Evening star., 1940-02-09
Finnish Loan
Continued From First Page.)

his attention to the Presidents mes
sage on the subject.
Senator Bailey, Democrat, of
North Carolina also found fault with
the indirect method of aiding Fin
land by leaving the decision to the
Export-Import Bank. Senator Bal
ley said he would rather deal with
the direct situation.
Senator Brown, Democrat, of
Michigan, opened the debate today
with a brief explanation of the
scope of the Export Import Bank
bill.
He said he still favored a direct,
unrestricted loan to Finland. AS
he originally proposed. but became
convinced the pending bill to extend
credit for military supplies, is
the best that can be obtained from
Congress.
The Harrison resolution, adopted
yesterday, 65 to 3, has no force OF law,
but expresses the sense of the Senate
that the Securities and Exchange
Commission should expedite the
consideration of any application
that may be made for the registra-
ton of Finnish securities, either by
the Finnish government or by any
representative committee of Ameri-
can citizens.
Sponsors of the resolution say
they have no knowledge that such
an application will be made, but
they hailed the Senate vote as help
full to that nation in its struggle
against Russian invasion.
Frequently during the debate Sem
ators suggested that an offer Of
private securities would give Ameri-
cans who sympathize with the Firms
an opportunity to aid them with
capital that could be used for what
ever Finland feels 1t needs most
urgently.
Increases Authorization.
The measure awaiting action in
Congress today increases by $780,
100000 the general credit authorize
ton of the Export Bank, and
WlAA1C ~ NOOS 1AoC hlCllt4OAA oAAy SOuAl~
try as a prospective borrower, it
leaves the lending agency free to
advance up to $4,000 900 to Finland
and like amount to China.
1t was brought out in the hear
ings that the bank also has under
consideration possible loans to Nor
way and Sweden, as well as to South
American countries, all for the pur-
pose of encouraging export of nom
military surplus American products.
If there is extended debate this
afternoon the vote may be put over
until early next week, but leaders
predict it will pass by safe ma
jority and be sent to the House for
concurrence.
The major fight in the Senate is
expected on a motion to reduce the
new authorization to $4,000. 900,
which, if adopted, would still leave
the bank with a sufficient amount
to consider the Finnish credit.
The three Senators who voted
against the Harrison resolution yes
terday we're Danaher of Connecti-
cut and Frazier OF North Dakota,
Republicans, and Norris, Independ-
ent, of Nebraska.
No Lack of Sympathy.
Senator Norris made it clear his
position did not reflect lack of SYM
pathy for Finland, but argued the
Senate should not give an opinion,
without the force of law, on a ques-
ton, the responsibility for which it
has vested in another Government
agency. He suggested that If the
step was deemed desirable, Congress
should have the courage to take it
in the form of a law, to be signed
by the President.
1T is my opinion that this resolu-
ton does not violate the Neutrality
Act, and that actual good will come
from it," said Senator Harrison,
Democrat, of Mississippi, who spon-
sored it. The Mississippian, who
voted against the Export-1mport
Bank credit in committee, said he
would rather see bonds sold to pri-
vate individuals than have it come
from the Treasury.
Citing the heavy tax rates on
large incomes in this country, Sena-
tor Harrison said that if wealthy
citizens bought Finnish bonds and
sustained any loss. they could claim
some deduction on their income
taxes, whereas If they make gifts,
they would be subject to gift taxes.
Fourteen Republicans and one
Progressive joined with 81 Demo-
Gratis in voting for the Harrison
resolution, namely:
Democrats.
ADAMS MAL/ONEY
ANDREWS McCARRAN
BAILEY MCCLELLAN