Norwich bulletin., 1921-07-27

the propoSsd corporation power to buy and sell farm products The committee also reduced the bond issue authorization rom one billion dollars to five hundred million dollars.
 Senator Norris, republican. Nebraska, criticised the manner in which the Kel- logg substitute had been brought forward He charged uoat 1t was prepared 'se- cretly and that Senator Kellogg had advance information" denied to com mlttee members and other senators until It was read in the senate today.
 Republican leaders generally predicted that the Kellogg measure would be sub stltuted for the NOTES bill despite dis position of committee members and others to stand by the Norris plan. The committee amendments and the Kenoxy and orner substitutes are to be taken u2 m the senate tomDrroG with disposal of the legislation this week predicted
 The special message to congress to- day, asked it to extend the authority of the war finance corporation to purchase securities, probShly to $500, ,O01, ,eoO now in the hands of the railroad sdministra- i ton so that the proceed may he used for settlements with the railroads There WAS no thought he said, of asking con- ssess for additional money.
 Railway claims. based on the "inef- ficiency of labor" during the war time period were to be settled without sur render of any rights in the courts No added expense" said the presi- dent explaining his request. mo added in vestment is required on the part of the government, there is no added liability. no added tax burden"
 Tt is merely the grant of authority necessary to enable a most useful and | efficient government agency to use its available funds so purchase securities for which congress already has author ized the issue and turn them into chan nels of finance rady to float thm"
 The contract covering operation pro- vided that the railways should be re- turned to their owners in as good condi- tions as when taken over by the gov ernment and the transportation act re- l cognized that betterments belong to cap | ital accounts provided that such sums as the railway companies over the gov ernment for betterments and new equip- ment added during r5e period of govern ment operation. might be refunded.
 There has been at no time. any ques- tion of justice of funding such indebted nes sto the government. Indeed it has been in progress to a measurable de- gree ever since the return of the rail roads to the owners. It has been limited however. to such cases as those in which final settlements with railway admins tration have been affected. The pro- cess Is admittedly too slow to meet tho difficult situation which the owners Of the railroads have been facing and l believe it essential tt. the country's good for tune to hasten both funding and settle ment.
 Quite apart from the large sum ow- ing to the government. which we arc morally and legally bound 10 fund. gov ernment admittedly owes the railway companies large Su4ns on various ac- counts such as compensation, depreciz- tion and maintenance
 'TThe way now would seem to be clear to be very early adjustment and reliei except for the fact that tse railroad ad- ministration though possessing assets does not command the funds necessary tc meet what will be its admitted obiiga. tions.
 There is no thought to ask congress, for additional funds. Perhaps $500
 O00. 900 will be necessary The railwa, administration has, or will have in tn, progress of funding, ample securities f, meet all requirements if congress onl,
 will grant the authority to negotist,
 these securities and provide the aCenc, bfor their negotiation.
 With this end in view you are asked to extend the authority of the war na ance corporation 90 that if may purcassi thez r1lrzy funding securities a1cepteI