The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1921-01-06
SENATE OVERRIDES
FARM AID VETO
Passes Finance Bill Over DiSap-
prevail of President.
WILSON EXPLAINS HIS ACT
Declares Resolution to Help Farmers
Will Raise False Hopes-Resump.
ton of Corporations Activities
viii Prove Harmful

viii Prove Harmful
Washington, Jan. 1.-The senate
passed the resolution to revive the war
finance corporation over President
Wilson's veto.
Similar action by the house was
forecast.
Vetoed by President.
The resolution to Eeyive the war fl
nance corporation was vetoed by Pres
ident Wilson, and the senate took I'M
mediate action with a view to passing
the measure over the Presidents veto.
Senator Underwood said he would
vote to pass the measure over the
veto, as he had not changed his mind
rs to the ACCESSIBILITY Of the action.
Dsapproval Of the resolution was
recommended by Secretary Houston.
President Wilson'S message vetoing
the resolution follows:
"To the senate of the United States:
81 am returning without by sigma
ture, S. J. Rec. 212, Joint resolution
directing the war finance corporation
to take certain action for the relief
Of the present depression in the agri-
cultural sections Of the country, and
for other purposes.
THE joint resolution directs the re-
vival Uf the activities Of the war
finance corporation. This corporation
Is governmental agency. Its capital
stock is owned entirely by the United
States
Created for War Purpose.
ut was created during hostilities for
war purposes. The temporary powers
which it is now proposed to revive,
were conferred in March, 1919, to as.
siSt If necessary in the financing Of
/ exports. The general powers Of the
corporation expire six months ftcr
the termination of the war, and the
special powers expire one year after
the termination Of the war.
while we are technically still i'm n
state Of war, II unquestionaby was
presumed, when this added power was
granted, that peace would have been
formally proclaimed before this time
and that the limitation of one year
would have expired.
''Tn May, 1920, in view Of the fact
that export trade had not been inter
rupted, but had greatly expanded, and
that exports were being privately
financed in large volumes. the wal
finance corporation, at the request OF
the secretary Of the treasury, anC
with my approval suspended the max
ing Of advances.
This resolution was passed by the
congress apparently in view Of the re
cent sudden and considerable fall il
prices, especially of agricultural com
modities with the thought that som,
European countries to which certain
products We're customarily shipped he
fore the war might again be enabled
to resume their importation, and tina
larger masses Of domestic exports Il
European countries generally might b,
stimulated, with the resulting EN-
haucement of domestic prices
- am IN full sympathy with every
sound proposal to promote foreign
trade along sound business lines.
am not convinced that the metho,
proposed is wise. that the benefits. i
any, would offset the evils which
would result. or that the same o
larger advantages can not be secure,
without resort TO government inter
yenton.
"On the contrary | apprchend tina
the resumption of the corporation
activities Mt this time would eXer
no beneficial influence ON tho situation
| I'm which Improvement Is ought
would raise false hopes among th
very people who would expect most
| and would be hurtful 10 the natura
and orderly processes Of business an
| finance
Tariff revision Is 10 be an importan
matter this week before both scnat
and house. Senator Penrose Of Penn
sylvania, chairman Of the scnut
finance committee, planned 10 retur
to the senate after ycar's at
sence and, with members Of hl
committee, begin consideration of III
emergency tariff bin passed recent
by the house.
Inquiry into coal prices Is to he r,
sumed by the reconstruction commit
foo headed by Senator Calder (Rpp