The Dawson news. (Dawson, Ga.) 1889-current, 1921-01-11
IANGLE LIKELY OVER
WAR FINANCE ISSUE
CHANCE TO DELAY REVIVAL
OF CORPORATION BY BALK-
ING AT APPOINTMENTS.
HOKE SMITH OPTIMISTIC
Georgia Senator Declares Several Eu-
ropean Countries Are Anxious to
Buy Cotton on Approved Credits.
Delay Is Expected.

WASHINGTON, d. C.--Now that
the house has followed the senate's
lead in passing over the presidents
veto the bill to revive the war finance
corporation men like Senator Hol1e
Smith, of Georgia, are saying tonight
that the enactment of the bill will
cause rejoicing all over the United
States" while financial authorities like
Senator Glass, of Virginia, declare it
ian imposture" on the farmers. At the
same time there is in every mind
questioning as to how the corporation
is to be made to function.
The law provides that it shall have
five directors. AT present there are
three-Secretary of the Treasury
Houston and Angus w. Mclean and
George r. Cooksey, assistants secre-
tary of the treasury. Two must be
appointed by the president and con-
firmed by the senate. Presumably he
will appoint friends and probably
democrats. The senate, in control of
the republicans, has refused lately to
confirm any of the presidents appoint
ments, except a few congressional
lame-ducks who were approved in
open session, and the plan of the re-
publican leader is to make no con-
frmation in executive session.
Two New Directors Named.
The corporation could function with
the three directors it now has, but it
means that one of these is the man
who led the fight against reviving the
corporation and the other two are his
-, La 4ra1 II
It is taken for granted that Mr.. Hous-
ton, bitterly as he opposed the meas
ure to revive the corporation, will at
tempt to carry out the mandate of
congress in good faith. However, it is
felt here that it will be difficult if not
impossible for men distrustful and
hostile to an undertaking to operate
it in the wholehearted manner that the
representatives of the farmers desire.
So the two additional directors are
needed and the attitude of the repub-
lican senator toward confirmation is of
omportance.
Smith Points to Advantages.
Senator Smith, of Georgia, said that
he knows that the Finnish govern
ment wants to buy 10000 bales of cot
ton and can give good security; and
that Poland wants 100000 bales, Gee
cho-Slovakia about the same and
probably Austria the same. But IN
each case, he added, there must be
allowed long time in which to pay
and he thinks credit can be extended
through the aid of the war finance
corporation. Germany, too, he said,
chase of from 100000 to 100000
bales.
Senator Glass said that the bill
would do the agricultural interests of
the country no good whatever. He
declared that measure which aims
to give help to a special class, at the
expense of all the people, is bad in it
self, but that the revival OF the war
finance corporation will not do even
that. He thought the failure OF pri-
waite interests to handle the business
that the war finance corporation is
expected to handle is proof that it can
not be handled with success.
Two Months Delay Expected.
Officials of the war finance corpo-
ration said today the corporation
would be revived Immediately, but
that necessarily time must elapse be-
fore the actual making of new loans
would DeRin. come OF tHeIH thought
the time might be two months.
Funds for making the loans must
be raised by bond issue, it was stat
ed, and other preliminary matters
must be cleaned UP. While the corpo
ration has a book balance with the
treasury of about $375.000,000, Off
Gals said the use of this money for
loan purposes would necessitate the
issuance of treasury certificates of in
debtedness and that an issue of cor
poration bonds probably would be de-
cided upon instead