The New York herald., 1921-01-04
Underyvood's Speech.

tnuerWOOd's .Speech.
There is no fundamental reason fos
disapproval of this measure" said Sena
tor Underwood "In times of panic
heretofore / recall that on the order oi
a Republican President the funds OF tAc
Treasury, paid By the people in taxes.
were sent to banks 10 help avoid
! financial panic. During s@g sors OF rag
I crop movement Il Is customary for Fed
eral Reserve banks TO- shift funds to
banks where the burdens Of the crop
movement bearing heavily upon barlzA
in large crop producing areas may b.
oased and bridged over.
Revival OF the war Finance Corpora
ton Will incur no danger either TO the
Treasury or to the finances of the coun-
try. see no reason why the country
or the Co olgress should not expect this
bill TO be administered safely. conserya
lively and satisfactorily. as II was
few months ago. and / think 1t should
become law &, spite of the President
disapproval"
senator Harrison said that If suca
/ corporations as the Bethlehem Ste
I Company and the International Harvea.
ter Company should profit more larseiy
| by revival Of Tho War Finance Corpor
tion than othcr interests a. vac b
| intimat ID by sccaeta 81 the 1rce'G
Houston in his Testimony ir psa1ias
the bill, IT would he reFssfiou ca r
character Of thc soere ~ Is ADMINISTERS.
ton OF the law
| 1--WE all knov the gitaaticn at .ha
White House" sat4 Senator asrriacn
I'VE know that since tn- resident 5e
came i'll he has not been as free to ad-
wise with the Congress as he was pre-
viously to that time. We know that
the information which he obtains as
general rule is from his Cabinet Officers
and II would seem to me very unfair
to the country. indeed it would be very
unfair to Congress and to the repre-
sentatives Of the American people
should the Secretary OF the Treasury
have his way and his advice be takeiy
by the President of the United States
The Senate by practically a unani-
nous vote said the War Finance Cor
poration should resume business and bc
revived. There was no opposition 20
that proposition to amount to anything
at the other end OF the Capitol The
people believe that some benefit will
accrue from revival OF that corporation.
/ What we now need are markets abroad
and credits to obtain those markets. So
l cannot understand the reasoning and
the fairness Of the Secretary OF the
Treasury to continue to oppose the re-
vival Of the War Finance Corporation
after his statement TO the Agricultural
Committee OF the Senate"
wilson's Veto Message.
In his message vetoing the resolution
President Wilson said:
This resolution was passed BY m.
Congress apparently In view OF the re-
cent sudden and considerable faIl lr
prices, especially Of agricultural COM
modities, with the thought that sorne
European countries to which certain
products were customarily shil -,d be-
fore the war might again be enabled
70 resume their Importation. fnn ihat
larger masses OF domestic cx ,r.
European countries generally 81
stimulated, With the resulting aurs3
mcnt OF domestic prices
II am IN full sympathy win evary
9ound proposal 20 promote foreign trade
\ along sound business lines, I am not
convinced that the method proposed Ia
\ wise: that the benefits. II any. wouli
offset the evils which would result, OF
/ that the same or larger advantages
carnot be secured without resort 10
Government Intervention. on tho con.
1 trary. I apprchend that the resumption
| OF the corporations activities az this
time would axort no beneficial Influence
! on the situation In which Improvement
4 is sought; would raise false hopes
among tho very people who would ex-
pect most, ann would be hnrtfui to the
natural and oAdcrly processes OF bust
ness and finance.
I "T.orge Govern mont credits were ex-
tended during the war 70 certain euro
r4an Govcrnmcn( associated wiz