The Princeton union., 1921-05-26
IN NATIONS CAPITAL
Rule Made That Foreigners Who Bor'
row Money in United States
Must Spend It Here.
Quarrel Over Federal Grades fOl
Spring Wheat Carried Into
House by Steenerson.

Decisions Cf far-rcaching Importance
to the American money market md
the American exporting industry have
been taken blythe Harding administra-
ton. These decisions amount to the
laying down of rule that henceforth
foreigners who borrow money in the
United States are expected to spend
it here. The principle, which was
adopted at the semi-weekly cabinet
meeting after exhaustive discussion of
the subject, frankly aims ct relieving
the stagnation in American industry
President Harding's advisers on in
ternational finances have been in
formed that European reconstruction
schemes provide for a somewhat
wholesale raid on the American money
market. The raid is not unwelcome
but, when it is made, the raiders are
to be confronted with the slogan:
"American dollars for American ez-
port trade"
The quarrel between the northwest
ard the department of agriculture
over federal grades for spring wheat
has been carried into the house by
Representative Halvor Steenerson OF
Minnesota, who introduced a bill to
grant the relief sought by farmers of
Minnesota, North and South Dakota. In
a statement Mr.. Steencr5cn charged
that millers and the middlemen have
sufficient influence to prevent any
changes except by legisla:icn. Bureau
of market officicls, who made the
present grades, Mr.. Steenercon de.
clared, succeeded in preventing Secre.
tary of Agriculture Wallace from or.
dering the notifications sought by the
wheat growers and others. Mr.
Steencrson's bill would write into the
law the notifications proposed re.
Gently by a delegation from Minnesota
North Dakota and South Dakota az q
conference with Secretary Wallace
The measures would not affect any
grades except those relating to the
northwest. 1t is not proposed to tam
per with winter wheat grades because
the operation of the federal act has
proved satisfactory to the winter
wheat growers, millers and grain deal
ers alike.
Railroads attempted to collect ST..
250,000,000 from the United States
railroad administration. In submit.
ting the claim the road managers
charged, in effect, that the govern.
ment during federal control of the
roads failed to get it's moneys worth
from labor employed at high wages
Director General Davis of the railroad
administration, who is adjusting the
claims, denies the charge of the rail
road managers, declaring that the gov.
ernment owes them not more than 4(
per cent of the amount claimed. OF
$5OO,OOO,OOO. Some roads have al
ready settled for 40 per cent of thei1
claims.
Minnesota's delegation in the hous,
OF representatives at Il special meet
ing went on record as opposed to an,
duty on lumber in the new permanent
tariff measure now being drawn.
The senate bill giving the presiden
authority over cable landings on Amer
lean shores and empowering him to is
sue licenses for cable operations has
been passed by the house. Tht
measure is designed to remove an,
doubt as to the right of the executive
to prevent unauthorized cable landings
This right has been questioned fol
half century and several court &C.
tions have resulted.
Approval of the Longworth resolu
tion, making effective duties of the
permanent tariff bill when reported
from the house ways and means com.
mlttee, was given by members of the
tariff commission for the committee
1t was pointed out by the commission.
ers that Great Britain and Canads
make their tariff measures effective
when introduced, subject to later ad
Justment, as a means of preventing ox
cessive imports while the bill is under
consideration prior to final enactment
The tariff commission members de-
clared there was no reason whv tn.
plan should not work equally we'll II
this country.
Seven bills and resolutions were
agreed on by a subcommittee of tn,
senate bipartisan organization from
western and southern states as a mar
of their legislative program to hc!,
the farmers.
Representative Stevenson (dem.) O:
South Carolina denounced Colone
George Harvey's speech in London il
a house speech today and charged
that the American ambassador got hi.
title of colonel at banquet from tn,
governor of South Carolina. (Rougl
stuff 1
The peace resolution is still held III
by the house foreign affairs commit
tee and probably will not be reported
now until Germany fulfills Ter obi
cation to pay reparations to the allies
June 1.
Secretary of War Weeks, in letter