The Washington herald., 1920-12-19
HOUSE REEVES
WAR FINANCE
BOARD,2l26l
Millions Available for
Stimulating Exports
To Europe.
BILL NOW GOES
INTO CONFERENCE
Objections Raised That 1t
Infringes Upon Reve-
nue. Raising.

The House last night passed the
Senate resolution reviying the War
Finance Corporation aimed TO re-
lieve the agricultural interests by
financing the export of cotton.
grain and other commodities to Eu-
ope. The vote was 212 TO s1.
The resolution now goes to con-
ference where minor changes made
by the House will. it is expected.
be quickly approved. 1t viii then
go to President Wilson for sigma
ture.
The vast sum OF $3.50. .oeo. 900 now
on deposit in the Treasury TO the
credit of the War Finance Corpora
ton Is available for its work.
Says Labor VIII Suffer.
In a final attack just before pas
sage Of the measure. Representative
Madden. Republican, of Illinois, de-
clared that the. corporation will
work to the serious disadvantage
OF the working people by stimu-
lating PRICES while wages are being
slashed.
about sI1.eo0. 100000. Madden said.
and this legislation will increase
that debt $1,000, 100000 more. 1t
is also his understanding. he added.
that some member of the House
plans to introduce next week a bill
proposing a loan OF 81 .0eo, ,ooo. 900 TO
Germany.
An effort was made to sidetrack
consideration of the bill on the
ground that the Senate had in
fringed upon the Constitutional
prerogatives of the House by origi-
mating revenue legislation. The
House voted. l42 to 80. to override
this objection.
Debate on the resolution limited
to three hours was then begun.
Say. Bill Raises Reve.aes.
Il contend" said Representative
Luce. of Massachusetts, in opposing
the resolution. that this measure
contains a section which comes ur-
der the Constitutional Inhibition
against revenue legislation orig
mating in the Senate: that IL in
wolves a probability of large profits
accruing to the public treasury and
therefore raises revenue and that IL
Involves an increase of s3Ss,eoo.oo
in the public debt which can be met
only by raising revenue"
Representative Mann contended
that the Constitution did not pro-
hibit the Senate originating legis-
Furthermore. the revenue feature
of the resolution. he pointed out.
Is merely incidental to its chief
purposes. The object of rehabilitat-
ing the War Finance Corporation,
he added. is to aid in the transac-
tion OF business.
MeFadden Leads Opposition.
Representative McFadden, of
Pennsylvania. chairman of the
Banking and Currency Committee.
led the opposition. He was Joined
by four other Republicans.
I'VE are in the midst of a gem
eral business depression" McFad-
den said. THE farmers must bear
their part of the suffering in unison
with other business interests. An
adjustment is necessary to get this
country back on a normal basis.
Everybody is trying to get prices
back to normal. This resolution
will stop that process. 1t will
check price declines so the people
viii not get the benefit
Representative Strong, Repub-
lican, of Kansas, championing the
resolution. said:
The activities contemplated by
the corporation will enable the
products of this country 70 find a
market, and the money invested in
financing bills will go directly to
the banks and other institutions
now creditors of the producers. and
who need relief. 1t will start a
period of debt cancellation, which
is the only orderly method of de-