Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-08-09

KEEP EYE ON
REFUND BILL
Fight Proposal to Give Mellon
Plenary Power Over For
eign Debt.
FAVOR FARMERS AID
FAVOR FARMERS AID
By RICHARD LINrHIcU1I.


WASHINGTON, Aug. S.-The most
searching scrutiny OF the mysterious
Penrose bill to give the Secretary OF the
Treasury blanket power to do anything
he pleases in the matter Of refunding
the S11 600 o00 900 war loans has only r.
suited so far in adding TO the mystery
and increasing suspicion Of that meas
ure, which was suspicious on its face.
Not only this, but it has drawn from
newspaper published here supposed to be
owned and edited in part by a member
Of Mr.. Hardings Cabinet, an editorial
declaration that neither the Senate nor
the House can lay down rules to be fol-
lowed in the refunding Of these debts
and denies to the legislative authority
any power TO pass upon agreements made
by the Secretary in the refunding OF
Chese loans.
Among other things the editorial de-
clares that when made the agreement
must satisfy the financial interests OF
this country rather than the Senate or
individual Senator's" In other words,
Congress IS to have no power over the
refunding of these loans, but is to trans
fer that power to Wall Street with the
passage of the Penrose bill.
The Penrose refunding bin, which has
Just DEfn IGBOLAEu W tuC GNAatU Il =
nance COMMITTEE. it will be recalled,
authorized the Secretary OF the Treasury
to extend the time of payment of these
war loans including interest, NOW two
years over due), and to receive bonds and
obligations from any foreign government
in substitution of those now or here
after held by the United States under
such terms and rates OF interest as may
be deemed for the best interests Of the
United States. etc.
BLANKET POWER
FOR SECRETARY.
That is to say. the Secretary of the
Treasury, is to have blanket power to
do anything he pleases in the matter Of
refunding the 1000, 100000 war loans.
There is no parallel in legislative his
tory for the Penrose refunding bill, and
the Administration organ referred to has
the unique distinction of being the only
newspaper to date to declare that the
readjustment Of these S11,OOOOOO 90
war loans is not 4 matter to be passed
upon by Congress. but solely by the
great financial interests-in other words,
by Wall Street.
Although the Senate Finance Commit
tee has held several hearings on the Pen
rose refunding bill at which Secretary
Mellon has testified. no explanation has
been made by him of how the arbitrary
power asked for is to be used nor any
single fact elected from him to Justify
any such grant OF power. The failure to
bring out any such explanation or fact
was thus commented upon by Senator
Mcclellan, Democrat (Tennessee), who
was the first to expose the sinister char
acter of this bill.
Whenever we ask these gentlemen a
question before any Of the committees
we are told, We do not know exactly
ourselves, but we want absolute and
complete authority; We want you to turn
over the powers Of Congress in regard 10
it Congress is incapable OF
dealing with the matter. We must turn
it over to an officer who has already
failed to carry out the law and who says
he has no views about how the new
powers should be executed II given to
him. All he wants is power to keep n
meddling Senate or an inquisitive House
from attempting to interfere"
PENROSE BILL