The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1922-03-16
NEWS SUMMARY
OF THE L; CAPITAL Al u
House Passes Bill to Appropriate
$1,000, 900 to Assist Farmers
to Purchase Seed Grain.
FEDERAL ROAD AID BILL
COMPTROLLER of Currency Says He Will
Advise Banks Not to Accept
Service Certificates.

nassed a bill authorizing a million
dollar appropriation for the purchase
of seed grain for farmers in drouth
stricken areas of the northwest. AS
previously approved by the senate the
bill carried $5,000,000 appropriation,
and it is necessary for the difference
in the amounts to be compromised be-
fore the measure goes to the prcsi-
dent.
Appropriations of $50,0O0,00O for
federal road construction next year,
$1,9O0,OO0 for continuing the trans
continental airplane mail service and
$4,000 for re-establishing the New
York-Boston pneumatic mail tube SER
vice are added to the annual postoffice
appropriation bill carrying 4,00O,-
600, which has been ordered reported
out of committee. In addition to the
$5O,OO0,000 next year for carrying out
the federal highway act, the commit
tee has declared for $65,000,O00 in
1924 and $75,OO0,O00 for 1925.
Comptroller of the Currency D. F.
Crissinger announces that. in the
event of the enactment of soldiers
bonus legislation providing for pay
ment by adjusted service certificates,
he will advise banks to decline to ac-
cept these certificates as security for
loans. Mr.. Crissinger described the
proposed plan Of issuing adjusted SER
vice certificates for use of the soldiers,
if desired, as collateral for loans to
so per cent of their face value as 'the
worst kind of frozen credit" and de-.
clare that, while he would be without
authority to order national banks to
refuse to accept them as security, he
would strongly advise against their
acceptance. The certificates would be
non-negotiable paper" Mr.. Crissinger
explained, and loans upon them would
load the banks up for the three-year
term which they cover with an I'M
movable mass of security. The GER
tifcates would be similar to real estate
loans, which are not rediscountable at
federal reserve banks, he said, and
'far from the liquid security best for
the banks"
The United States government has
declined an invitation to participate
in the international economics and
financial conference to be held at
Genoa next month on the grounds
that the conference is not primarily
an economic one, but is "rather a
conference of a political character in
which the government of the United
States could not conscientiously par
ticipate." The position Of the Ameri-
can government is that participation
by the United States in any general
European conference is impossible at
this time owing to the complete fail
ure of European nations to adopt
proper measures for remedying the
ravages of war and for insuring the
sterilization of their economic life.
Those who depend on the Congress
sional Record for information about the
senate debate on the Washington con-
ference treaties never will know any
thing about the blunder Of "Treaty
Killer" Reed of Missouri in contending
for twenty minutes that there is moth
ing in the four-power treaty abrogat-
ing the Anglo-Japanese alliance. Ex-
ercising his right to edit his speech
Senator Reed deleted all reference to
his lack of knowledge of the contents
Of the treaty, including Senator Len
roots interruption calling the fact to
his attention.
The United States insists that Ger
many pay for the cost of the Ameri-
can army of occupation. The bill at
this time exceeds $2,555,OOO. But, the
question arises, how are We to collect
it? -