The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1920-12-03

Washington, Dec. S-Treasury on
cinls have given more thought 10 tho
situation the farmers face as a result
OF the falling prices OF their products
than they have 10 any other question.
bur they have arrived at no solution
OF the problem. Secretary Houston do
clnred today before the Joint senate
legislators are conducting hearings
with Wow to recommending legsln-
ton to relieve the farmers,
II don't know OF any feasible meas
ures In tho way OF producing any
marked changes IN the situation" said
the treasury secretary, who declared
that he knew OF no feasible means the
treasury could adopt to furnish tho ro-
lief that might not bring about worse
conditions than now obtain,
MIR. Huston said he had grave
doubts that revival of the war
finance corporation would help OK
planning that the organization was cre-
ated as n war emergency measure,
The treasury chief said the fall IN
the price OF products generally had
been very sudden and that while the
retailers still were endcavoring to get
tHt Nphl VI lllt kuOuN lltN DtukHA Ut
high prices he thought they would he
unable to maintain present prices for
any length OF time,
Mir. Houston said tho talk OF doiia-
tion Of credits was mostly talk, that
while there had been "A restriction ot
credits TO spectators there had been
u liberal extension of credit to industry
and commerce,
Tho secretary went on To say that
he had torescen immediately after the
armistice that there would no an area
OF falling prices In the then not dia-
tant future, ana that on Jan, y, lOlp,
while secretary OF agriculture, he had
advised tho farmers In public state
ment to consider their production pro-
gram aud return to a balanced agrlcul-
ture. because with the return OF the
men who had served in the armies To
civilia Mite the foreign countries
would Increase their crops and would
again be able to get into the export
Opposes War Corporation.
Fiat opposition 20 the re-estnbllHh-
nent of the war finance corporation, TO
aid In financing foreign trade was
voiced by MIR, Houston.
Gov. Hardlna's View.
w. T. q, Harding, governor OF the
fedearl reserve bonrd, spoke optimlsti-
,allv concerning business conditions.
'''rhe federal reserve board" he said
had more apprehension over general
conditions yoar nRo than II has now.
Ihen we were living IN foors para
disc. Efforts OF the federal reserve
board were turning to creating more
normal conditions
The first warning OF the price col
apse. Mr.. Harding continued, was In
Japan and thnt was followed by the
collapse OF the wool market and finally
" other markets.
In t.A IN
,oon no denial Of credits 10 agricultural |
interests and that the farmers were |
now about their ability TO
ell their products ana pny for credits |
'xtended to them for the planting Of |
heir crops.
Mr. Harding reiterated his suggestion |
hat tho farmers sell part Of their prod |
lcts for which there is " market even |
ut lower price than they would like |
0 have nnd use the procccda to reduce |
heir indebtedness.
Better After Christmas.
The federal reserve board chairman
aid he expected to see stnhllEntion
n business hftcr the holidays with |
Ither mn advance I'm the pricos OF those
rtlcos which have fallen suddenly or
drop In the prices Of articles which
ave remained high.
In disposing of It's surplus cotton.
rain and manufactured goods, tho
ountry must TOOK 70 tho foreign mar
IctA Gov. Harding snid, adding that
ONE way Of opening trade with con-
raj Europe would hclp the situation.
Southern Solons Meet.
Democratic senators from many ~
he Southern states met IN Sunptor
icKollhrs office after Secretary HouA-
IN had testified ana agreed that they
'oud vote with senators from the west
nd mlddewcst. most ~ whom nre To-
uhlicnn for immediate ro-estnblifh Of
he war fnnnce corporation. They
ecidcd they would support legislation
lnting II mandatory upon the sccretRr2
IN" treasury 10 put tho wheels of
ne finance corporation In motion again.