New-York tribune., 1921-01-04
Nevada; Hitchcock. Nebraska: Jones,

s'e' Vhto' KsnSdell, Louisiana; Reed,
Missouri Sheppard, Texas; Smith
Seorg'a; Smith. South Carolina; Stan
ley, kentlcky; Swanson, Virginia; Tn
cerwood, Alabama; W alsh, Massachu-
setts, and Walsh, Montana. Total 29.
Farmers Called Wrong
Twenty-four Republicans voted to
override the veto, or a smaller number
than the Democratic members who re-
heiled against the Administration
Senator Edge, Of New Jersey, in a
statement, said:
Il would have voted, if not paired, to
sustain the Presidents veto OF the bill
rsyiying the War Finance CORPORATION,
because in NY Judgment, his argument
IN presenting the veto was abs olutely
unansweracie. OF course, every one
wants to help the farmers and every
other class Of industry naturally af-
tected in the process OF readjustment
and octiation. but l am positive they
would not be helped by erecting arti-
neral structures for the announced pur-
pose OF helping them hold surplus
products in order to raise prices.
Every one knows that what the
farmers need to-day is a market. and
they can have q market only by recop-
nizlng prevailing world pr,ccs; so that
the reNivrl of the Wa Finance Cor
po1ation 70 assist them TO recoup nat
ural losses which can he d1ne, OF
course, only by raising priccs-will GER
talrly not assist them in disposing Of
their goods.
Additional Taxes
"Oa the other hand, the Wa FL
nance Corporation can only secure
money by Issuing and d;sposing OF
bonds or securing direct app-opria-
tioH from the Treasury Ir either
erens, II must adversely affect the
present financial and economic situ4-
ton and as stated, witeout ary d.
rsca-y resultant good to Ire producers.
an opposed to the reviving OF semi
war s,me agencies. erd , believe tEat
tAe only way we shall return to normal
conditions IS by acceriinG the iaEaNi-
ble barometer o. supplv ana dc0snd
and not endearoring 10 make water run
up hill
Il sc=y be temporarily d.stressine-
process. on. It IS inevItac,e il the
end, and l ~, very rnach AFRAID tnat
the favmeFS a. ce. court~y VIII hone
n eaie los Asrnsr- prices and foreil-s
ms 1@et tavougA lais governmental
95sssney~ L Is s'-nn'y r.,.ag UP add
'l0nS- taxes or ~ DeOr-1. as i2terc {
gnas ne PAID on evecv bond issued.
IrU1ueesS ar teAi-S advantage i the
sc-sE--eG E%ge ace ana are c4raniziDg~
cS-nc 20 >io7g Scr permanent assistaace.
a1'd -A@' 2g@2cx, II ray Judgment, viii
l. 81 oreer : asd nrcHsr Kramer with
orr svverrrE''ss,sa9 Interference or s,b-
I'D, gradually eelo sclve me proble.,
es s~,cl-ss-a cred i - helping the busi- ;
rsss 'gV1'@ keiD 5tSelt,'-
CaE1e.; . Yer Measure
TIE P~esid sn,'s message veto.no the
e. nm Tssolrti1r saio.
. .vf.rOrr!
trge s. J. Pes 10, .Jcint resolution ,s;-
recting the Wa FinArce C0rporutic2
70 take certain action for The relief O.
the rrss=nt depression II the ae-ricu,-
turnl sections Of tha eouat-y AID for
otle- purposes
u he joint resolution directs the re-
y,val O the activities of the Wa
tlnanee Corporation. This corporation
ls governme ntal arrncv Us can,+.,l
stNcS is owned entirely by the United
States- It was created during hostili- !
ties Tor war purposes. The temporary
powers which it is now proposed to re-
vive were conferred in March, 1919, to |
exports, The general powers Of the |
corporation expire six months after
t-e termination Of the war. and the
special powers with respect to the |
financing Of exports expire one year
affe- the termination Of the war.
Still in State of War
While we are technically still in
state OF war, it qucstionably was pre-
sumed, when this added power was
granted, that peace would have been
formally proclaimed before this time
and tAat the limitation of one year
would have expired.
"ln May 1920, in view of the fact
that export trade had not been inter !
ruptod, but had greatly expanded. and
that exports were being privately .
financed in large volumes, the War
Finance Corporation. at the request of
the Secretary of the Treasury and T
with my approval, suspended the max
ing of advances.
This resolution was passed nv the
Congress p--ently in view of the re-
cent sudden and considerable fall in
prices, especially OF agricultural COM
modities, with the thought that some
European countries to which certain +
products were customarily shipped be-
fore the war might again be enabled ,
to resume their importation and .hat
European countries generally might be |
stimulated, with the resulting en-
hancemcnt Of domestic prices.
Would Raise False Hopes"
Il am in full sympathy with every
sound proposal TO promote foreign .
trade along sound business lines.
am rot convinced that the method pro
posed Is wise, that the benefits, if any, T
would offset the evils which would re-
suit. or that tho same or larger advan-
tages cannot be secured without resort T
to government Intervention. On the (
contrary. apprehend that the resump-
tion of the corporations activities at
this time would exert TO beneficial in
fuence on the situation in which i'm
Provement is sought, would raise false +
hopes among the very people who would .
expect most, and would be hurtful TO
the natural and orderly processes Of
business and finance.
Large government credits were ex-
tended during .he war to certain Euro
pean governments associated with us
IN the struggle These ceased several
months after the arm stice, except for
commitments already made. They
should not now be resumed. either di- (
rertly or indirectly. The recent Brus-
sells conference. composed OF experts
from many European countries and
from other nations, itself expressed the
opinion that further credits should
rot be accorded directly by govern
nents. | do not believe that they +
should be accorded indirectly.
Exports Have Increased
<f