Jasper County Democrat, Volume 23, Number 77, Rensselaer, Jasper County, 22 December 1920 — CONGRESSIONAL RELIEF [ARTICLE]

CONGRESSIONAL RELIEF

On Saturday the bouse passed, with one important amendment, the senate resolution calling for the revival ot the War Finance Corpora lion. By the amendment the house struck out the section In which congress expressed the opinion that the Federal Reserve Banks should extend liberal credit to farmers. That section was extremely objectionable, not so much in Itself, for it would have accomplished nothing, as an indication of a purpose on the (>art of congress to Interfere with ' the administration of the federal reserve banking system. The bill itself went through by a- vote of 212* to 81. But there was nevertheless strong opposition to it. Mr. McFadden, chairman of the banking committee, characterised it as class legislation, said that It wouls lead to Inflation, and charged (hat the farmers were being deluded into the belief that they would be helped by It. "No advance to farmers,” he said, “has been made* by the corporation for more than a year, and could not be authorised under this measure.” Mr. McFadden warned the bouse that the project was "nothing else than placing the hand in the public treasury for the benefit of special Interests.” And he continued: I don't believe, honestly, it is going to help the farmer in the way he expects. You will be called upon to revive the grain corporation and other government war agencies., Until the consuming public receives the full benefit of these declining prices I think nothing should be done to Interfere. Mr. Madden of Illinois, another Republican, said: Already Europe owes 112,000,000,000 to us. This would add another billion to that debt. It sustains |lgh prices, moreover, and does not aid tne working classes, whose wages are being reduced all over the country. It may at least be said t£at this is not- a well-considered piece of legislation. Congress has acted on impulse, rather than on knowledge and sound principle—certainly this Is true ot the senate. It may find that It has created a very ugly and embarrassing precedent. For the farmer class is not the only one that is I suffering from falling prices. What the farmer chiefly needs Is a foreign market, and the effect of this legis- । latlon, if it raises prices, and ot 1 the proposed embargo tariff, will Ibe greatly to narrow the foreign i market, by making farm products so dear that foreigners will not be able to buy them. There will also be a curtailment of the domestic demand. Our people have already struck against high prices; to their unwillingness to pay them will soon be added their Inability to do so. It is becoming clearer every day that the Republicans in Washington are, as has been said, greatly in need of leadership. —Indianapolis News.