The Hartford republican. (Hartford, Ky.) 18??-1926, 1921-07-29
HARDING GETS FARM
LOAN ON QUICK MGVE
Bill Up To Grant One Re-
quest Of Presidents
Message.

\ response was made Immediately by
Congress today to a special message
/ from President Harding requesting
that powers of the War Finance Cor
poratiOn be Droadened to take charge
of funding upward of 100000, 900
of ra,l'oad debts and to provide ad-
ditiOpal farm credits.
The President in his message,
transmitted by messenger, declared
the government was morally and Ie-
gally bound" to fund the railroad
debts and was under IAN impelling
moral obligation" to provide agri-
cultural credits.
The FIST step toward meeting the
second of the two requests-provison
for additional farm credits-had in
reality been taken in the Senate be-
fore the presidential message was
read. Senator Kellogg, Republican,
Minnesota, introduced bill, drafted
by Secretary of Commerce Hoover and
Director Meyer of the War Finance
Corporation, and said to have the
approval of the President, as a sub
stitute for the pending Norris bill to-
create a $10O,OOO,00O farm export
corporation. The bill as introduced
embraced the Presidents suggestions
to empower the War Finance Cor
poration instead of a new federal
corporation, as provided in the Nor
ris bill, to advance credits for ag-
ricultural exports.
Has Simple Remedy.
The Presidents message dealt par
ticularly with railroad financing and
declared the proposal that the War
Finance Corporation take charge of
funding the railroads debts to the
government would cause mo added
expense. nc added liability, no added
tax burden" The President describ-
ed the proposal as "a simple remedy"
contemplating receipt and disposition
by the corporation of ample scuri-
tbs" deposited by the railroads.
The message was referred by the
Senate to its interstate commerce
committe, but Chairman Cummins, in
i'll health, was out of the city and
when the railroad legislation would
be taken up was in doubt. Leaders.
however, expected action within the
next fortnight. Several senators, op-
posing any semblance Of further gov
eminent advances to the carriers,
stated privately that they would fight
the legislation.
Senator Kellogg said that the bill
drafted by Secretary Hoover and Di-
rector Meyers had the approval OF
the Treasury Department. 1t would
authorize extensions of credits to pro-
ducers or their associations, export
ers and also to bankers for agricul-
tural export purposes. Besides the
finance corporations capital ef $780,
0O0 ,000-a revolving fund-it would
be authorized to issue $1,000, O0O,O 900
On bonds.
Champions of the Norris bill, how
ever, continued their fight in its be-
half, but with amendments made to-
day by the agriculture committee de-
signed to meet objections raised. The
amendments would eliminate provi-
sions said to give the proposed cor
poration power to buy and sell farm
products. The committee also reduc-
ed the bond issue authorization from
81, 900. 100000 to $5OO,OOO,O0
Senator Norris. Republican. Me-
braska, criticized the manner in
which the Kellogg substitute had
been brought forward. He +, arged
that it was prepared secretly" and
that Senator Kellogg had advance
information" denied to committee
members and other senators until it
was read i'm the Senate today.
Republican leaders generally pre-
dictd that the Kellogg measure would
be substituted for the Norris bill de-
spite disposition of the COMMITTEES
members and others to stand by the
Norris plan. The committee amend
ments and the Kellogg and other
substitutes are to be taken up in the
Senate tomorrow, with disposal of
tho Iaofelafiou this WAX nrpdi ctad