National Affairs: 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. . . .