Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-03
Eugene Meyer, Jr., Sug-
gests Rehabilitation OF
War Finance Body.
! HITCHCOCK WOULD USE
RESERVE BANK PROFITS
Senator Smoot Urges Embargo
on Wool Imports to Pro-
tect Growers.
GERMAN CREDIT ADVOCATED
rampbclI, Of Kansas, Asks Use of
Grain Concerns Gains-Sebras-
ka Planters Mny Burn Crops.
fBy Associated Press.

lbs Associated Prose.
WASHINGTON. Dec. The plight
'f farmers due 10 failing prices was
"ken today TO Congr..x
Agricultural Committees OF the
5cnate and House IN Joint session
a'eEan hearing, on conditions Brough:
i5ont by falling prices preliminary
dnvislng relief measures. They
lecIdcd 10 aSk Secretary Houston
nj Governor w. =. q. Harding. Of
Ne Federal Reserve Board. TO come
'"iCre them iOmor after Eugene
Meyer. Jr.. former head Of tho War
ihan"c Corporation, had declared that
rehabilitation OF that body would go
long step towards furnishing tho
s!csired relief BY financing exports
!: surplus crops
senator Hitch eoci. Of Nebraska,
OLD The conference ne planned TO .n-
rodueo measures making available o
/ hc pron's OF the Federal reserve
banks. amounting to about 100000
100 for loans to agricultural inter
s;s. Governor Harding. with whom
nc Nebraska senator conferred. .s-
'dcd statement saying that neither
|7p ncr the board had taken any
tand on the proportion. H.. declared
~ rad criticized Senator lIl;chcoc;: $
|piEr, hut ,het me matter was one
cot w!;h:a the province Of tho board
|1s 1t concerns the use ot funds which
I hc law required suouid tr pnid into
|;hc Treasury.
t>Gs Credit rnr Grrmnny.
I.oniSlnf ION g,
ar credit 10 Germany was advocated
|oeiore the joint committee by J. j.
|Braucr, Of New York, who claimed 70
represent tic German Sovernme n :.
while Senator Smoo;. OF Utah. an
bounced ne would propose an en-
barge or imports OF wool for relief
|ot American wool growers in :, bill
|ne viii offer Monday.
Representative Campbell. OF Kan
|sas. suggested that profits Of the
grain corporation, about sleO .oa0. .ooo
|be made available for loans 10
Farmers.
Mr.. Meyer told the Join. commit
iee that the act creating the War F!-
nance Corporation was passed four
months after the arm!seice and in
tended by Congress to bridge over
the situation by financing exports
until normal fonomIc conditions
were restored. He said conditions
how were those which Congress hsd
in mind in cnactinE the measure, and
that restoration of the corporation
would have tremendous stabilizine
effect.
Mny Rnrn Crops.
Farmers in some sections OF Ne
b~:lska have said they will burn
their corn because at current prices
1t would not pay for coal, l.. o.
Scroyer, secretary OF the Farmers
Union of that State. asserted. lie
urged further credits. immediate fl
nancing to export surplus crops, a
protective tariff. and appointment of
"dirt farmer" as Secretary of As-
riculture.
Opposition to the "revamping" Of
wartime government agencies for
in a statement by Senator Edge, of
Now Jersey. He was anxious. he
said, to help the farmers and other
classes equally. but added that con-
sumers were tired of high prices.
.'The only durable and infallible
barometer Of business is the law OF
supply and demand" Senator Edge
said. "and to set UP an artificial, un-
economic and false structure for the
maintenance OF prices because some
certain industries arc suffering, is
only postponing the evil day when all
business and industry, including the
farmers. inevitably must face the
music"
The joint committee hearings may