Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1920-02-22
EUROPE, STRIPPED OF COMMODITIES
To THROW ON WORLD MARKETS, IS NOT
GOOD CRED|T RISK TOU. s. PRODUCERS

pay NlfHN IL 10 'Hh NHNiH'N
marked recently that Belgium bad
francs bat no dollars Having un
dollars belgium cannot bus goods
m the United Sf.i.H iirlrlum tlu
obtain dollnrs only h' selling ht
products 90 the United states lnl
she hn, no products 10 s"Ii ur pro-
duets 90 rolatIyol, small quantities
~ best
At This point credit oniera cNH
American rilducrrs extend credit iH
me actions 90 Europe They 1900
rut Europr BE- uut o. good ,rod.i r...
Tho argument goes around ir 10 al
clos lusolfrnfs cannot DO hu..nr
snfc uilt uu credit
u ls different with china CHM
has wealth Zoo material ana Che
chnr.r are industrious member
nf the firm NJ ! T. Morgan a Co
~ now on route to China 40 continue
Inc negotiations Cor T. loan ~ io0o..
0O0 pounds sterling which was h..
gun year ago Japan viii be- q
participant IN the extension NJ ilis
credit so there are doubtless con
Solicitations Of International politics
Involved There L. also % desire 10
give aid 20 China .u the development
Of her tremendous resources Roads
and railroads are necessary not les,
for China than for the world rr.'r
the conditions that exist what could
he more beneficial Tor the whole
world than tO hlsc cnst access to
Chlna's storohouse of materials and
her tlrelcss labor There Is no Ia.
hOr question IN china The chinese
work and are willing
The Armour Leather Company Is
offering 20 the public ~ stock Thu
is first step IN the unscramblinr
of the Armour interests and II is the
moer important because the public
IL given the opportunity To acquire
the ownership ~ q haste Industry.
The Armour employees are also 10
be given an opportunity ~ acquire
stock on easy terms This Leather
Company Is the second largest in
the country and 10 expected in do 4
business OF more than 100000
00O0o this year u D. a modcrnlfcd
plan OF distributing assets and open.
Ing "a the people The chance 10 ayali
! themsnlyes 90 an investment 60
great and potentially much greater
earning capacity
Rural credits has been subject
. 81 UstF al -
The Federal Farm Loan Banks have
done a flourIshinf profitable AMI
successful business Undoubtedly
they ha,- justified their existence
but they have hot got Justified the
wisdom OF extending 90 the bonds oi
tho Federal Farm Loan Hoard eS'
emption from taxation That puet
ton Is IN courts Tho State ~ South
Dakota h.. however. IN diffrrcn'
position. IN that state there Is d
rural credits system that is wurklhs
we'll Loans are made on farm
mortgages by the state Rnral Credit
Board Tho mortgages are held by
the Hoard which issues State bonds,
The Law. which has been upheld D.
the state supreme Court provide
that " the mortgages do no, produc,
enough W laiercst 10 discharge the
bond charge tax NAV b. D.. 81 81
cover the deficit As the loans nav,
been carefully made. there iH no rcl
ION why there should be- any deficit
hut the states and is power % taN
are beck OF the bonds Thus they ~,
given such hlgh investment stand
ing that they sell readily on q fli'
per cent basis They are, oi course
exempt from the operation OF th'
Federal Income tax The Coniin
entail and Commercial Trust ans
Savings Bank Of chicago has alrcid'
placed nearly Sao.00o.000.0o %
these bonds A. an investment, thel
must be- given a higher rating than
those OF the Federal Farm Lonr
Board because the state, as the con
siiiutional lawyers. SPY. acts unde
reztalned powers and the Unite
states acts under delegated power
The state can. " % l. not forbidden
the United states can. only " u q
authorized.
An interesting feature o. he farm
loan business Is that every rurl
credit Law nas been promoted b.
enthusiast who have been obsessr
by motives % charity % the socla
urge The lawmakers h.Ye usuall'
responded 90 the arguments ~ ihes
promoters and have written hun
dfeds Of pages ~ unlifl material mt
these laws Orators have talked =
End nrrhap. The people have believe
o. Bu, IN practical operation ihe'
are money.lending measures on
} money lending has no sentiment !,
Il. II there we're continent in ". 7
South Dakota for instance, the ~
yestlnr public would not fespon
! - a.. asl..f. ..f.f tNUulN HruIuNIp