Five Mile Beach weekly journal., 1921-01-14

the veto. by overwhelming majorities
In both cases. Mr.. Wilson said the
corporation was a war-credit agency,
not desirable or needed in peace
times; and that its revival would
exert no beneficial influence on the
situation, but would raise false hopes
among the very people who would
expect most, and would be hurtful 10
the natural and orderly processes OF
business and finance" The message
showed that our exports of domestic
products have Increased greatly since
the armistice, and that 1t is mainly
Europe's inability to make payment
: that prevents still larger exports. Mr..
Wilson's views were admittedly those
Of Secretary of the Treasury HOus-
ton, and a good many economists agree
with them but, quite regardless OF
party lines, most of the members of
congress evidently think otherwise.
Before the revived corporation can
ports, it will be necessary for the
President to fill at least m of the
two vacancies on the board of direc-
tors, as Secretary Houston, ex-officio
chairman, is too busy to give much
time to the investigation of the ade-
quacy of securities. In any case. ac-
cording to officials of the corporation,
1t will be about two months before
the first loans can be authorized.
The senate foreign relations com
mittee is trying to determine the best
method of starting disarmament of
the great powers, having before it
two leading plans. That of Senator
Borah, as is well known, is to invite
Great Britain and Japan to negotiate
with the United States an agreement
to reduce their naval building pro-
grams so per cent a year for a term
of years. The proposition has
aroused much interest in the other
countries named and is approved by
many leading men. In the senate
committee it has been suggested that
France, Italy and perhaps some other
nations, should be included, but Mr..
Borah objects that this would COM
plicate the plan and probably bring
in the subject of reduction of
armies.
The other plan before the commit
tee is proposed by Senator Walsh of
Montana and supported by senators
who favor the League of Nations. 1t
is in the form of a resolution request
ing the President to appoint delegates
to represent the United States in the
disarmament discussions to be con-
Quoted under the auspices of the
league. The "irreconcflables" fear
that this would involve the United
States in recognition of the league.
President-elect Harding's Inaugural
ton will not be conducted with the
"Jefferscnian simplicity" demanded
by some of our eminent statesmen.
The Knox resolution providing a fund
of $4,000 for the expenses of the cere-
mony was adopted by the senate, only
Borah, Fletcher, Gronna, Kenyon,
Norris, Mcclellan, Phelan and La Fol-
lette voting against 1t. 1t may be
that the patriotic citizens who 90 to
the national capital for the doings of
March 4 will not be fleeced so thor
oughly as usual. Senator McCumber
of North Dakota says he will intro
duce a bill to prevent the charging of
extortionate prices by Washington
hotel and restaurant men during in
auguration week. Nothing has yet
been decided about an inaugural ball,
but probably one will be held, and
probably the use of the great pension
building will be granted for the occa-
sion by congress.
Senator Harding resume his con-
f~erences with leading Americans after
the holidays, but has not authorized
any statements concerning the results
of these conversations. Neither has
Indeed, he vas quoted the other day
as saying he had not yet offered a
cabinet place to anyone. Just now
the chief interest concerns the posi-
Bile selection Of Henry G. Wallace of
Des Moines for secretary of agricul-
ture. He is opposed by the Chicago
packers and allied interests in Chi
cago and New York, and by certain
other groups who recall that Mr..
Harding said during the campaign
that he favored giving the position to
a real dirt farmer"
Organized labor is much exercised
over the possibility that a union man
may not be made secretary of labor.
It's choice at present is either James
O'Connell Of the metal workers or