The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1923-11-15

freight rates on exports of grain
The railroad officials concluded that
farmers would receive little or no
benefit and the action would be dis
astrous to the rail carriers inasmuch
as it would set policy of rate cut
ting on freight movements to the
seaboard. The President stated that
the initiative was taken as a means
of avoiding long hearings on the
subject before the Interstate Com
merce Commission, the official reg
ulatory body.
Business men in all communities
have an intense interest in the re-
discount situation. Indications are
that the market is tightening and
the re-discount rate may be in
/ creased at an early date. The Treas
ury Department IS giving tie mat
ter close attention because of it's
general effect on the financial fab
ric of the country. Trade optimists
admit that there are certain evidences
of contraction in new business. An
outstanding example is the iron and
steel trade, where new business rep
Washington Letter Gal Two
resents only one-half of the mill
capacity. The ramiications of the
steel industry affect many branches
of business. There are symptoms
of renewed activity which will prob
ably take form about January /,
when operations will begin on rail-
road orders, insuring full operation
of many mills during the first half
of 1924.
1t is the intention of Senator
Borah, of Idaho, to curb the power
of the United States Supreme Court.
Legislation to this effect will also
be introduced in the House of Rep
resentatives by Congressman Wood
ruff, of Michigan. The Borah-
Woodruff bill contemplates revok-
ing the power of the Supreme Court
on 5-4 vote. Borah is the spokes-
man for group of legislators dis
contented at the decision of the Court |
setting aside certain acts of the |
Congress on constitutional ground. 1t |
is generally agreed that Borah will |
make little Roadway at this session.
The right of search of ships at
sea is an issue which has the atten-
ton of thoughtful citizens. Whether
the British government will accept
the suggestions of the State Depart
ment extending the power of dry en-
forcement officers to twelve miles
from shore will be known in a few
lays. The President believes that
lefnite details as to the arrangement
will be submitted to Mr.. Hughes
when Col George Harvey, retiring
American Ambassador to London, re-
urs here. The administration is
apparently lacking in definite knowl-
,dge as to the need of new treaty ,
With Great Britain as result of
hese negotiations. The claim has
'een advanced that a new treaty
would conflict with the Constitution.
here is reason to believe, however,
hat the Government will arrange
reaty which would contemplate the
bolition of the penalty and thus
ircumvent the question of unconsti-
a. lie
The small town banker has more I
han passing interest in the pro- /
edure relating to national banks ,
low before the Supreme Court of :
he United States. The case in par
cular is that of the First National
sank in st. Louis, which appealed
rom an ouser judgment issued by the
supreme Court of Missouri, compel /
ing the abandonment of branch
'anks. The decision of the Missouri 5
court was based both on the Nation 2
j Bank Act and the Missouri State
'anking laws.
TIL Federal Government, through !
he Department of Justice, has en- ,
cred objection to the alleged US
rpation of power by the Missouri {
supreme Court and the Solicitor
General of the United States has filed +
brief with the highest tribunal, 9
Gliding that in the event the action {
) not reversed SO far as it relates to
he National Bank Act, the national e
anks in the Federal Reserve System ~
vould be subject to 40 jurisdictions !,
hus overriding the purposes of the =
rational Bank Act.
1t is of interest to small communi-
les to note that the Supreme Coourt
f the United States will pass upon
ne question of establishing branch
anks. Occasionally there have been
rotests to the Treasury Department
gainst the maintenance of branch
anks by national banks, alleging that
ne business of rural banks suffer s
reduction. C