment of the budget and accounting act. We faced then the problem of inaugurating a budget system, and growing out of this the further problem of reforming the unco-ordinated routine business of the government. Probably there never was a time in our country's history when a revision of its financial procedures was so urgent and necessary. The habit of large expenditures, of almost unlimited obligation of the public credit, acquired during the world war, seemed difficult to restrain, while the continued demand upon the national treasury gave little indication of abatement. "At our last meeting on July 11, 1922, we had just entered upon a new fiscal year. We were concerned over a threatened discrepancy of large proportions between estimated expenditures. The executive departments estimated that they would call upon the treasury during the twelve months of the year July 1, 1922, to June 30, 1923, for $2,710,000,000, while the estimate of ordinary receipts for that period reached a total of only $3,073,000,000. "This situation indicated withdrawals from the treasury of $698,000,000 more than it was anticipated would be received from ordinary sources. At that time, however, I expected confidence that with the budget organization and your co-operation we need not be unduly concerned, and urged additional concerted effort to curtail expenditures in the laudable endeavor to keep our expenditures within our income. "The statement of expected receipts and proposed and anticipated expenditures given in the budget for 1924, transmitted to congress December 5 last, showed a probable excess of expenditures over receipts for the fiscal year 1923 of $273,000,000, a downward revision of $425,000,000 in the estimate country sought to itself, either particular wise, except from throughout there could demonstrate public of No menace to the of the lessees the contrary; them without tee under the dom from Eloses no oppose their general." FORD'S P Within these identical possessions present sentiment for in the farming middle west, ern states. Much of these streets But it party only thie sibility. He Republican stand today tion is certain. But if Ford lican possibility that he will the Republica ment of the will enter or ilcan primari much followi Republicans. a following, wized by divers follow Ford it might later ta i nthe ultima Democratic dates. The the United States and that nothing can be gained for him by involving his country in the broils and the financial difficulties of Europe, which we did not originate and cannot control and cannot straighten out. Europe must quit fighting, quit awaiting American deliverance and go back to work. Until the European nations themselves show a clearer purpose to help themselves, there is no sound reason why the American people should either bankrupt or endanger themselves vainly trying to regulate matters on the other side of the Atlantic. The only thing that will be welcomed over there, as experience proves, is further financial sacrifices on our part. When we begin to offer advice or suggest courses of action we will be rebuked for our impudence. We have earned only the ingratitude and the hatred of Europe by expending sixty thousand lives and fifty billion dollars in the interest of European civilization, and we can earn only more ingratitude and hatred by yabandoning our own interests to chase European rainbows. The United States government should retain its right of independent action in European affairs by keeping out of economic conferences in which we will be expected to trade more assets for more liabilities. It is about time for American statesmen to begin thinking of the welfare of their own country instead of the promotion of the interests of foreign nations. So long as Russia wishes to go to the devil in her own way and France persists in the purpose to completely crush Germany and bring herself down in ruin along with the rest of Europe we can only be thankful that Europe is on the other side of the Atlantic. The folly of the policies adopted by these powers is so obvious that it could not be made clearer by our intervention. We can only hope that common sense will yet assert itself in Europe. We have paid about all the toll in blood and treasure we ought to be called upon to give up until signs of a more sincere purpose to do the right thing appears across the Atlantic. DEFICIT REDUCED $600,000,000 The United States government has just held its fourth business meeting. Its first as held shortly after the Harding administration came into control and was held at the suggestion of President Harding. Its purpose was the discussion of the budget and how be unduly concerned, and urged additional concerted effort to curtail expenditures in the laudable endeavor to keep our expenditures within our income. "The statement of expected receipts and proposed and anticipated expenditures given in the budget for 1924, transmitted to congress December 5 last, showed a probable excess of expenditures over receipts for the fiscal year 1923 of $273,000,000, a downward revision of $425,000,000 in the estimate made in July, and a real downward revision of $550,000,000, as the budget statement included as an ordinary expenditure an item of $125,000,000 for discount accruals on war savings securities due January 1, 1923, which was not embraced in the estimate made in July. "I am now advised that a revised estimate, just completed, shows a further reduction in the anticipated deficit for 1923 of $181,000,000, which indicates, as the situation exists today, an apparent deficit of $s2,000,000 for the current fiscal year. This gratifying result is due not only to reductions in the program of expenditure, but also to an increase in the anticipated total of revenue and other receipts for the year. The adherence to the policy of economy and the effective co-ordination of routine business were important factors in reducing this estimated deficit." HARDING ACHIEVEMENT The substantial achievements