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The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, August 20, 1921, Image 5

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V- V :
Administration Plan to Help
Agriculturists Is
This Legislation Adopted as War Meas
ure IJill Ambiguously Worded and
(Jives Government too Great Liberty
With National Funds, lie Says.
WASHINGTON, Auk. 20. Vigorously
denouncing the policy of reviving and fur
ther perpetuating the powers of the war
finnnep cornoration for the purpose of
'"financing a concern to go into the busi
ness of taking chattel mortgages on hogs,"
Congressman Porter II. Dale or the sec
ond Vermont district, in the house stood
out alone of the house banking and cur
rency committee in opposing the passage
r,f the senate bill for the relief of produc
ers of and dealers in agricultural prod
ucts, and sounded an impressive note of
warning against attempting to inflate in
dividual and corporate credits by draw
ing upon the federal treasury.
"If we would put a V.ttle less thought
on how we can make certain interests
think we are attempting to aid them by
artificial methods," declared Colonel Dale,
"and a little more energy into improving
our federal reserve system to meet pres
ent conditions, it would be more reason
able and more in line with common duty."
The Vermont congressman said in part :
"Mi. Chairman and gentlemen: You
recall verv well in the spring of 1018 the
comii ions urn exis. -u 1,1 1 then this corporation is thereupon to make
TheUermaii army nan ow.Keu mm uu t - i atlvaucis to anv lirnl wr,wrati,ii. and
western trout aim ve v,u- ,,,., 1 s) 0 (;entIpmeil 1()(lU at it. Tluit is the
grearesi Sircs 1 Mit-um y.-t ,lf i,MW ,.nll,,.,tif!il niiKtmct nn
12. 13
l I7
lo 13
8 . r 2.'
7. I
I 23
5. ' 29
44 45 3
43 . 3b 3b
42. S8
( fty
vi '-7 '
i end.
What has Willie drawn?
from one to two and so on to the
United States, or there is a lack, of
market for the same even, what then
And the ordinary facilities are inadetpiat
that is. the banking facilities, of cour:
to enable producers or dealers in sue
products ta cany them until they can
exported or sold in an orderly manner
hould say. the strain
. .1 K. .....1 ..ninl.iTitv ti tl:n limit .It
Ol IIOUOL illlU Jiri ihaui .......
that time or any during the war ; and un
der these unprecedented conditions con
congress passed an act which required
... . , 1.. r.f
legislators to an: 1 ..on -o.imiu,. - u..innot sH1 ,vithot a riot? I that what
it means? No; that is the only language
land unbiased authority. When dealer
cannot sell 111 an ordinary orderly man
tier what does that mean? When the
cannot sell with gentility? When the
rensoninsr and to think only of using every
resource even the treasury of the United
States to spur producers in this coun
try to put out their products. What for?
For national defense, for natioual se
curity, to prr.secute the war.
"That is all we did it for. Congress
put together what was intended to be
merely the machinery to make loans to
concerns wiiose products cimuiuuiru i;
the prosecution of the war. It was a cor- j
porn t ion furni.-hed from .the treasury of j
t!n I'nited Slates, if it were necessary,
with .SoOO.IMKUMH) in capital stock, with I
the authority to issue its bonds, as the.
chairman of the committee has told you,
to the limit of S4.0KU KM l.UOO tax-exempt
bonds. In fact, it was a temporary frame
work with which to do what could not be
performed by a substantial structure a
corporation to meet in time of war what
the banks would not meet and it was
composed. s vcm Know, or me secreiari
of the treasury and four others. It
that they could
purpose of it.
their price !
and when by
devise to cover up the
When they cannot get
That is the reason for it
any banking methods they
'cannot hold their products until they can
do it. then the money to enable them to
1 do it shall be furnished by the treasury
'of the United States out of taxes paid by
I men in other lines of business until they
can get their price.
I "What security is given for this?
ISonds? No. Notes, full, adequate, they
say ; notes indorsed, guaranteed by pledge
or otherwise, any old way. liacked 1 s
collateral taken at 7-" per cent as in the
original act? No; face value. Again,
under this bill the finance corporation
may purchase notes, drafts, bills of ex
change or other instruments .f indebted
ness, secured by chattel in -n-tgage. ware
house receipts, bills of lading, or other
.iuiiiii'iiJxiWi-L. m vtitins. c inveymg title-to
empowered and authorized to advance ou,The (1)rs an. vi(,p n TR1 treasupv
notes of hanks, bankers and trust com- jof thp Uniu.( States is tinancing a concern
panics wlucn would loan to any firm, cor- to g() int() busim,S55 of taking chattel limi t -poration.
