The Calhoun chronicle. [volume] (Grantsville, W. Va.) 1883-1984, 1921-08-04
CONGRESS ASKED
TOAD RAILROADS
President Harding in Special
Message Proposes Use
OF Gar : nance Body
FARM c'sDIIs ARE URGED
First Step Taken on Request fer leans
To Agricultural laterests-Sees Nc
6ccec Expense. Liability or
Tax 5urcen.

Washington, D C-Partial -
Spouse was made Immediately By
Congress 10 A special message from
Pres dent Harding requesting that
powers Of the War Finance Corpora.
ton De broadened to AXE charge OF
tunGing upward 05 $500. 100000 OF
railroad debts and 20 provide lddi-
-lOnal farm credits
The President il his meassaze.
transmitted BY messenger. declared
the Government WIS ucra.Iv and
legally bound" ID t11d he railroad
debts a1i vas under an impelIing
immoral Obligation" 20 provide agrt
cultural credits.
The trsr step toward meeting The
second OF the Two requests-provi
sion for additional farm credits
had in reality been taken in the
Senate before the Presidential mes
sage was read. Senator Kellogg. Re.
publican, Minnesota. introduced a bill
drafted by Secretary OF Commerce
Hoover and Director Meyer Of the
War Finance Corporation. and said
90 have the approval Of the Presf.
dent, a a substitute for the pending
Norris bill 10 create a 800. .OOO. .O0C
farm export corporation. The bill
a. Introduced. embraced the Presf
dents suggestions 10 empower the
War Finance Corporation. instead OF
new Federal corporation. AZ pro.
vided n the Norris bill. TO advance
credits for agricultural exports.
The Presidents message dealt par
ricularly with railroad financing ana
declared the proposal that the war
Finance Corporation take charge OF
funding the railroads debts 10 the
Government would cause no added
expense, no added liability. no added
tax burden. The President described
the proposal As "a simple remedy
contemplating receipt and disposition
by the corporation OF ample secur-
ties deposited by the railroads.
The message vas referred by the
Senate 70 its Inter State Commerce
Committee. but Chairman CUMMINGS.
IN III health. vas out OF the citv and
when the railroad legislation would
be taken I'D was N doubt. Leaders,
however. expected action within the
next fortnight. Several Senator'S. oD.
posing any seubIance OF further Gov
eminent advances 10 the carriers.
stated privately that they would dzht
the legislation.
Senator Kellogg said that the oil
drafted BY Secretary Hoover anc
Director Myer had the approval OF
the Treasury Department It would
authorize extensions OF credits % Dro-
fucers or their associates. exporters
and also % bankers for Agricultural
export purposes. Besides the finance
corporation capital Of $500 900 000-
a evolving fu1t-it would BE- author
ized tr issue $1,000 900 900 in 5onds
Champions OF the Norris bill. how.
ever. continued their fight in its be-
lalt but with amendments made by
the agricultural committee tesiz-ed
20 meet objections raised The
amendments would eliminate 7-gvts
ions said I'd give the proposed corDor-
alton power 10 buy and sell farm pro
ducts The committee also reduced
t1e bond issue authorization from
$1,000 100000 to SJ90000 600
senator Norris Republican. We.
5raska. criticized the manner in which
the kellogg substitute had been
brought forward
Republican leaders generally pre-
--f that the kellogg measure would
be- substituted sJ- the Norris bin de-
-7i-a disposition 1f committee mem
beers and 5tEe-s Cd stand By the Norris
plan
There was transni TIED win Pre-
tent HarrinEs message us-r-a7-
ilu from Director Genera. Davis Of
the railroad 1f~fr'-t-a- saving
the ra road situation made the -s-
.lTtinz policy advisable Manifest
the director genera. Haf --z
roads were not HG1lte.y equipped
move traffic now