Omaha daily bee., 1921-07-05
Norris To
Fight For
Farm Bill
In Spite of Criticism by
Hoover Nebraska Senator
Will Urge $lOO,OOO,OOO
Export Corporation.
Bill Now On Calendar

LII lNOW Vii AdlCllSldl
Chicago Tribune-Omaha Bee Leased Wire
Washington, July 4.-In spite OF
criticism of the measure by Secre-
tary OF Commerce Hover and other
government officials, Senator Norris
OF Nebraska, chairman OF the senate
committee on agriculture, intends to
force consideration in the senate of
his bill creating a Sl00,000,0OO cor
poration to aid in the expectation OF
farm products.
The bill, which was introduced
the calendar of the senate after hear
ings lasting Tor two weeks before the
committee on agriculture, gives eX-
tensive powers to the proposed cor
poration. Under its terms the gov
ernment corporation not only would
aid in the financing of exports OF
farm products but would act as a
marketing agency. The corporation
is authorized to purchase farm prod
them abroad and TO act as agent for
any person or organization dealing
in agricultural products.
The corporation would be managed
by board consisting of the secre-
tary of agriculture and two addi-
tional persons appointed by the pres
ident The capital stock, totaling
Sl00,000,000, would be subscribed by
the treasury.
Others Endorse Move.
Although Secretary Hoover de-
clared chat the government should
stay out OF private business activity
as proposed in the bill, Senator Nor
ris insists that the measure will help
to relieve the present situation, both |
in the United States and in Europe.
In this opinion Senator Norris is
supported by Carl Vrooman OF Hi
Virginia, a former member of the |
federal farm loan board.
As result of the criticism by E.
E. Clark, Chicago, for the Interstate
Commerce commission, Of provision
in the bill which authorizes the cor
poration to negotiate with the COM
mission for reduced freight rates on
its shipments, the bill as reported to
the senate has been amended by in
Guiding an additional section which
grants authority for reduced freight
rates on export shipments of all agri-
cultural products whether handled by
this governmental corporation or
not. Mr.. Clark objected to granting
reduced freight rates to products
handled by this corporation as dis
elimination against private business.
Will Set Security. 4
Senator Norris, in report to the
senate advocating the bill, declares
that the corporation will be able to
obtain security from foreign nations
which will make the payment for
farm productions certain.
The corporation is empowered to
purchase agricultural products in the
United States and to sell them in for
eign countries, either for cash or on
time, taking such securities for de-
ferred payments as in the Judgment
OF the corporation shall be sufficient
TO secure the payment of the indebt- !,
edness at maturity, together with in
terest thereon" said Senator Norris.
These securities are held by the cor
portaion. and on the strength thereof Z
the corporation is authorized to issue
its bonds and sell them in the Amer
ican market, and with the proceeds
repeat the operation with the limita t
ton. however, that the bonds so is {
sued by the corporation shall at no t
time exceed 10 times the paid-up
capital. Y
u. S. to Be Middleman.
The bill in effect provides for a
between the producer in
America and the consumer in for 4
eign countries, and is intended to ;
enable the farmers OF the United
States to dispose of their surplus
products in foreign countries. The I,
country is confronted with a condi-
ton that makes it impossible for the ;
farmers to dispose OF their products =
at price that will pay the cost of d
production, while at the same time y
there are millions of people in for .
eign countries who are starving for Il
INC very iOcu pIOuuStS tildt We nave :,
in such large surplus in this country >
The foreigner is not able to pay cash ;
for these products. He is exceeding IT
ly anxious to buy, but must have time =
in order to pay. :
at is believed that the corporation I;
will be able to take security that will u
make the payment OF these farm ll ll
products absolutely certaian Ia
Agriculture in this country is in
Danger OF bankruptcy because no II
lash market is afforded in foreign
for our products. The ma !, !,
ions of Europe are in direct distress u
ior these very products, but there is .
IT present no instrumentality by y :
which the sale of these products can NJ
,e properly financed. 70
The committee believes that this u
,ill provides the necessary machinery
~ which the sale of thi. surplus in
america to foreign purchasers can A