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Story
July 23, 1919
Grand Forks Herald
Grand Forks, Grand Forks County, North Dakota
What is this article about?
Senate banking committee defers action on Sen. Edge's bill for long-time credits abroad due to opposition from Sen. Gronna, who fears American control of foreign industries. Edge defends it as vital for reconstruction and exports.
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ACTION ON SEN.
EDGE'S BILL IS
DEFERRED TODAY
Senator Gronna Objects to
Long Time Credit
Abroad.
Washington, July 23.—Opposition by Senator Gronna, Republican, North Dakota, caused the senate banking committee to defer action today on the bill of Senator Edge, Republican, New Jersey, authorizing the organization of corporations to provide long time credits abroad for American interests.
Senator Gronna said he was disposed to oppose the bill if it proposed that American bankers go into the banking business abroad and seek to control the industries of the devastated countries.
"I think there is an underlying purpose—something under the crust—if we can get at it," said he.
Senator Edge declared manufacturers, farmers and other interests favored the legislation which, he said, reached "every vital spot of reconstruction problems and had been approved by the federal reserve board."
Declaring that foreign exchange rates are now prohibitive, Senator Edge said the American merchant marine would be useless unless means were provided for selling American goods abroad on long credits.
EDGE'S BILL IS
DEFERRED TODAY
Senator Gronna Objects to
Long Time Credit
Abroad.
Washington, July 23.—Opposition by Senator Gronna, Republican, North Dakota, caused the senate banking committee to defer action today on the bill of Senator Edge, Republican, New Jersey, authorizing the organization of corporations to provide long time credits abroad for American interests.
Senator Gronna said he was disposed to oppose the bill if it proposed that American bankers go into the banking business abroad and seek to control the industries of the devastated countries.
"I think there is an underlying purpose—something under the crust—if we can get at it," said he.
Senator Edge declared manufacturers, farmers and other interests favored the legislation which, he said, reached "every vital spot of reconstruction problems and had been approved by the federal reserve board."
Declaring that foreign exchange rates are now prohibitive, Senator Edge said the American merchant marine would be useless unless means were provided for selling American goods abroad on long credits.
What sub-type of article is it?
Historical Event
What keywords are associated?
Senate Bill
Long Time Credits
Reconstruction
Foreign Policy
Banking Committee
What entities or persons were involved?
Senator Gronna
Senator Edge
Where did it happen?
Washington
Story Details
Key Persons
Senator Gronna
Senator Edge
Location
Washington
Event Date
July 23
Story Details
Opposition by Senator Gronna leads to deferral of Senator Edge's bill authorizing corporations for long-time credits abroad to aid American interests in reconstruction, amid concerns over foreign control.