Webster City freeman. [volume] (Webster City, Hamilton County, Iowa) 1884-1946, 1921-01-03
Senate PASSES
WAR BOARD Owe R
Wilson'S VETO
President VetOes Bill Ex-
pected to Give aid
to Farmers and
Others.
VOTE WAS SO TO 5
Prediction is Made House
Will do the Same
Thing.
VOTE WAS SO TO f;
(By The Associated Press.)

Washington. ID. c.. Jan. 1.-THE
resolution to revive the war finance
corporation. was passed by the senate
today over President Wilson's veto.
The vote was taken Immediately af-
ter the presidents veto had been read.
Similar action by the house was fore
cast by supporters of the resolution
which was designed to aid farmers
and others in the present decline Of
prices. The vote was J3 to 5, or 10
more than was required for the neces-
sary two-thirds majority.
In his veto message, the president
reviewed the origin of the war finance
board, the suspension of making adj
vanceS to other governments, and the
reasons for congress adopting resolu-
tions TO revive the board
Gives Reasons.
He then added: Il am in full sym
pathy with every sound proposal to-
promote foreign trade along sound
business lines. do not consider that
the method proposed is wise, that the
benefits, if any, would offset the evils
which would result. or that the same
or larger advantages cannot be secured
without resulting in government inter-
On the contrary, | apprehend
that the result of the corporations
actions this time would exert no bene-
fetal influence on situations in which
is sought: would raise
false hopes among the very people who
would be expecting most. would hurt
the natural and orderly procedure of
business and finance The large gov
credit extended during the
war to certain European governments
associated with us in the struggle,
'CaSed several months after the armiS-
tee. except for the commitments al |
ready made"
They should not be resumed either
directly or indirectly. The recent
Brussels conference. composed of eX-
,ertS from many European countries
md other nations. itself expressed the
opinion that further credits should not
V accorded indirectly"
Other Reasons.
The president pointed out that eN-
,nrt, b,yn in.r,,SnI o,l So III .'Ditfi
.ulty in the way of still larger exports
lOeS not seem to lie 50 much in lack
II financial ability here, as in Europc's
ack of means to make payment. I'm
Ter the law, if the activities of the
are resumed. no direct
lGvanccS could hc made to producers
md if they could he. ii would not ac-
ciuplish the object in view They
would not create IL demand for produce.
/ could I've made only to exporters or
G banks engaged in financing exports
nd if it did in some measure, still
!, would probably not have the effect
rparently most desired in increasing
he demands for agricultural commod-
ties. 1t is highly probable that the
most immediate and conspicuous effect
t the results of the corporations acti-
iticS would be an effort of part of
lie exporters to shift the finances of
pcration from the ordinary CONNER
ial channels To ihr government This
;ould be unfortunate. Ii would con
lnte the government rs an active fac
VI in ordinary business operations. If
ctiviticS of any considerable magni-
ude should result. they would ncces-
hrily add to the imposition of taxes
+ further borrowing. either from the
'ar finance board or the treasury. In