or person whose operations werp'ga,(,s (n ju
necessary or contributary to the prosecu- 7.Ah( hut t;oro ;s n ;,rit hpr Thpv
tion of the war, and even under these cir- My that umer this b;u you use ft;r
c-.imstances the value of the collateral ti this purpose onlv Sl.(MMUK)0.tH)0 It i-J
these loans was restricted to i. per centij: it j to Sl.(Ki().0(K (HKi for the nr,i;
of its face value, and we specifically re-1
stneted the time when tins extraorumary ainee the davs
corporation should stop operations ami
begin to liquidate to six months after
the President proclaimed the end of the
"Now. when the distinguished leader
of the Democratic side (Mr. Kitchin) at'
that time presented this kind of legisla-
"" 1 , , V v 'inis nouse mat vou are going to pass it
he said it was so radical, fo unprece-, All(1 then w,,at nre vfm jh tf w
denied. vi iiuiiumnan.. r , ...... ln n toxv , avs hnvmir so eomn etelr i.nt
the prediction of the centleman from
jOhio, you are going to meet the prediction
ic;f the gentleman from Michigan when the
bill conies in from the committee on in-
and this is what we have come
when men who were accus
tomed to debate in the house said they had
to forget all normal reasoning in order to
vote for this bill in its original form when
its sole purpose was to prosecute the war,
a purpose now wholly submerged in these
other purposes. Hut you are going to
pass the bill. I know by the temper of
so economically
that the mini of even the
would hesitate to
took issue with him
was given general
most radical j
endorse it. Nobody-
en his statement. Itj
reiteration at that
t!lnP- ,. . , Iterstate and foreign commerce with this
"There were two predictions made re- provision: The war finance corporation
specting that bill, three and a half years :aot is furtht,r amended, and so forth and
ago, to which I want to call your atten- so fortll s0 that the c;,rj,oration win b(l
tion today. The gentleman from tJlimjoniiiowoml to purcliaso railroad bomls or
(Mr. Fess) said: "It will not end with notes cr other smiritif,a at an agCreKatP
the conclusion of the war It will come purchase pr:ce not to exceeJ s,J00,Oo0,ooO.
nit a jmr nun uir iuuiiumuuui iu mac wav vou are jroinz to carrv out
, . 1 . . . ' . . 1 , . .. 1 . 1.1,1 rill f.l . .. .. -. '
II is dangerous, UIm imiu, xuu
The gentleman from Michigan
the conclusion of the war. 1 jn
,' and so forth, and so on.
Fordney) said that in his candid opinion
the real purpose of the bill was ultimately
to furnish money to railroads. That is
what he said about it three and one-half
years ago.
"Well, this war finance corporation
fulfilled its mission, and if it bad stopped
when it was intended that it should stop,
though extraordinary, it would have
proved valuable as a war auxiliary. 15ut
when that time came congress had become
somewhat accustomed to this economically
revolutionary method of raising money,
and we extended the time, anil we em
powered and authorized the corporation
to make advances to any firm or corpora
tion eneasred in the business in the United
States of exporting domestic products whoj
were unable to obtain funds upon reason-;
able terms through banking channels, or,
to any bank, banker, or trust company
who loaned funds to those concerns.
"What was the excuse? Not the ex
cuse that was submitted for creating this
abnormal institution in the first place,
namely, the prosecution of the war. No. J
We had long since passed that necessity
by reason of our army, victoriously. It
was in order to promote commerce with
foreign nations through the extension of
credits. See how we had gotten away
from our original purpose. And mark me,
gentlemen, there lies the danger today.
Not half as much it is by the inflation of
currency as by the inflation of credit that
this nation is imperiled at the present
time. . . .
"When with our new and powerful fed
eral land bank System, whei with all
other kinds of financial institutions, you
have to empower a corporation to advance
funds furnished by the national treasury
to bankers, firms, corporations and asso
ciations who cannot obtain them thraugh
anv banking channels. in order to do
what? To inflate credit. There. I say,
lies the danger. It may be avoided. It
may be one or two or three years before
we come to it, but the risk is beyond the
taking by a safe pilot.
"Now, almost three years after the war,
we come here to revive and rehabilitate
this old procedure again. What is the
purpose of this new and extended power
that is being asked for? Whenever, in
the opinion of the directors, conditions
arising out of the war and all financial
conditions now where there is perplexity
have arisen out of the war of course
when such conditions have resulted or
when they may result, when it is even
imagined that they are coining, and that
an abnormal surplus has accumulated
of any staple agricultural product in the
the second prediction.
Swedish Lutheran church. Tier. O.
Cassling. pastor. Services Sundav morn
ing at 10...0 by Ilev. Axel Lind'wall of
Chicago; 7.o0 p. ni. by the church pastor.
