The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1921-11-10
NEWS SUMMARY
.>... t.l. ] OF THE CAPITAL
~, Continued from page one) G25:

un0ef q Dill introduced Dy Representa-
tive Woodruff of Michigan. The meas
ure carries an additional $4,000, 900
for national forest roads and trails.
A bill to legalize and place 4 per
cent tax on beer and light wines to be
used in defraying the cost of soldiers
bonus has been drafted by representa-
tive Brennan of Michigan. -
The Smoot sales tax was rejected by
the senate by vote of 43 to rs. The
vote came on an amendment to the
revenue bill providing for per cent
tax on sales by manufacturers and pro-
[ducers, which would have produced
enough revenue to make possible the
repeal of all the miscellaneous taxes
without permitting any material
changes in the individual income and
corporation taxes as already approved
by the senate.
Retirement of Secretary Andrew
Mellon as "the fiscal head of the gov
eminent" was demanded in the senate
by Senator R. M. La Toilette because
of the attitude which the Wisconsin
senator said the treasury head held
toward "the taxation of wealth." La
Toilette asserted that Mellon had
"openly and brazenly" declared that
wealth could not be made to bear it's
share of the burden of the government.
The first of Senator La Follette's
amendments, requiring taxpayers to
list their tax free securities with their
income tax returns was adopted 80 to
II. Senator La Toilette said it was
designed to tabulate those who paid
and those who shirked taxes.
The administration expects to effect
an aggregate reduction in government
expenditures for the fiscal year of
1922 of $439, 100000 instead of it's
previous estimated reduction of $780,.
100000, President Harding informed
congress through a letter to Speaker
Gillett.
Contrary to a belief which prevails
in some places, the war finance cor
poration's assistafce to agricultural
interests is not confined to financing
agricultural exports. In fact, the
financing of agricultural products de-
signed for export is comparatively
insignificant part Of the work Of the
war finance corporation. In the Ian
guage Of Eugene Meyer, jr., director of
the war finance corporation; the cor
poration "has two functions, export
power and agricultural financing pow.
er. We have loaned some money for
exports-one half through bankers and
one half through cooperative associa-
tons. But our agricultural financing
business will amount to IS per cent of
the total. We discount the; farmers
paper through the bank The actual
paper comes to us-the paper on which
the bankers loan the money. 1t is the
war finance corporations dollar which
goes into the agricultural loan. Our
regional committees are mostly bank
ers because this is banking business.
Many of them are also farmers"
Secretary Mellon announces that the
portrait of Theodore Roosevelt will ap-
pear for the first time on government
security of the $25 denomination of a
new issue CT treasury savings certifi-
Gates which will be placed on sale to-
ward the end of the present calendar
year. 1t is regarded as particularly
appropriate that the Roosevelt por-
trait should appear on security OF
this character and on the denomination
which will be most available to the
general public.
A resolution ordering special COM
mittee- to investigate charges of Sena-
tor Tom E. Watson regarding treat
ment of privates in the American ex-
peditionary forces was adopted unani-
mously by the senate after two
hours wrangle. The senate also
adopted unanimously another resolu-
ton by Senator F. B. Brandegee, chair
man of the special committee to sub
peona witnesses and documents, but
left unsettled the question as to the
exact charges of Senator Watson
which were to be investigated. Sena-
tor Watson told the senate his charge
that FL American soldiers had been
hanged in Franco without trial had
been based on the statement of SOL
der who said he had seen the gallows
and had been told by scaffold guard
that this number of men had been
hanged. Watson's story is refuted by
many military officers of high rank.
Latest official statistics on army re-
cruiting, prepared by the war depart
ment for possible use Of the confer
ence in connection with discussion OF
land ornaments, show that new enlist.
ments during recent weeks have not
been sufficient to offset normal dis.
charges and casualties. AS a result
it is said, the regular army today is
below the minimum peace strength OF
100000 set by congress-the official
total being $4,000 October 81.
Reductions in rediscount rates in
of the IL federal reserve districts have
been announced.