Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-01-11
SECRETARY HOUSTON
WILL not IMPEDE
WAR FINANCE BOARD
The Atlanta Journal News Bureau,
623 Riggs Building.
NV THEODORE TILLER


| WASHINGTON, d. c., Jan. Sin
| an exclusive interview today with the
| correspondent of The Journal, high
official of the treasury department
stated fatty that Secretary Houston
and his associates on the war finance
| corporation intend promptly and
faithfully to cary out the mandate or
congress for the revival of the war
finance corporation as an aid to the
exporting of agricultural products;
Although Secretary Houston opposed
re-establishing Of the finance cor
noration it is promised he will not
delay directly or indirectly It's re-
newed functioning and treasury Of
ficials will subordinate their person
al views.
or elsewhere, that the treasury de-
partment might give only halt-neart-
ed support to the program OF con-
eress were officially denied here TO-
day. Secretary Houston advised the
president to veto the bill re-estab,
fishing the finance corporation ana
the president vetoed the measure;
over the veto, Secretary Houston, II
was said, viii bow to the will OF
congress and do everything possible
10 make the finance corporation
verv active exporting agency:
"There is no disposition at tne
treasury department" high offlclai
said today, "to procrastinate or otn-
erwise defeat the will of congress in
this situation. The war finance cor
poration is now ready to receive ap5
nlications for loans, just as IL olo
when it was active a year or So aSo'
The corporation has never peen ueo
funct: it merely ceased Some 'Aiile coy
to take on new business
VIII Not Hesitate
Houston OPP
nosad this legislation, doubling that
= would afford the relief claimed for
- and questioning the w1sdom OF
adding further to the OUTSTANDING
ob1iga atoms of the government, put
he will throw no impeachment In the
,rav now that congress has ordered
the corporation's activities resumeu
'It should be understood tnat me
war finance corporation unuer 'i,e
original law as amended, can 90
O ~ except to aid in the financing
~ axnorts. It can afford no domes-
tic relief except in cases where eA.
nor+ations are involved. 1t can lenu
r. hanks and to exporting firms VINO
roonire funds to export, but tney
MET show they are in the export
mo business. Loans are to be mace
on approved foreign securltles' w
in every case these securities mus
be guaranteed by the "A, ArneIloan
Ranks or exporting firms. The loans
&c n these concerns and not to any
foreign concern, and the American
evnorters and banks become the
oI1arantors of the securities:
"The war finance corporation mas
. credit at the treasury of something
more than $375,000,000. 1t mas au-
thority to issue bonds up to SIX Times
its capital stock, when st0cR Aon
$500, 600, 000-or up to $3,ooV;oVV'vuo
r Is stipulated, however, that the
o,,+standing unpaid advances or the
CORPORATION to business interests
shall NOT exceed at any time the sum
of 100000. s.+,o,+
10 concerned, the war finance cor
-,oration is now ready for new pusl-
ness and will pass upon applicatlons
az rapidly as possible, doing It's pes'
To carry out the resolutions Oh con-
gresS." ,-;-,r
This statement regarding the at
titude of the treasury department
will reassure members of congress
who have awaited some announce
ment of the policy Of Secretary
Houston and his associates. Although
there are two vacancies on the war
finance corporation, it was explained
today. that the corporation mas a.
quorum in office and is able to func-
ton whether or not the two vacancies
are promptly filed by the president.
Members of the corporation still in
office are Secretary Houston, Angus
w. Mclean, assistant secretary OF
the treasury and managing director
of the corporation, and George Il.
Cooksey, assistant secretary OF the
treasury.
It is believed in official circles that
the president will soon send to the
senate the nominations OF Two ao-
ditional members, but whether this is
done or not. it is asserted that the
corporation will resume its activities
Immediately. What the senate Would
do if the president sends in the TWO
nominations is problematical. SO
far this session the senate has side
stepped action on several thousand
wilson appointments for large and
small offices, and it is the intention
of the Republican leaders not to hold
an executive session for the consld-
Wilson annOintmentS.