The New York herald., 1922-01-18
Continued from First Page.

serve bill was put through the upper
house this afternoon has greatly
strengthened their confidence In this
respect. II their confidence is realized
they believe all the agencies of the
Government will be compelled to con-
suit the wishes of the professional
agriculturalists before proposing legis-
lation designed to provide equal pro-
lection and security for all classes of
the people.
Opponents of the bloc are con-
strained to admit the probability Of
such results unless the President reso-
lutely exercises the functions of party
leadership as well as Chief Executive.
The Presidents supporters in the two
houses do not concur in the boasts Of
the professional agricultural lobby
lists that the President will accept
their mandates in the future without
question.
1t has been the policy of Mr.. Har-
ding to attempt to reconcile differ
ences Of viewpoint in order to pro-
mote complete harmony in his party.
But some of his closest friends as
sert that he may be compelled to adopt
a firmer policy in dealing with the
Congressional situation il the general
business interests of the country COM
pei 1t.
The debate on the Federal Reserve
bill developed more than one surprise.
The most important was that only
seven Republicans and two Democrats
refused to >be coerced by tie agricul-
tural lobbyists. These were Senators
Mclean and Brandagee (Conn.), f,
Calder and Wadsworth (N. ", Keys
and Moses IN. HI. and Edge IN. J),
Republicans, and Pomerene (Ohio)
and Williams (Miss.), Democrats.
Lobbyists surpriscd mt Change.
The Senators who voted for the
Federal Reserve bill were divided be-
tween the two parties on the basis of
about 3 to 2 in favor of tie Republi-
cans. Some of the bloc lobbyists were
surprised at the change of front on
the part Of many Senators who were
regarded as hostile to the bloc but
who finally decided to climb on the
agricultural band wagon. AS finally
passed the Federal Reserve act pro-
vides that in making appointments to
that board the President shall give
due consideration to the agricultural
and commercial interests of the coun-
try" instead of directing him to ap-
point representative Of tie agricul-
tural interests to membership.
Two important amendments were
adopted. One provides that any Fed.
eral Reserve bank must secure con-
sent of Congress to spend more than
$3.50, 900 for a bank building; another
amendment makes notes, drafts and
bills Of exchange Of cotton factories
eligible for rediscount by the Federal
Reserve system. There was consid-
cradle opposition to this measure,
which was proposed by McKeller
(Tenn), on the ground that it con-
ferred special privileges on that In
tcrest which are denied to other
classes Of business.
Most Of tho opposition to TIE COM
pleted bill came from Senators Edge
IN. J.) and Mclean Comm. Senator
Edge declared the manifest discrimi-
nation In favor Of the agricultural in
terests made for class legislation and
was not for the best interest of the
country. He argued that the great
need Of the farmers was reasonable
credit along established lines. He
said he had been told the recent de-
preston in agriculture was not so
much due IN the lack of credit, but