The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1918-06-29
Address Congress Plans Meet German Efforts in Russia
DRY AMENDMENT
IS OPPOSED By
BUSINESS men


BALTIMORE. June 2s.-WIth a.
possible exception OF rAdieaR prohibit
tionists. the business men and IL
nanciers in this city are strongly
opposed TO the Norris amendment 70
the agricultural appropriated BILL
which, II adopted. would impair the
resources OF city, State and country
and put the country for one year II
least on a whislEy-drinking bGa1a,
says the Baltimore American 81
This amendment. which 10 q rider
to the food measure. provides that
from the day II Is approved fby thu
President, no whisky shall Sc With-
drawn from bond for beverage pnr-
poses, but that now available which
Is in the possession Of dealers may
be sold until June 30. 1919. when the
country Is to become bone dry Az
ter three months have elapsed, the
time given brewers to wind up their
business, the manufacture OF bear -
also prohibited.
whisky In Bond
What Is to become OF the i3ooa,-
900 gallons still in bond here depends
upon the disposition made Of Il ~
the Secretary Of the Treasury. who
may decide to let It stay where Il
Is Meanwhile the five or six NH
lion gallons now in the hands Of ths
trade must be consumed within .
year unless individuals stock thStr
cellars and take It out of the mar
ket.
To prevent what Is regarded as the
eonflscation OF their. property. the
owners OF the stored liquor are trying
to get II out OF bond before the bill =
passed To do this, however. they
must pay the Government about 500
Oo0, oeo-which amount represents the
duty OF $500 q gallon Several have
called upon their banks for q loan 60
enable them to do this. but have been
refused.
The explanation offered By q lead
ing bank president II that the Gov
eminent insists upon the assets Of q
bank to be liquid Only short-term
notes, extending over q period OF six-
~ or ninety days, given to tide over
merchants who ask for accommoda-
ton, are acceptable, for these may Be
rediscounted by the Federal Reserve
Bank Collateral security that can
not Immediately be turned into
money is not accepted. Besides. oncs
the whiskey Is withdrawn and out Of
possession Of the Government, ware
house certificates have no commercial
value.
Ranks Refuse Risk.
It Is true the banks could arrange
to hold the whislxey after paying The
duty, withdrawal being subject to
their approval. but when the sale q
its value Is impaired Ger
tainly IL could not be turned into
cash. This Is an additional reason
for refusing to assume the risk
But the principal objection Is a.
stated, the necessity for maintaining
liquid assets. Only yesterday Gov
ernor Seay, OF the Federal Reserve
Bank, directed Baltimore financial
institutions to eliminate all loans
for non-eSsential purposes 50 THAI
available funds may be placed at the S
disposal of the Government for war
purposes. This means that even Or
binary commercial papers must Be
1--WE do not know" said this bark
president what moment We may BE-
called upon for large amounts. The
big munition and other war plants
iraw on US weekly now for any
where from $780, 900 to 500, 900 to
meet the wage demands. So il is alb
,olutely necessary to be prepared
FOR any emergency. We are taking
,are OF our customers as best we can.
but their notes must be for short
.erms, but collateral that is not mi
redeemable cannot be utiI-
zed.
81 regard the proposed Norris biiI
Is i'll advised and one that viii seri-
'usly disturb financial conditions.
There is no occasion for such legfs-
alton at this time, especially when
We need all the revenue obtainable"