Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-07-26
MESSAGE SENT
CONGRESS FOR.
BROADPOWERS
Would Empower War Finance
Corporation to Extend Re-
lief to Agriculture.
BUY RAIL SECURITIES
Only Outline of Plan to Aid
Roads and Stock Raisers
Given in Appeal.

WASHINGTON, July 26.-Presi-
dent Harding today asked Congress
to broaden the powers of the War
Finance Corporation so that it could
give financial relief to the railroads
and agriculture.
He made this request in a short
message addressed to the Senate and
House of Representatives.
Harding gave only the bare out.
line of the plan he wants Congress-
to approve. Details are to be given
out later by the Railroad Admins
tration.
The President. however, made clear
these salient points Of his plan:
That the War Finance Corporation
be empowered to buy railway securi-
ties now held by the director general
so that officials may have funds to
settle with the railroads without dip
ping into the treasury.
That the powers of the corporation
be broadened so that it can extend
further relief to the live stock raisers
and farmers.
NAAAhOADS W AWE
THEIR CLAIMS.
Harding also revealed that to hasten
/ a settlement with the Government the
railroads have consented TO waive their
! claims, based on the assertion that
labor deprecated in value during Gov
eminent control and that the Govern
ment should pay for this.
/ The waiver, however, win not prey-
udice tfeir right if they should take
/ their claim to courts
/ Harding then explained that the Gov
ernment owed the railroads and the
roads owed the Government, and that
settlements already have been made for
claims totalling S225, ,56S, 76i.
WAY CLEAR TO
EARLY ADJUSTMENT.
The way would seem clear to very
early adjustment and relief, except for
the fact that the railway administration.
J though possessing assets, does not COM
mand the funds necessary to meet what
will be its admitted obligations, the
message said.
/ The proposal that the War Finance
Corporation be empowered to negotiate
these assets was then made.
While the Government is thus making
payments to the roads, the roads debt
to the Government will be funded-that
is, payments spread over period OF
years
The Presidents recommendations with
regard to relief for agriculture through
( the War Finance Corporation weIe less
/ definite. lie pointed out that there are
very promising possibilities Of broaden
| ing the powers of the War Finance Cor
poration for the further relief of sgrieuls'
tural and live stock production"
"Broadened powers Of the War Finance
! Corporation to meet agricultural needs
will enable it wholly TO meet the Nation
wide emergency" said the President,
This is an impelling moral Obligation to
! American farming in all its larger as
poets and it will be most gratifying to
have your early sanction"
When the message reached Congress,
Senator Kellog introduced a bill contain
| Ing the Administration plan. The kellogg
/ bill was designed as a substitute for the
! Norris farm export BILL which the Senate
! has been considering.
! The KellOg measure provides 81, ,OOO,-l
/ 100000 credit for the farmers and it
authorizes the war finance corporation
! to extend credit to farmers and enabiai
them to carry over surplus crops until
markets are available for them LiberaIh
terms for repayment of Government loans
| are provided.