The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-07-26
NO TAxATIONIS
NEEDED TO RAISE
MONEY HE SAYS
Urges That Powers of War
Finance Corp. Be BrOadened.
Would Let 1t Purchase $685.
100000 in r. r. Securities.
TO BE NO ADDED LIABILITY
r. r. Administration win Have
Ample Securities.
Would Restore Transportation
Systems to Normal.
FARMER PLAN LESS DEFINITE
Are Promising Possibilities for
Relief, However.
Senator Kellogg Introduces Sub.
stitute for Norris Bill.
FARMER PLAN LESS DEFINITE
Are Promising Possibilities for
Relief, However.
Senator Kellogg Introduces Sub.
stitute for Norris Bill.
President Harding's message to
congress appears in full on page e

Washington, July 26.-President
Harding this afternoon appealed to
congress to extend the powers of the
war finance corporation to relieve the
after war distress of two great and
fundamental activities"-the railroads
and agriculture.
The president, in a message to con-
gress. asked that the war finance cor
poration be given power to purchase
railroad securities which are the result
of the funding of the railroad debts
to the government.
The president pointed out that un~
der the transportation act. the debts
of the railroads to the government for
additions and betterment might be
funded and declared that he believed
that in order that the transportation
systems of the nation might be re-
stored to normal as soon as possible.
that this funding operation should be
hastened and that there should be
early settlement of the claims which
the railroads have against the govern
ment.
Not Asking for More Funds.
There is no thought to ask con-
gress for additional funds" the presi-
dent said. Perhaps $500. 900 will
be necessary. The railroad adminfs-
- A0N4Oh mas VI VIII nave III AIlc DTOt6cd
OF funding, ample securities to meet
all requirements if congress will only
grant the authority to negotiate these
securities and provide the agency OF
their negotiation"
The president asks that the war
finance corporation be given power to
purchase these railway funding securi-
ties
The presidents recommendation
with regard to relief for agriculture
thru the war finance corporation were
less definite. He pointed out that
there are very promising possibilities
of broadening the powers of the war
finance corporation for the further
relief of agriculture and livestock pro-
duction.
"Broadened powers of the war fl
nance corporation to meet agricul-
rural needs. will enable it wholly to
meet the nationwide emergency" the
president said. This is an impelling.
moral obligation to American farm
ing in all its larger aspects and IL will
be most gratifying to have your early
sanction"
Railway SoIvency Essential.
Railway solvency and efficiency
are essential to our healthful, indus
trial, commercial and agricultural
life," the president said. in conc1usiOn-
Everything hinges on transporter
ton"
The president pointed out that the
work of settlement of railroad claims
is proceeding rapidly. and that the
railroads have agreed to waive claims
based on the 'fnefficiency of labor
Claims which were filed against the
ra abroad administration for Sz251 5SS.-
755 have resulted in the payment OF
s6s.141 222rthe president stated
The railroads need only the aid
asked, the president said. ito inaugur-
ute their far reaching revival. Its es-
feet will be felt in varied industries
and will Danish to a large degree the
depression which, tho inevitable IN
wars aftermath, we are anxious 20
see ended"
Substitute for Norris Bill.
Shortly before the presidents mes
sage reached the capitol. Senator Kel-
duced an administration substitute for
the Norris bill to create 800, ,000. 600
government corporation for fina ncin9
agricultural exports
The substitute would empower the
war finance corporation to grant sx-
tensive credits to the farmers for the
movement of surplus products 20 for
eign markets.
Kellogg stated that the bill was writ
ten by Secretary of Commerce Hoover
corporation after consultation with
President Harding.
No reference to the railroads was
made in the bill.
The memoranda from the directoE
general of the railroads sent to con-
gress by the president follow.
S75s.O32. .335 in Claims.
The number of claims on final set
tlement filed with the director general
UP TO July IS. 1921. was 1s4. the ag-
(continued on Page SKI