The Birmingham age-herald., 1921-06-13

insistence, and its own division re- garding the Porter amendment may yield.
 At any rate, republican leaders of the administration thought and pol icy are bestirring themselves. It is indicated that they, will endeavor to force Leader Mondell to withdraw his agreement that the Borah amend ment shall be submitted to a direct vote in the House.
 Factor of Politics
 The Borah amendment requests and authorizes the President to call a disarmament conference between the United States. England and Japan. The Porter amendment expresses agreement with the statement of the President that such conference, un- limited as to the nations of the world, should be called.
 The obvious political significance in the difference between the two is the cause of the trouble. The admin istration forces would eliminate what might appear to be pressure brought against the President by the Borah amendment. If the President is permitted to act without sugges- tion, and good results, as they will. it is agreed. follow the conference, the republicans will have worthy achievement to their credit to be used as an argument before the peo- pie.
 The Borah amendment Is non- par tisan, and therefore the more force- ful. The struggle promises to be highly nteresting--perhaps the epoch marking struggle of this session.
 LIBERAL WITH THE FARMER
 vx7,. ay \ The recent statement of Gov. W. F.. G. Harding, of the federal reserve board. that there is no longer a dan ger of financial panic. that the board has in charge the largest gold sup ply in it's history. and that member banks should be generous in extend- ing credits to the agricultural classes will be the subject of an adi dress in the Senate by Senator E. D. Smith of South Carolina.
 The statement of the governor. in the opinion of the Senator. expressed as preliminary or introductory to the speech that he intends to make. is very remarkable, but most en- couraging." He holds that by virtue of the gold reserve. and the. advice of the governor, that all that a farm sr requiring money need do, Is to apply for an extension of credit and get it at his bank.
 This paragraph of Mr. Harding's statement was emphasized by Sem ator smith. "The federal resery e board Is gratified to know that the federal reserve banks are preparec to extend liberal credits to member banks, and through them to- non member banks. for these and other productive requirements of their GUS toners, and the board urges all banks to aid in easing along the sit uation until normal and regular processes of production and distri- button can be further developed"
 The reason for Senator smiths statement that the document Is en- couraging is obvious. It IS remark able. in the opinion of tho senator. because it indicates that the reserve system, with it's gold supply. could have obviatedt the agricultural panic. To the Senate, he said;
 At the proper time shall take occasion to address the Senate on the condition that existed last year and that exists now, and as far ls my investigati goes. shall un- dertake to show the responsibility for the condition of tho country n, view of the startling fact that while we have no money panic and have not been in any danger of money panic, there has been and is now the most terrific commodity panic that the country has ever seen-"