Advent Christian church, Esteyville,
Lev. E. S. Hewitt, pastor. Owing to the
absence of the pastor the morning ser
vice will be omitted. Sunday school at
noon. Evening, one service only, at 7
o clock. Subject, Reminiscences on Our
Adventist Hymn Writers, bv Mrs. L. T.
('Hilton. It is expected that Mr. Coulton
win he present to lead in the
Years Ago
Happenings of August, 18"1,
Taken from the Files cf
The Phoecix.
bridge connecting"
Alnnit 30 couples from this place
joined tho Odd Fellow excursion to
Montague on Thursday. They wore ac
companied by the cornet and quadrille
bands. .,
Mr. lltnry Glover of this village has
hamh'd us a Northern Spy apple of last
years growtii which is sound and ap-
uarentlv in good condition to keep till
next sprin:;. It is the last of a parcel
that were kept upon boards in the cel
A party of three or four persons from
i.his pliice accompanied by others from
;pringie!d, Mass., returned on Saturday
from a week's visit to Martha's Vine
.ard. The account they bring of the at
tract ivt ness of the locality, backed up
by the tine show of bluefish presented to
I'riends on their return, are of the most
.'liticing nature.
Main and Canal
' West :niin'ler-rr.7-;. & Iliehardson lias
sold two acres' of tobacco as it stands
in the field and has no further care of
it only to keep the worms off. Price
&50O. -
Tt is gratifying, says the Rutland Her
ald, that within six years from the close
of the Rebellion the state debt should
be reduced to less than half a million,
with over HX),(K;0 in the state treasury
to pay current expenses. This is a rec
ord that few elates can present. .
The Ladies' Aid society of the Baptist
church conducted a successful ice-cream
sale yesterday afternoon on the common.
The union meeting, which was to have
been held Sunday evening in the Bap
tist church, has been "postponed indefin
itely. Mrs. Amy Haley, housekeeper for
Alonzo T. Stowe. is spending several
Jdays in Vernon in the home of her daugh-
Iter, Mrs. Charles Hamilton.
Mrs. E. P.. P.issell of New York, who
The prospects of a Firemen's Muster, in Wilmington, has returned to visit Mr.
.he l.rst ot September are highly e- and Mrs. p. II. Winchester.
ouragmg. me necessary iuiuis nave
oeen raised and several companies
1 distance have already signified
ntention of lscing present. No pains
viil be spared to make the trial a lirst
lass aifair. The playing will be hori
.ontallv through CW) feet -of hose, with
Mrs. E. A. Knight is expected to return
today from a two-weeks' visit in tJreen
porr, L. I., and at Congamond lake,
Southwiek, .Mass., with her sister. Mr
Arthur Sanders, and
field, who are spending
family of Spr
the summer at
Rev. Harry R. Miles of New Haven.
Conn., formerly pastor of the Centre
I ongregational church, will occupy the
pulpit of the Centre church tomorrow.
Richard Cobb, who is employed at the
Manley , Brothers garage, states that he
was out of town all day yesterday and
so was not one of those n the automo
bile truck that ran into the railing on
Churchy street and broke the railing over.
Federal Agents to Block" Runners irom
. Canada.
DETROIT, Aug. 20. With the an
nouncement here yesterday that United
States customs authorities will station
agents at secret points along the Detroit
river to check up on liquor boats coming
from Canada, the activities of rum smug
glers were believed on the wane.
Action by the customs department fol
lowed refusal of Canadian customs au
thorities to open their books to Ameri
can officials who sought to obtain the
identity of liquor shippers iu the dominion.
en minutes allowed each machine.
! lake.
Mr. and Mrs. Arthur Winter of At hoi.
The genuine Colorado potato bug has Mass.. visited her parents. Mr. and Mrs.
lot vet made its appearance in this vi- J'-dgar H. Davenport, yesterday, coming
nity so far as we are aware although to attend the funeral of Charles II. Dav
aanv iconic have found what thev sup- enport. whose body was brought here
used to be it. Mr. "C. C. Frost of this f''""i Ithaca, N. V. Committal services
dace has received from Illinois some were held in Prospect Hill cemetery,
ptcimeus of the genuine article, which! There was a large number at the corn
o;iv be seen by calling at his shoe store, roast last evening at Charles Winches
Ihe.v much resemble the common squash ter's on Ames hill, and the affair was a
I1.1l ...... .i1.,.,,fr fiii t Iiiil: .j r n.f 1 .1 : ' 1 1 ri.i
u:i win uu- uiiui.i pi-Hi liiiiu ii o" : iieriiieii sue , ess sni iauv. j ne menu eon-
f-isted of roast corn, roast potatoes, ba-
Ccorge W. Harr'.s of Mt":rose, Mass
.vhik attending the
.Yidnesday lost 17d
nvelope in an inside
atMi were arrested on
ni: taken the money.
he following day it was found that the
tioney had been picked up by llufus
hsws'on of this place, who on proof of
iwneiship being presented promptly re
in ned the sum to Mr. Harris, receiv-n-
a $-20 bill for his honesty.
rods, frankfurters and marslimal-
An enormous bonfire was built,
which the eorn and other edible
CiKked. The evening was an ideal
horse trot on
contained in an
pocket, and two
suspicion of bav-.om for an outdoor party, the moon shin-
On examination ing brightly.