of the Central American conference are another milestone in the broad program of international peace and contentment that the Harding administration has been developing. Other items in that program that have already been realized include the Washington armaments conference, with its naval limitation and far eastern treaties, the arbitration agreement between Chile and Peru for the settlement of their grievance of 40 years' standing, the clarification of the financial and economic chaos in Cuba that threatened civil war for the island, the treaty between Colombia and the United States that healed the ill feeling existing since the Panama canal was built, the settlement with Great Britain on the refunding of the British debt to this country, and minor subjects that have tended to a better understanding between nations, especially those on the western hemisphere. How much able to make delegates, depress primary as he has with people and express themsele Ford must rely on delegates a primaries, but are largely o Ford will have... DEFICIT REDUCED $600,000,000 The United States government has just held its fourth business meeting. Its first as held shortly after the Harding administration came into control and was held at the suggestion of President Harding. Its purpose was the discussion of the budget and how the daily routine affairs of the government could be operated in a business-like manner. It called together for the first time in the 132 years of the government's existence the executives, their assistants, bureau chiefs and others responsible for the administrative duties of the government—responsible for the expenditure of the public money, after it had been appropriated. The results were so satisfactory that President Harding has made the "business meeting" a semi-annual affair. At the last one, he was unable to attend, being confined to his room with a severe cold, and Vice-President Coolidge presided in his absence and read the president's address, which was in part as follows: "Members of the government's business organization: This is the fourth regular meeting of the business organization of the government. We have met to review the work of the first six months and to consider the task which confronts us for the remaining period of this fiscal year, along the lines of co-ordination, economy and efficiency—three inseparable factors to successful government. There can be no economy of operation without co-ordination, and efficiency without economy is impossible." "The first meeting of the business ANAHEIM GAZETTE GEORGE WASHINGTON The Father of History we celebrate loved of the people integrity, truthfulness This bank is consistent principle of loyalty and customers, interestness dealings and those who seek its advice Our aim is to provide of our depositors, to vice to investors and advise persons in all country sought to gain any advantage to itself, either at the expense of the particular nation involved or otherwise, except the benefit that naturally follows from peace and contentment throughout the western world. There could be no more convincing demonstration than the powerful republic of North America offers no menace to the safety or independence of the lesser American republics on the contrary, the United States gives them without cost a priceless guarantee under the Monroe doctrine of freedom from European exploitation, and loses no opportunity to contribute to their general welfare. FORD'S PRESIDENTIAL BOOM Within the field of Democratic presidential possibilities the most conspicuous present fact is the vitality of the sentiment for Henry Ford, especially in the farming states of the west and middle west, as well as in some southern states. Much of the talk about Ford mentions the strength he has in both parties. But it is within the Democratic party only that Ford is an actual possibility. He cannot possibly get the Republican nomination. As things stand today, the Republican nomination is certain to go to Harding. But if Ford is not actually a Republican possibility, this does not mean that he will stand wholly aside from the Republican primaries. The judgment of the politicians is that Ford will enter or be entered in the Republican primaries and will build up as much following as he can among the Republicans. The theory is that such a following, with their loyalty crystalized by diversity and opposition, would follow Ford into any other course he might later take; would vote for him in the ultimate election between the Democratic and Republican candidates. The politicians believe that Our aim is to provide of our depositors, to vice to investors and advise persons in all ositions. Golden State Anaheim, App Edison Is the manager efficient? Is the business essential? LAME LOGIC Here is a sample of argument against the ship bill contained in a letter to the New York Journal of Commerce, signed by "C. S." "It is highly likely that the accruing loss, whether in government deficits or in subsidies, on operating our own fleet between now and the next will be the damage they may have caused. Senator Osborne points out. His measure would require that offenders given probation must pay the costs of their arrest, trial and conviction, and pay the injured person for the damage done, if, in the judgment of the court they are financially able to do so. If they are not so situated they would be required to make the payments in monthly sums. "A prisoner who is given probation ought to have it impressed upon him that he is not innocent," declared Osborne, explaining his proposed measure. "The youth who expects to speed in a car and wrecks another automobile would be more likely to remember his deed if, when probation is given him, the judge should order him to go out and earn enough to pay for the damage he has done." THE GERMAN HOPE Ever since the war, German's hope has been to create a breach between England and France, which she could turn to her advantage. It is said that the Republican