Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1921-01-07
SENATE PASSES
FINANCE BILL
Upper Branch of Congress Ap-
proves Measure Despite
Presidents Veto.
EXPLAINS HIS ACT IN MESSAGE
Wilson Declares Resolution to Aid
Farmers Would Raise False Hopes
Resumption of Corporations
Activities Would &c harmful.


Washington. Jan. 1.-THE senate
passed the resolution to revive the
war finance corporation over Presl-
dent Wilson's veto. Tie vote was 50
to 5.
Senator Underwood said he would
vote to pass the measure over the
veto. as he had not changed his mind
as 20 the advisability OF the action.
Disapproval of the resolution was
recommended by Secretary Houston.
President Wilson's message vetoing
the resolution follows:
To the senate of the United States: /:
II am returning without my sigma
ture, S. J, Res. 2i2. Joint resolution
directing the war finance corporation
10 take certain action for the relief
of the present depression in the agri-
cultural sections of the country, and
Tor other purposes.
'sThe joint resolution directs the re-
viyal of the activities of The war
finance. corporation. This corporations
Is governmental agency. Its capital
stock is owned entirely by the United
States
1T was created during hostiiities for
war purposes. The temporary powers
which ii Is now proposed 10 revive.
were conferred In March, 1919, 20 as
sist. If necessary. In the financing Of
exports. The general powers OF the
corporation expire six months after
~ fsRs. NJ Kl rtrAs ma fhfa
special powers expire one year after
the termlnation 81 the war.
While We are technically sSiil In -
state OF war, it unquestionably was
presumed, when this added power was
granted, that peace would have been
formally proclaimed before this time
and that the Limitation OF one year
would have expired.
In May. 1920, IN view OF the fact
that export trade had not been inter
rupted. but had greatly expanded, and
that exports were being privately
financed in large volumes, the war
finance corporation, at the request of
the secretary OF. the treasury, and
with my approval, suspended the max
ing Of advances.
''This resolution was passed by the
congress apparently in view of the re-
cent sudden and considerable fall In
prices, especially Of agricultural COM
modities, with the thought that some
European countries to which certain
products were customarily shipped be-
fore the war might again be enabled
to resume their importation, and that
larger masses of domestic exports TO
European countries generally might be
stimulated, with the resulting en-
hancement of domestic prices.
Il am in full sympathy with every
sound proposal to- promote foreign
trade along sound business lines.
am not convinced that the method
proposed is wise. that the benefits. if
any, would offset. the evils which
would result, or that the same or
larger advantages cannot be secured
without resort to government inter-
vention.
"0n the contrary, apprehend that
the resumption of the corporations
activities at this time would exert
no beneficial influence on the situation
in which improvement Is sought;
would raise false hopes among the
very people who would expect most,
and would be hurtful to the natural
and orderly processes of business and
finance"