Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1918-03-07
Strong Democratic Opposition
Develops Against Conferring
Financial Autocratic Power
on MCAdoO,
REPUBLICAN LEADERS
TAKE PART IN DEBATE
Underwood After Cfiticizing
SIowness Of War Prepara-
tions Says He Will Stand by
Presidents Wishes.

o~V sopSI1a IouaaIt ssEcIAL Lsaaso ~Issi
Washington. March 6.--Bowing to
rising opposition in the senate, ad-
Iministration leaders today compro-
missed the dispute over the security
issue control provision of the war
finance corporation and a tacit agree
ment was reached for passage of the
measure tomorrow.
Voluntary, instead of compulsory,
licensing of security issues of $780,
000 or more, was accepted after an
other day of spirited debate and OF
negotiations between Secretary Me-
Adoo and leaders of both factions.
The compulsory licensing plan was
stricken from the bill by viva voce
vote, together with provisions for
fine and Imprisonment of persons
violating orders of the capital issues
committee. established to censor se-
curity issues
Limits Governments Power.
The compromise substitute drafted
by Senator Reed of Missouri, demo-
crat, and offered by Senator Swan
son of Virginia, democrat, after Sec
retary McAdoo had given his APPROX
al, retains the plan for examination
of security issues by capital issues
committee which Is given official
and legal status, but with power linz
| tied to recommending whether such
isstIas are compatible with interests OF
war. Chairman Simmons of the fl
nance committee, explained that in
effect the new provision would re-
tain the present voluntary committee
plan. and, with the influence of the
treasury department. stock exchanges
and banks supporting it. would pre-
vent flotation Of securities which the
committee disapproves.
/ For the clause penalizing violation
of the capital issues committees or
der or regulations, substitute was
adopted providing penalties of 1000
fine and one years Imprisonment for
violation of the law, excluding the
committees rules.
Bill's Passage Assured.
With these compromises, attained
after much heated debate, only com
Iparatively minor amendments remain
ed to be disposed of and the bilrs
passage tomorrow was regarded as
sured.
Republican Leader Gallinger and
Senators Harding of Ohio, and Nc
Cumber of North Dakota. republi-
cans, resented what they termed in
references of Secreatry McAdoo with
| functions of congress in legislating.
Senator Harding, deploring grants of
"autocracy powers and saying the
country was war mad declared he
would not vote to give Mr.. McAdoo
any more authority.
Approving the modification of the
securities licensing plan. Senator In
derwood of Alabama. democrat, de-
clared enormous powers we're pro-
posed under the bill and that it
would create the biggest financial
trust the country has ever seen"
Underwood Stands by Bill.
| II regret it is necessary to carry
this government so far afield from
its normal course" he added This
war has been on nearly a year now,
but we haven't got the men on the
firing line in France or the ships that
we ought to have. | don't believe I'm
fighting a war half way. There is only
one way to win this war and that is
to fight everywhere along the line,
with ships, men and money and for
that reason, | am going to vote for
this bill"
| 'The United States has never at
any time ever come to an understand
ing of the seriousness of this war"
said Senator Harding This applies
alike to agricultural interests, labor
and capital"
The senate without q record vote,
accepted an amendment by Senator
Pomerene of Ohio. authorizing the
finance corporation to advance money
to building and loan associations.
An amendment offered by Senator
Calder of New York, providing for
the extension of aid to fire Insurance.
companies, was tentatively accepted
but Senator Smith of Georgia. who
reserved the right to demand vote
later.