The Washington herald., 1921-06-27
Future Program Intended
To Stimulate World
Business.
HOPE TO SETTLE
RAILROAD DISPUTE
Administration Demands
Speedy Action on Tax
And Tariff Bills.

The Administrators economic
program. domestic and internaion-
al. is rapidly taking shape.
Here are some Of the chief mat
tiers on which definite progress 10
now being made:
Funding the slo.ooo.o 100000 Of in
oebtedness Of European nations.
Paying railroads hundreds Of MILL
lens owed them by the government,
to help business.
Mobilizing credit for the farm
ing industry.
Putting into operation the budget
system. to bring about economy and
business methods in government
Restricting extensions of credit
to Europe. where an unfsvSfble
reaction would result in this coun-
try.
Enacting a tariff bill, and revis-
ing tax laws.
Mellon 20 Explain Plans
Secretary Of the Treasury Mellon
and his assistants this week viii
appear before committees OF Con-
gress to explain the plans Of the
administration for funding the al
lied debt. This involves placing the
debts. which are in the form OF
promissory notts, on a definite basis
extending payments over series OF
years, and arriving at an under
=, f.h ~
ernment definitely TO reckon on bay
ments in shaping its fiscal policies
I Further, the problem is boundup
with the return to "normalcy," both
/ domestic and international. and
! settlement Of the questions involved
4 Is expected to exert q healthfOl ln-
! fiuence all around.
Final action is in prospect on the
| matters in dispute between She gOv-
| ernment and the railroads, which
has held up payments. The Inter-
I state Commerce Commission, by a
ma jority Of one. has tentatively
agreed TO the railroads contention
that they are entitled to payne nts
because of the alleged lncthSieEcy
! OF labor under Federal operation,
and both sides are Dreaariag reports
| to be considered at the reNt meet
ing. This was one Of the chief
! points in argument, which has de-
4 layed adjudiCati Of railroad claims
/ for Under-maintenance. amounting
TO more than 500, 10000.
Would Stimulate Business.
Payments to the railroads, and
| funding their Indebtedness to the
government, the administration is
convinced, will stimulate all busi-
ness by increasing the purchasing
power Of the railroads and putting
them on a sounder financial basis.
Cooperating with bankers, the ad-
ministration is helping in the mo-
bilization Of private credit TO re-
heve agriculture. A fund already
1 has been made available for the
livestock industry, and similar as
sistance is to be given the cot
ton industry, and general farming.
! The administration. meantime. Is on
posing government extensions Of
credit. II private resources can be
made to sufice. Efforts A-e being
made. through the Federal Reserve
system, 20 bring the government
and the banks into closer touch.
Hope in Budget Bureau.
The Bureau of the Budget on
cially begins its existance July l.
with the beginning of the fiscal
year and is expected TO proceed
at once to find means for reducing
| government expenditures. in this
way Tightening the burden of tax
alton.
The administration has interested
itself in obtaining quick action on
tax and tariff legislation. epub-
| lican leaders expect the tariff bill,
TO be reported out early this week.
to pass the House by July 90 At
tention Immediately thereafter will
be given TO new revenue laws. the
Senate meantime acting on the
tariff.