Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-12
Opposes CREDIT PROV|s0
FARMER RELIEF MEASURE.
,Smoot Does Not Believe II Will Ac-
coinplish What Tillcrs
Have in Mind.
WILL MOVE TO STRIKE 1T OUT
Federal Reserve Board Can DO
III Nothing More In Way of Extend
Ing Credits Than II Has With
out Amendment to Act, lie Says.
tBy Associated Press. !

49,. by Asscclatcu ifesS,
WASHINGTON, Dec. ii.-rrotract-
cd debate prevented n vote in the
directing revival of the War Finance
Corporation as n relief measure for
farmers. Recess was taken until
noon Monday with an informal I'M
4 dersland!nc tina; I vote would be taxi
en- not later than 3 o'clock on THAI
day. Objection TO that section of the
resolution which would direct tina;
the Federal Reserve Board provide
more liberal credits for farmers
marked It's debate today. Senator
Smoot. Republican. Utah. gave no
t'ce that he would move TO strike ont
the section. and senator Thomas.
Democrat. Colorado. said. he would
ask for "A separate vote on 1t.
Senator Pomcrcne. Democrat. Ohio.
said ne would not help wreck the
Federal Reserve Board" and Senator
Glass. Democrat. Virginia declared
that section Of tho resolution was i
"Very direct and unjust criticism
of the board ard not based on facts"
Denies Implied Criticism.
Senator Gronna. Republican. North
Dakota. in charge OF the resolution,
denied thar criticism Of the board
was implied.
sThe Senator from Virginia" he
, said TO Senator Glass has a right TO
his opinion jus, as have a right
to mine"
Tho offer 20 postpone action until
Monday WAS made by senator Gronna
at tho close OF speech by Senator
Thomas.
"Everybody understood there would
be vote today" Senator Norris, Re
publican. Nebraska, asserted. hut
Senator Thomas replied that ho was
.'ignoran, OF any sual understands
ing
Considerable discussion as to
whether there was an understanding
to vote today followed before the re-
cess TO Monday was taken without a
formal agreement as 70 tho time for
!. a vote.
Senator Spencer, Republican,. Mis-
souri,. offered during the day n sub
stitute in the form of a corcurrrn;
resolution which would declare the
sense OF Congress- TO be that lie War
Finance Corporation should he re-
vlved and asking the Federal Re-
serve Board to cooperate with IL.
He did not discuss it,
Attnrk Credit rroviso.
The section OF the resolution pro-
posing revival Of the War Finance Cor
poration. which directs the Federal Rc-
serve Board 10 extend more liberal
credits To the farmers came IN tor
attack today in the Senate Scaa,nl
Smoot, Republican. o: Utah. said u,
would move 10 strike !; out. rs ne
did no: believe II would accnmpl!s,
what the farmers had IN mind
Senator Smoa, sad the Feacra! re.
serve Board could not ID an: more
In tho way OF extending credits than
It was doinG without an .,n.cndncn,
10 tho Federal reserve act. Chair
man Mclean. of thc Banking com.
mittce. declared that this section OF
the resolution was "dccH?,'ve." hut
other Senator'S did not take the same
view.
Chairman Gronna. o! the Asr.cu!-
ture Committee, said THIS section was
valuable suggestion 20 the hoard
while Senator smith. Democrat. oil
South Carolina. declared that 4 pref
erentia! rate OF Interest on a.ricul-
ture paper was desired. Authorlty
for the board 10 give such u rate IL
contained in the prt.eni lax, Senator
Smith said. = :"