Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1921-07-29

BESIDES adopting the plan tor 1ur-
nishing of agricultural credits by the
war finance corporation, the commit
tee bill would increase the authorized
bond issue to $4,000. .OOO,OOO and also
authorize direct loans to producers and
foreign governmen ents.
Senator Norris spoke at length again
in support of his original bill and in
bitter criticism of the substitute plan,
which he, with Senator Ladd, Repub-
lican, North Dakota, had earlier op-
posed in committee. Senator Norris
declared the substitute proposed
''rake-off" for bankers and would in
crease farmers interest burdens.
Lenroot Supports 1t.
Senator Lenroot, Republican Wis
consin, declared the new substitute was
in the real interest of the farmer" and
Of more benefit than the Norris bill.
He deplored the temper" he said SEN
ator Norris had displayed, adding that
Mr.. Norris appeared mot in his usual
normal frame of mind"
The administration bill to give the
treasury department blanket authority
to fund the $4,000, 100000 of allied
debt and interest, was reported favor
ably by the senate finance committee.
The vote was nine to five, Senator Will
liams, Democrat, Mississippi, voting
with the Republicans, and Senator La
Toilette, Republican, Wisconsin, voting
ers said consideration of the bill prob
ably would go over until after the re-
cess of congress.
The administration draft of the bill
was approved with only one amend
ment, that offered by Chairman Pen
rose, requiring funding to be complet-
ed within five years. Further efforts
to revise the bill were defeated.
To Restrict Authority.
In contrast to the action of the
negotiations were reported
between Republican and
Democratic committee members to-
ward an agreement under which the
authority granted the secretary of the
treasury would be restricted
Prior to the committees action. Sec |
retary Mellon, in person, presented
In which he declared that
in view of the action of his predeces-
sors. this government is committed |
to the postponement of the interest |
payments for two or three years." and
to the spreading over subsequent |
years Of the payment Of the proposed |
interest in installments." He stated !
hat this postponement is contingent
upon such foreign governments carry
ing out with reasonable promptness
after tbs government is ready to pro-
.eed, satisfactory funding of it's ex-
sting short time obligations to this
Debate Tax Revisions.
Tax revision got into house debate
With prediction by Representative
Garner of Texas, ranking Democrat on
he ways and means committee. that
he Republican majority of that com
nittee would make but few changes
n the existing revenue law, leaving to
he senate the task of perfecting the
AK measure. Representative Mondell
Republican leader, countered with the
declaration that the house would send
o the senate bill. 1.-The best possible
product of our Judgment
Mr.. Garner said the house commit
ee would provide only for repeal OF
he excess profits tax. reduction in
ne surtaxes to minimum of 25 to
8 per cent and an increase in the
axes on corporations. He said all
ther taxes in the present law prob
bly, would be left as at present. He
.ter added that his information was
nat the Republicans planned to offer
ne few changes he had outlined as
feeler" to the country and that the
enate finance committee would redroft
ne tax bill in the light Of the reaction
oted during the proposed recess of
ongress. Chairman Fordney plans to
egin drafting the bill next week.
Passage OF revenue. SHINING hon rd