The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-09-07
Necessity For Stabilizing For
eign Exchange and Extension
of Foreign Credit Is Force
fully Emphasized.
SYSTEM OF FINANCING
MUST FIRST BE PROVIDED
Senate Goes on Record as OPP
posing Foreign Interests Par
ticipating in Financing. Plan
That Is Adopted.

| Washington, Sept. 6.-NeceSSity for
the stabilizing of foreign exchange
| and extension of credits abroad as
a means of furthering American COM
| mercial interests was emphasized by
| the senate today when the export fl
nance bill was taken up. There was
| considerable objection by several
senators. Discussions will be resumed
Monday
The export finance bill. prepared
by the federal reserve board. and ap-
proved by Secretary Glass, provides
for the formation of banking corpora
tions and for their financing so as
to enable them to do business abroad d.
The senate went ON record as oppos-
Ing foreign interests participating in
control OF the corporations, by amend
ing it to require all directors to be
Americans.
Among other amendments was one
to require such corporations to engage
entirely in foreign banking and other
financial operations instead of prin-
cipally. Senator Smoot voiced obiec-
tions to what he said were proposals
by British officials to make the Eng
lish pound note legal tender in the
United States and the American dollar
legal tender in England.
Senator Norris, republican. of Me-
brasla, made the only treaty address
in the senate today. He called atten-
ton to the Presidents statement in
St Louis, that Japan's secret treaties
with the allies We're made to induce
, Japan to enter the war. He asserted
that the treaties were made two
years later.
A small group of republican sena-
tors advocating mild reserva tions
conferred during the day and were
said to have agreed to oppose the
committee reservations. particularly
that relating to article ten of the
league covenant.
Washington, Sept. 6.-while private
negotiations proceeded today between
senators advocating the strong and
those advocating the mild treaty res
ervat1ons, the foreign relations COM
mittee received from the Irish Ma
tionai Bureau, report OF what pur-
ported 10 be conversations in Paris |
last June between President Wilso,
ana Frank p. Walsh. and former Gov
ernor Dunno, of Illinois, who sought
hearing before the peace conference
for Irish nationalists.
The President is quoted as declin- |
ing to use his influence to get a hear
ing because of the intemperate |
speeches by Walsh and Dunno in Ire
land made that impossible
Ine memorandum said the President |
declared he and Colonel House were
Wen on the way to getting hearings, |
put 1t Was you gentlemen who kicked
over tfe apple Cart The President
Is also quoted as saying he had deep
est sympathy for Ireland and the
Irish cause and had done all he could
unofficially. but impossible to act
officially.
Washington, Sept 6-with the
hearings by the foreign relations com
mittee on the peace treaty closed, at
tention turned today to efforts of the
so-called mild and drastic reser-
walton advocates TO reach an agree
ment on the form the proposed reser-
walton clauses and amendments should
take
In the meantime Chairman Lodge
and Senator Hitchcock, leader of the
democratic ratification forces were n.
work preparing the majority and mi
nority reports respectively, which
they hope to have ready next week.
Republicans of the factions opposed
to unreserved ratification of the
treaty will begin campaign OIL
speech making in reply to the Presi-
dent Wednesday. Senators Johnson,
Borah, and Mccormack will address
a mass meeting in Chicago on that
date and Senator Johnson plans to
speak at Indianapolis Thursday. St.
Louis Friday and Kansas City Satur-
day.