The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1922-04-27
Informal Conference of Senators in
Favor of Paying Soldier Boys
Cash Bonus.
MILLION VOTED FOR FLOOD
Bills introduced in Congress for Crea-
ton of National Farmers
Financial Union.

ences by republican leaders OF the
senate revealed strong sentiment IN
favor Of throwing out the house Ger
tificate plan and restoring the cash OPP
ton, the funds to meet payments to
be raised by government certificates
of indebtedness. Some Of the senators
are worried over continued limitations
from the white house that the presl-
dent will veto the Fordney bill it 1t IS
sent to him. They are trying to lind
a way to pass a bonus bill without a
sales tax. In their opinion the certiti-
cate of Indebtedness plan will accom-
plish this result. And, even more i'm
portant, restoration Of the cash fea-
ture to the bonus bill will be pleasing
to former service men. Congressional
leaders who have called upon the
president within the last few days
have told him frankly that the senti-
ment of both houses, without regard
to party, was overwhelmingly in ia
vor of soldiers bonus, so strong in
fact that it probably would override
an executive veto.
Congress has come to the aid OF the
flood stricken lowlands along the Mis-
sissippi river. Both houses passed an
appropriation making $1,OOO,O0O i'm
mediately available for strengthening
the river levees.
Creation of the National Farmers
Financial union to provide agricultural
credits is provided in bill introduced
in the senate by Senator Peter Nor
beck of South Dakota. Representative
E. J. King of Illinois has offered a
similar bill in the house. Farm orga-
nizations are back Of the bill which
provides a new rural credits system
SEPARATE from the federal reserve sys-
tenn and the federal land bank system.
Il provides that board of six direc-
tors, including the secretaries OF the
treasury and agriculture, shall be in
CHARGE of the new system. The CAPT.
tai stock would be $200,000,00O. The
main office would be in Washington
but branches would be established
throughout the country. The board IS
authorized to make advances for pc
riods not exceeding one year to pro-
ducers or dealers in agricultural prod
ucts. The rate Of interest on loans
shall not exceed 1 per cent more than
the discount rate for 90-day CONNER
cial paper of the federal reserve bank
in the district in which the loan is
made. Advances can be made to eth
err producers or exporters or to banks
and trust companies. Advances shall
not at any time exceed $1,OOO,OOO,-
600. The institution is permitted to
issue bonds maturing in from SIX
months to three years.
It is stated in diplomatic circles here
that not since July, 1914, has Europe
been in the presence of a political
crisis as acute as that at the present
hour. Not one but several wars are
within easy view, and despite the Ia
bored optimism in certain official quar-
tiers at Genoa, there is no mistaking
the fact that the process of disintegra-
ton is going on steadily. Moreover
LLOYD George, the last restraining
force in Europe, is daily losing infiu-
ence at home and abroad. Between
the 1914 situation and the present
there is close analogy. Then Aus
tria, under German advice, placed Eu-
rope in the presence of an accom-
plished fact intolerable to several
great powers by her ultimatum to Ser
bia. Now the Russo-German coup has
created a condition which will as little
be endured by France as the Serbian
program of Austria could be born pa
tiently by czaristic Russia.
The stormy career of the Genoa
economic conference up to date is re-
garded by the Harding administration
as ample vindication Of it's declination
of the invitation to the United States
to participate. Secretary of State c..
z. Hughes, in his note to the powers
declining the invitation, said the con-
ference evidently was to be more polit-
ical than economical in character and
that the American people desired to
keep clear of ENHANCEMENT in the
political problems of Europe.
Further liquidation Of $17,O0O,OO0 Of
loans and discounts, as against an in
crease of about $2O,OOO,000 in invest
ments, is shown in the federal reserve
boards weekly consolidated statement
of condition on April IL Of 1O2 men,
Der banks in leading cities. Despite
the increased activity Of the stock
market, loans secured by stocks and
bonds show a reduction for the week
of $34,000,OOO.
Senator w: H. King urges that the
United States blockade Mexico ports
IN order to afford adequate protec-
ton to American interests. Under the
abominable conditions prevailing in
Mexico Mr.. Kings suggestion should