THE PRESTO BUYERS'
OUIDB CLASSIFIES ALL
PIANOS AND PLAYERS
AND THEIR MAKERS
PRESTO
EMtabiuhed 1884 THE AMERICAN MUSIC TRADE WEEKLY
THE PRESTO YEAR BOOK
IS THE ONLY ANNUAL
REVIEW OP
THE MUSIC TRADES
/ • c«.*. ; $1.00 « r~ r
OPENING OVERTURES OF THE CANDIDATES
How the Two Aspirants to the Highest Honor in the Nation's Keeping Express Them-
selves on Topics of Vital Moment.
The presidential candidates have spoken, and both of the great political
parties have been disappointed. In Governor Cox's speech of acceptance
there is no sign of the inspiration by which the great Democrat, Thomas
Jefferson, was moved to say that "we mutually pledge to each other our
lives, our fortunes, and our sacred honor." Nor is there, in Senator Hard-
ing's speech, any of the mastery by which the great Republican, Abraham
Lincoln, uttered these immortal words: ."With malice towards none, with
charity for all, with firmness in the right, as God gives us to see the right."
But both of the presidential candidates for election next autumn gave
voice to vital thoughts and the souls of what they said, in so far as specially
touches upon their temper toward trade and industrial progress, we have
reproduced. Presto is not a partisan paper. Its readers will choose without
any help of ours.
REPUBLICAN CANDIDATE'S CREED.
[From Senator Warren G. Harding's Speech.]
I believe the budget system will effect a necessary, helpful
reformation and reveal business methods of government business.
I believe federal departments should be made more businesslike
and send back to productive effort thousands of federal employes
who are either duplicating work or not essential at all.
I believe in the protective tariff policy and know we will be
calling for its saving Americanism again.
I believe in a great merchant marine. I would have this republic
the leading maritime nation of the world.
I believe in our eminence in trade abroad, which the government
should aid in expanding, both in revealing markets and speeding
cargoes.
I believe in establishing standards for immigration which are
concerned with the future citizenship of the republic, not with mere
man power in industry.
I believe that every man who dons the garb of American citi-
zenship and walks in the light of American opportunity must become
American in heart and soul.
I believe this government should make its Liberty and Victory
bonds worth all that its patriotic citizens paid in purchasing them.
I believe the tax burdens imposed for the war emergency must
be revised to the needs of peace and in the interest of equity in dis-
tribution of the burden.
COMPETITION IN TRADE.
It must be understood that toil alone makes for accomplishment
and advancement, and righteous possession is the reward of toil and
its incentive. There is no progress except in the stimulus of competi-
tion. When competition—natural, fair, impelling competition—is
suppressed, whether by law, compact or conspiracy, we halt the
march of progress, silence the voice of aspiration and paralyze the
will for achievement. These are but commonsense truths of human
development.
The chief trouble today is that the world war wrought the de-
struction of healthful competition, left our storehouses empty, and
there is a minimum production when our need is maximum. Maxi-
mums, not minimums, are the call of America. It isn't a new story,
because war never fails to leave depleted storehouses and always
impairs the efficiency of production.
War also establishes its higher standards for wages and they
abide. I wish the higher wage to abide, on one explicit condition
—that the wage earner will give full return for the wage received. It
is the best assurance we can have for a reduced cost of living. Mark
you, I am ready to acclaim the highest standard of pay, but I would
be blind to the responsibilities that mark this fateful hour if I did
not caution the wage earners of America that mounting wages and
decreased production can lead only to industrial and economic ruin.
WORKERS MUST BOOST PRODUCTION.
I want, somehow, to appeal to the sons and daughters of the
republic, to every producer, to join hand and brain in production,
(Continued on page 5.)
DEMOCRATIC PROMISE OF PEACE.
[From Gov. J. M. Cox's Speech.]
One of the first things to be done is the repeal of war taxes. The
entry of America into the world war projected our people into an un-
paralleled financial emergency which was faced with a determination
to make every sacrifice necessary to victory.
Federal taxation must be heavily reduced, and it will be done
at once, if a Democratic administration is chosen in November.
Without hampering essential national administrative depart-
ments, by the elimination of all others and strict economy everywhere,
national taxes can be reduced in excess of two billion dollars yearly.
REPEAL CONSUMPTION TAXES.
Annoying consumption taxes, once willingly borne, now unjusti-
fied, should be repealed. The incomes from war-made fortunes, those
of nonproducers and those derived from industries that exist by un-
fair privilege may be able to carry their present load, but taxes on
the earnings of the wage-earner, of the salaried and professional man,
of the agricultural producer and of the small tradesman should be
sharply modified.
I believe that a better form of taxation than the so-called excess,
profits tax may be found, and I suggest a small tax, probably 1 to
V/z per cent on the total business of every going concern. It is to be
understood that the term "business" as used does not include income
received by wage-earners, salaried men, agriculturists and the small
business man, who should be exempt from this tax.
PUBLIC OPINION AND STRIKES.
Disputes between labor and capital are inevitable. The disposi-
tion to gain the best bargain possible characterizes the whole field of
exchange, whether it be product for product or labor for money, li
strikes are prolonged public opinion always settles them. Public
opinion should determine results in America.
It may at times be necessary for government to inquire into the
facts of a tie-up, but facts and not conclusions should be submitted.
The determining form of unprejudiced thought will do the rest. Dur-
ing this process, governmental agencies must give a vigilant eye to
the protection of life and property and maintain firmness, but abso-
lute impartiality. This is always the real test, but if official conduct
combines courage and fairness, our governmental institutions come
out of these affairs untarnished by distrust.
THE FEDERAL RESERVE.
It is almost unnecessary to speak of the federal reserve system
in, connection with the winning of the war, as, next to the consecra-
tion of our manhood and womanhood itself the greatest factor was the
marshaling into one unit through the federal reserve banks of the stu-
pendous wealth of America. To those of vision who look out beyond
our shores into that commercial domain where we are so justly en-
titled to enter in a time of peace, latent power of the federal reserve
system can be seen promoting in every quarter of the globe an ever-
(Continued on page 5.)
Enhanced content © 2008-2009 and presented by MBSI - The Musical Box Society International (www.mbsi.org) and the International Arcade Museum (www.arcade-museum.com).
All Rights Reserved. Digitized from the archives of the MBSI with support from NAMM - The International Music Products Association (www.namm.org).
Additional enhancement, optimization, and distribution by the International Arcade Museum. An extensive collection of Presto can be found online at http://www.arcade-museum.com/library/