Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-14
Try Associated pressl


WASiiiNGToS, Dec. 1.-THE Sen
nte late today passed the Agricui
ture Committees resolution directing
the revival OF the War Finance cor
poration as n measure Of affortling
relief To farmers.
The second section OF the resolu-
tion which. as introduced. would
have directed the extension OF l!b
cral credits to farmers by the Fed
cral reserve sys,ni, was amended to
make the dcsirabil!ty Of such course
only an expression of opinion OF
Congress.
The amendment making the change
ia tho section OF the resolution re-
latinS TO the Federal reserve sys-
tenn way proposed BY Senator Nor
ris. Republican. Nebraska. and was
accepted by vote OF 81 10 lG.
Another change made In the. rsso-
luton, on suggestion of Senator
Smith. Democrat, Georgia. broadened
the duties OF the Finance Corpora
tior to include the financing OF ex-
portation OF products other than
those produced on the farm.
Amendments submitted by Senator
Harris. Democrat. Georgia, TO make
the rate of discount on loans to
farmers per cent, and by Senator
McKcllar. Democrat. Tennessee. TO
make cotton factors paper eligible
!or discount. were rejected by an
overwhelming vote. \ substitute for
the resolution presented by Senator
Spencer. Republican, Missouri met
n similar fate.
No Record Vote.
Final action on the resolution was
without "a record vote. The measure
now goes to the House where num-
bcr Of similar farmcr-rclicf meas
urcs are pending.
The section OF the resolution di-
recting revival OF the War Finance
Corporation. as adopted, reads:
'Thc Secretary Of the Treasury
and the members OF the War Finance
Corporation are hereby directed TO
revive the activities OF the War FL
nance Corporation. and that said cor
poration be at once rchabilitatcd,
with the view of assisting in the II
nancinG of the expectation of agri-
eign markets"
to the extensions of credits as fol :
lows: 1T is the opinion of Congress
that the Federal Reserve Board
should take such action as may be
necessary to permit the member
banks Of tho Federal reserve sys-
tom 10 grant liberal extensions of
credit to the farmers OF the coun-
try. upon the security of the agri-
cultural products now held by them,
by permitting the rediscounting OF
such notes of extension at fair and
reasonable rate OF interest"
The Senate Agriculture Committee
!. during the day continued It's hearings
with view TO framing other meas
ures looking to the relief of the farm
ers from the conditions brought about
by falling prices.
Many Relief Measures.
Tho House received an addition to
its collection Of relief measures In a
bill offered by Representative Young.
Republican. of North Dakota. propos-
ing an embargo on imports of grain
products, live stock and their prod
ucts for ono year.
The first opposition to the move to
re-establish the War Finance Corpor-
alton as means of relief for the
farmers was voiced on the floor of
the Senate by Senator Edge. Republi-
can. New Jersey.
The New Jersey Senator said he
felt there was sufficient private in
vestment capital for the expansion Of
the American export trade i'm farm
products and all other lines. Gov
ernment help, hc said. he regarded
"as merely n postponement OF the in
evitablc day when the law OF supply
and demand must be recognized"
The Senator has just returned from
the meeting at Chicago where an ex-
port finance corporation was organ
izezd with $100,0oO.0oo capital. lie
said such moves were In the right di-
rection to help the situation.
Referring to the high cost OF iiv-
ing through which the country has
just recently passed. the tolds the
Senators ''one hesitates to construct
deliberately governmental agency
for the admitted purpose of still fur
ther holding up food prices, because
IContin1sd on Second PaEe.) -