The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-07-21
Bill.
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foreign securities the corporation is
authorized to issue debentures, which
are to be secured by the United States
government and sold to American in
vestors. The corporation is to func-
ton until a billion dollars worth of
American agricultural products have
been disposed of.
Would Stimulate Demand.
The bill is based on the theory that
an imperative necessity now exists
for stimulating demand and creating
market for surplus American farm
products. which surplus is said to be
the greatest in the history Of the coun-
try. Advocates of the bill answer the
charge of its critics that it is class
legislation with the assertion that
agriculture represents about fifty per
cent of the total productive wealth
of the country, and that dependent
upon agriculture for their existence
are the banks, the railroads and the
manufacturing industries.
With foreign markets provided for
the reported American agricultural
surplus, champions Of the, Norris bill
contend, the entire industrial organi-
cation of the country will be rejuyen-
ated; the farmers will be able to meet
their bank obligations, and they will
again become purchasers which will
mean a resumption of manufacturing
activities; that with the surplus grain
and cotton to move TO the seaboards.
plus the products of the reopened
factories, the railroads will once more
have use for the $4,000 freight cars
which now stand idle.
Critics Viewpoint
While the supporters of the Norris
bill prescribe it as cure-all for the
present industrial woes of America,
its critics complain that it violates
the principle of the present admins
tration that government must be kept
out of business; that there is no need,
to create foreign markets because the
world is already a heavy purchaser
of American farm products
Senator Reed of Missouri. who re-
fleets the attitude of most of the SEN
ators opposed to the Norris bill. points
to the fact that without the aid of
a government subsidized exporting
corporation the United States, during
the fiscal year just ended. made its
stuffs to the world. Europe, he states.
purchased los 1000, 900 bushels more
wheat during that period than during
any average year, and paid cash for
it, and Europe, at the same time.
bought 100000 bushels of American
| corn, paying cash for it, although the
! United States seldom exports much
! corn to Europe.
Reeds Stand.
The Missouri senator states that
Europe will buy all the United States
can produce for the next 100 years if
we permit her to pay for it in notes.
He denies that there is a great sur
plus of American farm products, and,
he says, it is not true that Europe is
without money. He says that our en-
tire wheat surplus was disposed of
last year.
There are indications that the Nor
ris bill will be debated for a consid-
cradle time. It's defeat would occas-
ion no surprise, but powerful pres
sure will be brought to bear in its sup
port.
Following the action of the house
| in adopting the amendment to. the
tariff bill restoring petroleum and
crude oil to the free list, Represen-
tative Elliott of Indiana commented
on the fact that the proposed duties
on those commodities would have I'M
doubtedly resulted in increased coal
prices. THE proposed duties would
have curtailed imports of petroleum
and crude oil, which would have re-
| suited in greater demand for coal
and an inevitable increase in coal
prices. 1t was significant that both
the organized coal miners and the
mine operators were lined up against
the amendment to restore petroleum
and crude oil to the free list" Mr. Ell
lott said.