Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-24
RED|SC0UNT RATE CUTS
: : SHOW MONEY IS CHEAP
Banks Sending Surplus Funds
for Use in Call
-, Market.
Expert Says Declarations Of Iniop
Lenders on Threatened WnIaout.
arc Not Rorne out L., Workers.
Actions.
nN " nltCr u. Iirn,A

W ritton Cor the United News
:, NEW YORK July 23-Too much
importan"e attached to reductions
in the red!scount rate at this time
Its present significance j merely
tina; X IS AN Official recognition OF
the cheapness or money and Of Tho
expectation that Il will continue for
an indefinite period The red! >coun,
q privilege IS merely whe.l in our
financial machinery 20 he brought
into use In times OF tightening money
conditions. J; l. booster ia the
financial machine. device core.
e sRond.nc 10 that possessed by the
modern locomotive 70 assist in climb
Ing steep grade
when money is 80 plentiful that
the local banks cannot End use for
y FOR their Surplus funds bat send
ihem 20 New York for use IN The csI'
money market ii IS pretty good
care FOR all commercial and indus
trial demands IN 'neir localities
where n. interest rates are higher.
~ such times they do not need The
rediscount privilege
Men Don't Want Strike
Reduction In wages Of certai,
classes of railway employees - re
Sponsibic for threats or strikes nv
tho union leaders but despite dccla-
rations by The leaders that the men
are stronG for a strike. Their" no
particular enthusiasm noticeable in
that direction on tn" part Of .n.
nren themselves They have real l.d
FOR months that II was only = qucS-.
ton OF time when their wakes would
'have 10 como down to something
n"Tr- parity with outside labor for
tnoN arc Intelligent enough 90 know
that they could not nc retained uror
way basis While all other labor was
being debated The leaders baNa
also talked of nm alliance between
the - = ilway and the coal unions but
inis Is case az the wish being
father 10 the thought
tn" !"ndcrs themselves might
aErco 10 ~. hut 'hctc i no cVIdcnC"
That tho men would join Outbreaks
az violence among the coal miners
have shown themselves. which suG-
ccsts tn" last phase or the coal
str he. The real reason why tho
strike has been taken so calmly by
the men is that SO many had their
savings 10 fall back upon. besides
Icing able TO ma work in other lines
81 industry.
IS 10 political conditions. tho Senate
is SIN struggling with the tariff
wh!l" the House is marking time
Popular dissatisfaction with the tariff
HI has som. eTec; in the reduction
az number Of items from the
schedules presented by ;he Senate
Finance Committee |, is a peculiar
'uation In which a tariff oil re
ciycs so iittl" supper, from the
newspapers ur the party In mower
i u should hanpcu. as many believe.
'hs' N" tarlM Numbering VIII result
h' & polftlcRl turnover at tn" congress
~,"nai elections tins fall D., viii I'M
douhtedIy result in popular de
-I"ENd for more scientific method
~ ta-if making. probably through a
i-r.H commission designed after fash
ION ~ tho interstate" Commerce Com
mission IN tho regulation Of railroad
rates II will he hard for Congress
to delegate these powers 10 a non
partisan board. hut II can only some
about under The pressure Of public
opinion, and 1t would seem as Il the
pres.n; tendency is in that dircc-
ton
Harding Handles Ronms BiIi.
The President IS eth showing re-
,rarkable skin in handling tile bonus
question He i lighting for delay
n the hope that the passage OF
the measure can be delayed until
. after election. when 1t Will cease 10
hold the intcreS, 81 CONGRESS as i,
$50 NV - NV IfhI.t t' NJ foln
try could only realize tn" burden
az TAXATION they are h.lnE lot in
for. not SO much for ~" brusnt %
the soldiers IS 20 enable tic mem
bcrs o tn House -. Representatives.
80 practically Buy ,!.err recollection
and one third 81 the members OF the
!. Senate 10 DO likewise. there would
he such a demonstration that Con
: grass would never dare pass the bill
: When Il does pass tine President 10
. rHpecte! 10 veto 1t with the prob
a0'lity. or 81 leas, the hone. tina,
: his notion VIII SO focus tho a'tcn-
!. ton ~ tn" country upon what F..
really means 70 them that the bin
= VIII not nc repasscd over tn. rresl-
: dents veto This : rh- mos, serious
menace hetore tho country at the
present tins
Agricultural conditions poln, to a
: largely increased buying power on me
. pat of H. farmers during tn" com,
o ing season While IN" whea, cror
WILL he an average one IT wi! he
. needed while 50 far 20 Tho cotton
: outlook is conccrncd there is q world
: shortas" OF cotton with tn. prospec,
. ft hsst of only very moderate vie,d
e In 'ne Southern States