primaries. The judgment of the politicians is that Ford will enter or be entered in the Republican primaries and will build up much following as he can among the Republicans. The theory is that such a following, with their loyalty crystalized by diversity and opposition, would follow Ford into any other course he might later take; would vote for him in the ultimate election between the Democratic and Republican candidates. The politicians believe that Ford would have some—though not many—delegates in the Republican convention, and that later, in the Democratic convention, he will be one of the leading figures. Several of the politicians believe that if Ford should get the Democratic nomination he would turn out to be the strongest candidate the Democrats could have—that he would get a considerable body of Republican votes in certain pivotal states and might readily be elected. The same politicians who believe this believe also, however, that the greater probability is that Ford will not quite reach the nomination. The Democratic organization, the party leaders, national and local, with comparatively few exceptions, will be opposed to him strongly and will contest the Ford movement with every resource at their command. And because in the Democratic convention it takes two-thirds of the whole body of delegates to nominate, it follows that a resourceful and able group of leaders who are determined in opposition to any one man can usually achieve the power of veto. The Democratic leaders generally want none of Ford. They think they can win the next election with any reasonably strong candidate, and they propose to have some regular party man. How much progress Ford may be able to make, measured in terms of delegates, depends largely on the direct primary. It is on such strength as he has with large classes of the people and the chances they have to express themselves at the polls' that Ford must rely. In the states where the delegates are chosen, not by direct primaries, but by conventions—which are largely organization-controlled—Ford will have but little chance. LAME LOGIC Why Not THE GERMAN HOPE Ever since the war, German's hope has been to create a breach between England and France, which she could turn to her advantage. It is said in London that she is making renewed efforts to this end, but will meet with no success. The story goes that Germany has hinted that if she makes any further voluntary reparation payments, they will be turned over to the British account. Great Britain will take no advantage of the suggestion. On the contrary it is stated that even though other payments cease, if France is successful in making her Ruhr invasion pay actual returns, Britain will press no claim, although payments would automatically go to the reparations commission for pro rata division. Germanp seems unable to understand that whatever the allies may differ about, they are united and will remain so on one point—that Germany should and must make the utmost possible reparations for the damage she wrought. CHANGE PROBATION LAW A bill to tighten the provisions surrounding the granting of probation, and to force paroled prisoners to at least do a sort of penance, is being prepared by Senator Osborne, of Los Gatos, for introduction in the upper house. Under the present law probationers are not often compelled to restore LAME LOGIC Here is a sample of argument against the ship bill contained in a letter to the New York Journal of Commerce, signed by "C. S." "It is highly likely that the accruing loss, whether in government deficits or in subsidies, on operating our own fleet between now and the next war will be much greater than the cost of replacing the present fleet." The writer argues that we should get rid of the ships and let other maritime nations do our carrying. The subsidy aid is placed at $30,000,000. The present fleet cost $3,000,000,000. This optimistic letter writer evidently believes we will not have another war in 100 years. If he can give the American people satisfactory assurances of that fact he will have materially strengthened his argument from that standpoint, although he would still have to explain why we should pay out half a billion annually to other nations for carrying our goods, as we would still have to do if we let our ships go to the junk pile, or sold them. This, of course, pre-supposes that foreign shipping monopolies would continue to carry our freights at prevailing rates and would not act as Japan did when she controlled the carrying trade of the Pacific coas tduring the war. BETTER KEEP IT HERE There may be danger of America's having too much money. Wealth is always regarded as meaning peril to a republic. But it is undoubtedly safer for America to have money than for some of the war-inviting countries abroad. ER WASHINGTON er of His Country, whose we celebrate today, is be- the people because of his truthfulness and loyalty. ank is conducted on the of loyalty to its depositorsmers, integrity in its busi-ings and truthfulness to allits advice. is to protect the interestsositors, to give sound ad-vestors and to assist andsons in all business prop- is to protect the interests positors, to give sound advestors and to assist and sons in all business prop- State National Bank naheim, California Apply This Test to Edison 7 Per Ct. Preferred Is the management efficient? Is it soundly financed? Is the business essential? What is its past record? What are its future possibilities? Is the business essential? What is its past record? What are its future possibilities? Why Not Invest Your Savings in a Company With the Above Characteristics? Edison 7 per cent Cumulative Preferred Yields 6 2-3 per cent on your money. Price $105.00 per share cash, or $106.00 on partial payment plan Southern California Edison Company 301 N. Main St. Santa Ana California 1923 Investment Dept. Edison Bldg., Los Angeles Kindly send us literature on your 7 per cent Cumulative Preferred Stock. Name..... Address....