The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-08-01
FIGHT PROMISED
IN SENATEOVER
RESERVE BOARD
Senator Heflin Will Try to De-
feat the Reappointment of
Governor Harding.
POLICY OF INITIATION
INVOKED MANY ENEMIES
Friends of Eugene Meyer, Jr.,
Want Him Appointed on Fed
eral Board Instead.
By GEORGE H. MANNING.
washington Correspondent of Pensa-
cola JournaI)

4 " NOAA correspondent OF PenSa-
cola JournaI)
WASHINGTON, D. c.. July 31.-If
President Harding reappoints Cover
nor w. P. G. Harding on the Federal
Reserve Board which he has indicated
| as his intention, it promises to bring
on one of the most spirited fights in
the United States Senate this session.
Governor Hardings term expires Au-
gust 9Th, after term of eight years,
during the latter two of which he has
been Governor of the Board
Created Bitter Enemies.
The Federal Reserve Board heads
policy of deflation invoked in an eff
fort to counterfeit the financial in
flation during the war, has created for
him number of bitter enemies who,
led by Senator Thomas Heflin of Ala
bama,-also the native state of Gov
ernor Harding,-are determined to de-
feat his reappointment if his nomina-
ton is sent to the Senate by the Pres
ident.
Meyer Wants Job.
incidentally, quite a few changes in
the heads of various government de-
partments in Washington are involved
in the fight over the Federal Reserve
Board place. Friends or Eugene Meyer
Jr., head of the War Finance Cor
poration, are making no secret of,
their efforts to have him appointed on
the Federal Reserve Board in place of
Governor Harding.
Appointment to the Federal Reserve
Board is made by the President, who
also designates each year who shall be
Governor of the Board. The friends
ed on the board, and then named as
Governor to take the place of Governor
Harding.
Strong Candidate.
Mr.. Meyer has secured q strong en-
dorsement from middle western states
through the numerous advances and
loans which he has made as head of
the corporation to assist in the mar
keting of agricultural products, and if
any hitch occurs in the reappointment
of Governor Harding it is believed he
will make strong candidate for the
position.
Coincident with Meyers plans comes
word from a high official of the Ad-
nlinistration that Senator Porter ].
McCumber, chairman of the finance
committee, and recently defeated in
the primary of North Dakota, is being |
groomed to take Meyers place as head |
of the War Finance Corporation. The |
North Dakota senator has been in |
Washington since 1899, whein he was |
first elected to the upper house of |
congress, and has expressed desire |
to remain at the capital instead of re-
turning to North Dakota.
Pays $4,000.
Congress only recently extended the
life of the War Finance Corporation
for another year. The Craftsmanship
paws $4,000 per annum, and is one
not without influence. In addition to |
this, the affairs of the office are so
so numerous have been /
the advances made, that it is practic-
ally certain that at least three years
mere will be needed to complete the
b1sinss on hand, including the col
lection of loans and such matters.
Beveridge on "Slate."
Whether McCumber is named for the
Of course upon Mey-
rs elevation to the Federal Reserve
it is generally conceded in Washington
that the North Dakota senator will be
given some equally important position
at the capital.
Senator Harry New, recently de-
feated in the republican primary in IN
diana by James K. Beverage, is also
scheduled for one of the high govern
rnent offices. 1t was reported shortly
after Will Hays resigned as postmas-
ter general that his successor Would
be named only temporarily and that
The Indiana senator woul be given the
cabinet place Immediately following
the expiration on his term in M'rcf'
Dr. Work, present holder of the ",tice'
IS expected lc tender his resign~lon
about that time to make room Tor MT.
New
Takes Care of "The Boys"
There may be others who Will snare
\ the, general redistribution ot o1'ces
| ter Narch, as the Preside l. las
aDutat:cc for taking care OF the