The Washington herald., 1921-05-01


week by Joseph P. Griffin, president of the Chicago
Board of Trade, but the details of the bill should be
amended he said to meet practical developments of
the grain trade.
The Chicago Board of Trade already has under
taken to carry out most Of the reforms proposed by
the measure. notably by abolishing the indemnity
transaction he said.
Griffin defended strongly both hedging and spec
ulaton. "A market without hedging would be like
Hamlet without Hamlet he said ut couldn't exist.
The fluctuations in the grain business would wipe out
the capital Of every dealer If there hedging"
The Capper-Tincher bill has replaced, in the con-
sideration by the committee, other bills of a
radical character such the Caraway bill designed to
prohibit altogether gambling in futures Of farm prod
ucts. Herbert Hoover. now Secretary Of Commerce
and julius Barnes former director of the United States
Grain Corporation, both appeared before the commit
tee in the last Congress in opposition to the Caraway
and other bills. Both defended the principle of
hedging and contended that the margin between the
producer and consumer was much narrower in COM
modities handled the trade exchanges than those
which moi.
Efforts of a number of Congressman from the
Atlantic coastal section Of the United States
daylight saving legislation for that section known
the first zone were doomed to disappointment last
week when the House Committee on Interstate and
Foreign Commerce voted against reporting out any
daylight saving bills at this session of Congress.
10 TeuuCc inc size Vi INC army "
10000 men, or less, was begun all over again
= when the House began consideration of the army
appropriation bill which met the pocket veto" Of
President Wilson in the last Congress.
As a matter of fact, unless specific legislation Is
placed in the bill limiting the size of the army .
certain figure, the amount Of the appropriation
little nothing according to minority members,
cept as a sop to the desires Of nonmilarism
stituents.
If the appropriation is only sufficient to provide
for 5000 men, they point out. there is nothing to
hinder the Secretary of War from submitting a de-
cency estimate later in the year the deficit
Even il the Republican leaders were desirous of
cutting the size Of the military forces below the figure
estimated by Secretary of War Weeks and the general
staff as being necessary to provide skeleton army.
that contingency would be snufed out by the jealousy
of legislative committees, who not allowing legis-
lative riders on appropriation bills
By an overwhelming vote the House Of Repre-
sentaves passed the Dyer bill to incorporate American
firms engaged in foreign trade in China. The bill is
designed to place American firms on an equal footing
with the business interests Of other countries doing
business in China and drafted by Dyer following
a trip to the Orient last June with nearly hundred
members Of Congress The inequalities of the situa-
ton and the handicaps imposed upon American firms
impressed Dyer so much that he began work bill
for their relief He secured the support OF the Re-
publican leaders in the House and the measure was
placed near the head OF the Republican Legislative
program Efforts to strike the section OF the bill
exempting corporations doing business in China from
pavment OF the excess profits tax were defeated BY