Evening star., 1927-05-05
Bitterness Marks Discussion.

business organizations of the country
must take a decided stand for farm
relief.
Bitterness Marks Discussion.
The discussion of the resolution was
heated and marked by some bitterness
between the two camps. In the end.
however. the committees resolution
was adopted with but a few dissenting
votes.
The chamber passed resolution
urging the Government TO take the
leadership in insuring against more
floods such as the one now deyasta-
ting the Mississippi. 1t called upon
the President to enlist the best enCi-
neering and economic talent in the
country to study the flood control
question and offered all the facilities
of the chamber to that end.
Another resolution called upon the
Government for a substantial reduc.
ton of the corporate income tax. re-
peal of the Federal estate tax and
elimination of remaining war excise
taxes on particular businesses.
Ship Program AssaiIed.
Any new Government program Of
shipbuilding would be against public
interest and national welfare, another
resolution declared. 1t called atten-
tion to Il statement of Chairman
O'Connor of the Shipping Board yes
terday that the board does not con
template such plan and urged trans
ference of the merchant marine to
private ownership.
The chamber elected II nominees
to fill vacancies on the board of
directors. They are: Stanley II.
Bullard Philip Fl. Gadsen. William
Chaidler, William Papff, j. G.
Leigh, Robert p. Lamont, T.. T.
Meredith, Dwight B. Heard. Ever
EFT c. Griggs. Charles w. Ions
dale. Edward w. Peck. John G..
Lonsdale, Walter NJ. Daniel. II. A.
Smith, A. j. Brosseau. Matthew S.
Sloan and A. l.. Humphrey
An amendment to the bylaws pro-
viding for the election of a chairman
of the board of directors, who would
act in an advisory capacity to the
president, was passed.
Final sessions adjourned this after
noon. The newly elected board of
directors met to elect the president
of the chamber and q chairman of the
board.
Debt Attitude Outlined.
Any final settlement of the Etu.r.
pean disturbance must contemplate
the direct application of all payments
received from foreign debtors on our
national debt, in the opinion of the
finance group, according to the report
of it's chairman, Felix NJ. McWhirter
of Indianapolis. Such payments re-
ceived should not be used for tax re-
duction nor for current governmental
opera ton he emphasized.
We may expect one more reduction
Of Federal taxation and by then we
shall have about reached our normal
stride. Mr.. McWhirter said He urged
that the chamber go on record as adj
whatever that tax collection, from
whatever source and by whatever
methods. should balance expenditures
and create no surplus.
Under the auspices of the chamber,
he reported. there has been proceeding
a broad study of the banking and credit
machinery of the country, with special
attention to the operation of the Fed.
eral Reserve System in normal times.
Sessions of this committee will con-
tinue for several months, he said.
1t is the plain duty of organized
business 10 give freely of it's ability
and experience 10 assist in stabilizing
American agriculture on more pros
porous basis, declared Dwight r.
ed for the agricultural group.
9S,OOO.OOO Still on Farms.
In the past 50 years, he said. this
gradually has been changing
from an agricultural to an industrial
Nation Agriculture. however, he in.
sisted is still our greatest basic in
1ustry, from which 2S,000,000 of peo-
pie make their living.
I'VE have had three major agricul-
tural mutations, with their attendant
lcfiations since the beginning of the
nineteenth century" MIR. Heard point
I'd out. Agriculture has not yet re-
covered from the third deflation fol-
owing the World War. Fortunate.
", during the past year there has
been manifest Improvement in the
agricultural situation. The drift to
enantcy Is not as rapid as it was.
Prices on agricultural products have
shown decided improvement, inn
proved Government credit ability is
till extended to the farmer. and plans
ire under way TO extending proGuc-
ion credit at reduced rates of inter
.st"
Restricted production. in Mr..
1eards opinion, is not the remedy for
he present condition of agriculture.
Iowever. he declared. organized in
ustry should be prepared to foster
NY sound plan for agricultural sta
ility. even though the operation of
uch plan might temporarily modi-
Y the profits of organized industry.
The United States Government must
aspect the real rights of foreign gov.
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