The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1920-12-08
BYRNES OFFERS PLAN IN
HOUSE TO AID FARMERS
rreSents Concurrent Resolution
Directing the Restoration of the |
War Finance Corporation
EARLY ACTION EXPECTED
Senator Gronna, North Dakota, Is to
Report Measure in Senate Today
and Ask for Immediate Considera-
tOn

Washington, Dec, 6.-Rcpresenta-
tive James II. Byrnes, of Aiken, to-
day introduced concurrent resolu-
tlon IN the House requesting Secretary
of the Treasury Houston to cause the
war Finance Corporation immediately
TO resume it's functions. A similar
resolution will be introduced i'm the
Senate by Senator Gronna of North
Dakota. concurrent resolution does
not require the Presidents signature.
Senator lloke Smith today intro
duced an amendment to the federal
reserve act specifically providing for
the rcdiscount by regional reserve
banks of cotton factors notes. He said
ne had no doubt that the act now
authorizes such rediscount, but the
Federal Reserve Board has ruled to
the contrary.
On the general subject of the reserve
Dank rate, Senator Smith made the
following statement for publication:
"a number of Senators have been in
conference considering the propricty
Of resolution directing a i per
cent rate for the regional reserve
banks. 1t is very probable that this
resolution will be introduced in few
days. believe all the Senators from
the cotton growing States will favor
1T. We are seeking leadership for the
movement from Republicans in order
to strengthen our fight"
Washington, Dee. 6.-Revival of the
War Finance Corporation and action
by the Federal Reserve Board permit
ting extension by banks of "iibcral"
credits to farmers would be dire ctcd
IN a JOINT resolution drafted late today
by the Senate agricultural committee.
The resolution will be reported to be
Senate tomorrow by Senator Gronna.
OF North Dakota, the agricultural
committee chairman, who will ask for
Immediate consideration.
Members of the committee drafting
the resolution expressed confidence
that enough votes were assured to
prinG about its prompt passage, but
members of the finance committee in
dicated that they would ask that it
first be referred to them for consider
alton, inasmuch as the War Finance
corporation was create under bill
drawn by their committee.
Restoration of the War Finance
Corporation to furnish financial aid to
farmers also would be directed in a
concurrent resolution presented today
IN the House by Representative Byrncs
Democrat, Of South Carolina.
The Senate agricultural committee
decided to report it's resolution as a
committee measure, hoping thereby to
save time. With unanimous consent
under the Senate rules the resolution
could be read twice in one day ana
placed on the calendar for passage.
Senator Norris, of Nebraska, a mem
Der Of the agricultural committee, first
proposed concurrent resolution
which does not require approval by the
President, but other members objected
on the ground that such a resolution
would not be strong enough. While
not anticipating the action of the
PRESIDENT, Democratic Senators made
clear their intention Of voting TO over
ride 4 veto if necessary.
Recommendations adopted by the re
cent governors conference at Harris
burg, Pa, and urging creation by Con-
grcSS Of corporation to finance cX-
ports and afford more liberal cxtcn-
sion of credits to farmers, was pre-
scntcd to the committee by Governor
Beckett, Of North Carolina.
"ThiS is not Il time to call loans"
said the Governor, adding that bankers
IN his State had told him they had
such instructions from the Federal
| Reserve Board.
The Governor described the condi-
tlon of the South as "tragic," declaring
there was no market for cotton.
Il think the government ought to
assist the farmers to hold the cotton" a"
the Governor said, adding that there
was "neccssity' all over the world for
cotton. ITS not a question of over
production, and the world needs all
the cotton grown and will take it as
soon as the finances Of the world gets
so they can buy it," he added
'ihc Southern people are very con
$"rvatlvc,' he said "but this situation
IS driving them to the point Of dcs-
| lpcration."
"rhc farmer feels that his voice
has not been heard up here" he as.
serted.
! Governor Beckett said a coutinua-
tlon of this situation would result in
greatly reduced acreage next year.
| TO Call on Congress
! Indianapolis, Dec. 6.--With drlr