Jin the evening of Wednesday, Aug.
17. a surprise party was given to Mr.
and Mrs. Newton Hastings. About 73
persons were present and a very pleas
ant evening was enjoyed. Refreshments
of ice cream and cake were served, fol
lowed by music and an evenine of neieh-
& Murray's circus, on Thursday . borly intercourse. Mr. and Mrs. Hastings
Nellie Lynde expect to leave
for an indefinite stav in the South.
will be much missed bv a large cir
cle of friends and neighbors.
f last week, drew a prettv
endanee and the performance, with the
xception of the balloon ascension, was
irst class. The assembled crowd, which
it 1 o'clock prepared to see the "dar
ng aerorant'' make his perilous jour
ley above the clouds, were obliged to
vstrain their curiosity until 7 o'clock
.vheil the
ii Protessor. rose to a height ot a tew
feet and immediately de
landiug in the meadows below.
fair at-(and Mrs.
Here's the Truth
about what we have to of
fer you. They're "worth
while" offerings, worthy of
Ths Park Drug Store
18 Main Street Phone 210
' eel i iled.
monster" unaccompanied by Thieves Take $1,175 Worth of Silver mid
Jewelry from House.
PROVIDENCE. R. I.. Aug. 20.
Frederick Read. ll' Blackstone boule
vard, discovered yesterday that bis house
had been robbed of $1.17." worth of sil
ver and jewelry. Bead had been at
Watch Hill for a week. He returned be
fore Mrs. Read and found that during
the absence of the family a window be !
been forced.
Among the articles 'of jewelry which
the thief took are diamond, pearl and
laiqihire bar pins.
A Krocklin? correspondent informs us
bat a party of fishermen hailing from
.Jremtield. Mass.. pasinu through the
iouth part of this town on Wednesday
in their way from Mariboro. took a con
de of rub pit blankets from a wagon
.vitbout ousidtiiiir the owner. They i
verc followed bv Constable Osgood and
vIr. E. I'.r.sh through Putney to the
.'liubljtirbood of Chesterfield. N. Ll.
iond. where their teams were found ami
he blanket recovered. We withhold
he names of the parties out of regard
for their families.
East Dover The hay crop this season
proved to be below the average yield.
West Dnmmerston Mr. Bailey has
recently returned from a visit to Al
bany. N. Y., where he went to present
the Voix) "quality of Dnmmerston granite
is building material for the new capitol.
Mr. .Bailey was well received by the
ommissioiiers and had bis visit been
ma.l at an eariier date it is probable
'hat bis offers might have been accepted
r'or a large amount of granite. There is
no better granite in thp country than
that from the Dnmmerston quarry.
Putney- M. T. C. Perry has a coarse
wool lamb two months old that wei;;hs
"7 pounds. Tf any of the boys can beat ,
it, let us hear from them. " j
Will the boys who expect to par
ticipate in the
Potato Race, Sack Race
and 50-yard Dash
on Eabor Day, communicate with
"Died" Stolte at once? There
will bo several classes.
Mrs. Bascom, our
is intend niir soon
N. IT.,-
inliiriiri;:n f Til 1 I 1 1 lipr
some hne improvements in arm
and house, near ine
to make
alxut her
Domino Golden Syrup
No. 2 cans 10 per can
2-quart cans 30c per can
A fine syrup at a low price. When this lot is
gone there will be no more at so low a price.
:Houghton & Simonds5
,. -V
at 8 O'clock
1 118 WW
On jifi v
. !. 1 Ji
Ward Tires
Guaranteed 6,000 Miles
Master Cord
30x331x4 :
Guaranteed 10,000 Miles
Fabric and Cord. All sizes.
Lowest Prices.
CrolFs Battery and Tire
Service Station
75 Canal Street
Put On Your Old
Grey Bonnet
and come to Brattleboro Labor
Day, September 5 for the all
day celebration of the American
Legion. Prizes to 'be given, you
may get one.
; i-
?'! :-Ui f
i I
Continues for
Two Weeks
Beginning Monday You Wit
Have Choice From a Wide
Showing of Summer Apparel at
Savings From One-Thnxl to
Theres No Other Sale Just
T J , f "II i. v.
Like vi his-
it s Part of O
t i
, Stores at Brattleboro, Springfield, and Newport, N, H. '
off. v ir ; ' j v-
ft f
3 t
,y t

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