OCR Text |
Show O CAPITAL 4 (" -llenrtjUworshahSip,;'! I j YOUR CONGRESSMAN j-.. s.-ll Tin' hnii'i" on August 21 passed IN:; to III an adiiiinisl rat ion loll to iiicri'a::c tin' leading ailllionty of the export import hank by !pl,-,r,iiti, !pl,-,r,iiti, nun, nun. Cut iiclually the measure is one of far-ioacliing cou-st'Ullenre:;, cou-st'Ullenre:;, and nullifies the Johnson John-son act banning 1 is lo countries In default of war debt.", to the I'lilti'd Stales, as well as virtually selling aside the neutrality law. This measure makes available nut lo exceed $.11111.11110,111,1) which the ex purl - im port hank may loan to countries of Ihe Western hemisphere hem-isphere to assist in the development develop-ment of Iheir resources, the stab-lization stab-lization of their economies, and tit orderly marketing of products. While Kepi esenlal ive Cox (Democrat (Demo-crat of (icorgia) labeled the proposed pro-posed loans "a most dangerous and expensive experiment." members mem-bers of the house banking com-niltleo com-niltleo displayed confusion in attempting at-tempting to explain the ramifications ramifica-tions of Ihe hill. The exisling limitation of $20,-OOO.ouO $20,-OOO.ouO on loans to any one country coun-try is removed and Chairman Jesse Jones of the Federal Loan agency slated that he did not relish tho immense giant of power and authority au-thority given him to loan a half billion dollars to nations on this hemisphere tor any purposes. Republican opponents centered their attack on the argument that American industry and agriculture might sulTer from assisting South Ameica to dispose of surpluses in compel il ion wit li product of this country. They also pointed out that Latin-American countries had i defaulted on $1 ,500. 1)00, 000 of j bonds sold in the United States, land would prove a poor risk now. Several amendments were proposed pro-posed to safeguard U. S. interests including one to require Latin-American Latin-American borrowers to meet the same wage-hour and acreage re-duel re-duel ion reqiiioments imposed on government borrowers in this country, but Speaker Bankhead and Majority Leader Rayborn led party forces in rejecting them. The outcome of this bold experiment experi-ment to finance Latin-American nations and Canada in implementing implement-ing the Monroe Doctrine may prove costly. Both Idaho congressmen congress-men voted against this bill. Uncle Sam, during the year ended end-ed June 30, 1940, gave a subsidy of 32 cents per bushel on 35,000, O00 ushels or wheat to exporters (amounting to $11,200,000), and also subsidized exports of 25,000,-000 25,000,-000 bushels of corn. However, tho surplus marketing administration refused to divulge the amount of the subsidy. These exports were paid for with gold valued at $35 per ounce, instead of $20.67 another an-other subsidy. Congressman Short of Missouri received a letter from a veteran 'Complaining that the false teeth provided by the Veterans' Administration Admin-istration did not fit and under separate cover he sent the teeth to prove it. Missourians have to he shown. v As senate debate of the Burke-Wadsworth Burke-Wadsworth conscription bill holds the spotlight at the capital, criticism criti-cism of the "sit-down" strike of industry in refusing to accept national na-tional defense orders with limitations limita-tions of profits has been inter jected. This abotagng of the de fense program brought forth heated heat-ed remarks from such leaders as Senator Walsh (Democrat, Massachusetts) Massa-chusetts) chairman of the naval affairs committee, who said; Business men have folded their arms, saying we are out for profit and our profits of IS per cent and we are getting them.' How can anyone vote to conscript manpower when the arms manufacturers manu-facturers insist on the same profits prof-its as in peacetime?" Senator Lee of Oklahoma, whose amendment to force purchase of government bonds was rejected, condemned arms manufacturers who "put their patriotism on a dollar and cents basis," and added; add-ed; "And yet they are expecting congress to draft manpower to protect their wealth." The recent address of Ambassador Ambassa-dor Bulltt in which he said that war is coming towards the Americas," Amer-icas," and urged intervention of this country, aroused 'cautisc com ment in both houses. This was paticularly controversial because the state department had given advance approval to the Bullitt speech. Announcement of the defense pact with Canada, and negotiation of an ex-change' of 50 cruisers with Breat Britain for permission to establish ar and naval bases on British New World possesions, contributed also to the senate debate de-bate on foreign policy. The administration ad-ministration is proposing to proceed pro-ceed with its program without seeking congressional approval. The ways and means committee in the house struck a stalemate recently in consideration of the excess profts tax when it was pointed out by Representative Jenkins (Republican. Ohio- that the measure discriminates in favor fa-vor of big business and makes little lit-tle corporations "pay the bill." Eesides the excess profits tax, the bill would repeal the Vinson-Trammell Vinson-Trammell apt's limitations of 7 and 8 per cent profits on defense contracts, and permit manufacturers manufactur-ers of defense items to amortize the cost of the new plants over a five-year period for tax purposes. While on the subject of taxes, it is interesting to note that cigarettes cig-arettes (pack of twenty) are taxed tax-ed 6;,j cents; distilled spirits, $3 per gallon; beer ?6 per barrel; automobiles au-tomobiles 3' J per cent; radios and pats 5;, per cent; cosmetrcs 11 per cent; playing cards 11 cents per pack and firearms 11 per cent.' |