Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-07-26
OUTLINE RAIL AND
FARMER POLICIES
Harding's Message to Congress
Will Embody Plan for Ex-
tending Aid.
DISCUSS CREDIT EXTENSION
War Finance Corporation Agen-
cy Through Which Program
Would Be Carried Out.
DISCUSS CREDIT EXTENSION

United N"w- STAFF CORES pond.nt
WASiiINGTON. July % pr.sidcn.
iiardins's message 10 Congress TO.
morrow tt - learned. viii outline
~" policies rs which the admin
is''ation hopes =" extend niI TO rail
roads and the farming industry.
II is eNpcctcd also. in the sam,
connection. 10 discuss proposals for
tn" extension OF credits 10 facilitate
exports.
The War Financ" Corporation would
he the agency through which tho
administrations program would bc
carried out; lte powers would be
.broad"u.d TO enable II to handle
bonds of 'hc railroads and makc
greater credits available FOR farm
ing ana exporting. Legislation would
be required for ,his
kcl.ct "f the pjlGht OF agriculture
ana the railroads and the export of
surplus commodities are considered
b% ihe administration as the l.adin:
factors In its program uf domestic
- iia piIjtation. The broad purpose l.
nc stimulation of all industry and
business and The removal ot the de-
rr"ssior under which the ,-untry
has n."m suffering. Linked with i,
- tH' revision "i tax AVS and i'm
p"sit'Ou higher tariffs enforcement
of economies ana funding OF both
the domestic and foreign debts.
Has Mriion's Inoursemrni.
IN" proposals the President viii in.
corporate in his message have the in g.
uors"men' of Secretary of the Treas
ury Mellon. Secretary Of Commerce
Hoover, and Eugene Meyer. Jr.. di-
rector OF the War Finance Corpora
tion. They have been the subject
OF much discussion
The project for railroad financing
is that. when the government makes
payments 10 the railroads, the roads
would give the government s per cent
tcn-year notes in exchange. Tho
notes would be taken by the war
Finance Corporation, and sold by IL.
or the corporation woulh hold the
notes itself. and float bonds .. IT'S own
to provide the cash. This would
obviatc the necessity of seeking ad-
di,ional appropriations from Con-
Srcss. and at the same time would
give the railroads the funds which it
is thought will benefit the entire in
dustrial structure.
Sidetrnck Norris BiII.
The proposal to assist agriculture
involves sidetracking the Norris bill.
which would create 100000, 600
farm export corporation. II is pro
posed TO have this business transact
ed through the War Finance Corpo-
ration. The powers Of the corpora.
ton would he Increased so :hat il
would be able to provide more annie
credits. The provisions of the Nor
ris bill. which empowers the govern
ment to buy and sell cxportarle soil
products. to which the admin. .stration
has objected. would be eln,inutcl
\ bill has been drawn To cary ont
these ideas. ami It's Introduction j.
expected to follow delivery o: the
Presidents message An inc.rase in,
the capital Of the finance corporation
to S750.00o,00O. or 81 900. 600. 900, NAV
be asked. Its capital is now $500.
100000. and il has authority to issue
obligations to six@timcs its ,gi;tnl.
The Legislation also would iucludc
authority for assistance, In the OK.
port of other than soil products.