TREASURY SECRETARY OPPOSED TO RESTORATION OF WFC
Washington, D.C. (JFK+50) On December 23, 1920, Secretary of Treasury David F. Houston* declared opposition to the restoration of the War Finance Corporation** in an appearance before the Senate Finance Committee.
The Secretary predicted a deficit of $2.1 billion in government finances for the coming fiscal year and $1.5 billion for the next. He advised that new sources of revenue should be found and no new budgets proposed.
The Committee formed the impression from Secretary Houston's testimony that he would be opposed to any cash bonus plan.
*David Franklin Houston (1866-1940) was born in Monroe, NC & graduated from the University of South Carolina (1887). He earned his MA in Political Science at Harvard (1892). DFH taught PS at the University of Texas & was president (1905-1908). He was Chancellor at Washington University (1908-1913) & served as Secretary of the Treasury (1913-1921).
**War Finance Corporation was set up to financially support industries essential for WWI & to banks that aided such industries.
SOURCE
"U.S. Facing Deficit of Two Billions," New York Tribune, December 24, 1920, Chronicling America, Library of Congress, www.loc.gov/
