Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-12-04
HELM SAYS
VOTES READY TO
PASS FARM BILL
Sees No Reason Why Specu-
IatiOn in Produce Should
Be Permitted.

WASHINGTON, Dec 1--we have the
votes here to pass legislation to aid
nfarmers Of the South and West, notwith
standing the attitude of Secretary Of
Treasury Houston or Governor Harding
Of the reserve board" Senator-elect Hef-
lin, Democrat, Of Alabama, declared to-
cav at the opening Of the joint House
and Senate agricultural committees.
.There is no reason why these farmers
are to be forced to sell on a low mar
ket and 1T great losses only TO see their
produce sold at a later date with great
gain to specuratOrs," Helm continued.
Governor McKelvie Of Nebraska, who
was on the witness stand at the time,
made several suggestions as to the steps
State governments might take to aid the
farmers.
McKeIvie read resolutions adopted by
the conference Of Governors which recon-
mended Government credit for foreign
trade, further extension and renewal Of
credits and general aid by the Federal
Reserve Board.
PROPOSES STATE
LAND LOANS.
what are you going to do in Ne
braska TO aid Z" Senator Capper, RepIb-
lican. Kansas, asked.
I'VE propose a system OF State land
long term loans" BIcKelvie replied.
81 am going to call in the farm asso-
Citations Of Nebraska in the next ten
DAYS to discuss matters TO be taken up
I'm this direction by the next Legislature.
"PIans in many states will bring the
deserved relief ultimately but we must
have aid at once
Have your state hanks granted credit
to farmers?" Senator Harrison. Democrat
of Mississippi asked.
"The State banks are Influenced by the
policies Of the Federal Reserve Board,
since loans must be discounted with
banks belonging to the Federal reserve
system" McKelvie replied.
Representative Summers Of Texas also
urged the further extension OF credit at
once.
RESPONSIBILITY
RESTS On BEARS.
Responsibility for the recent disastrous
slump in the price OF farm products.
was declared today by Senator Arthur
Capper, Republican, OF Kansas, 10 res,
chiefly on the bears OF the Chicago
Board of Trade.
Capper charged that the board. as now
conducted, is the worlds greatest gam
bling institution.
Because q lot Of market gamblers fnd
it convenient TO bet on daily quotations,
the farmer who has been forced TO sell
his hogs and cattle at Z loss, while meat
still sells at war prices, is again made
the goat" Capper said.
Tie farmer has lost more than bill
lion doIlITs oy the gigantic bear raid Ola
farm products On the Chicago Board Il
Trade.
Brokers and commission houses have
cleaned up forty rcillions IN margins and
commissions alone. The lambs who play
the IN; rkst have lost more than enc hun
bred millions In the last ninety days in
speculating in cotton AID wheat.
EVERY CITY HAS
ITS VICTIMS.
Every city and town in the United
States has its victims. There is 4 grain
gambling conspiracy to blk the people
and the farmers out Of hundreds OF mil
lions Of dollars. and its success de-
ponds upon how long the gamblers can
prolong the raid ana manipulate the
market"
Capper's charges were embodied In
formal statement that he would intro
duce when Congress recOnvenes Monday,
next a bin 10 stop all gambling n
wheat, corn, cotton and other farm prod
Ucts by prohibitive taxation. Representa-
tive Tincher, Republican OF Kansas, Will
introduce the same measure in the House.
Capper also announced.
Capper declared the bill would "elimi-
nate the wheat pit and blackboard and
pat ont OF business tile thousands OF wire
houses and bucketslops operating IN
every city in the United States. By
making IL impossible for gamblers and
Spectators 20 deal on Boards OF Trade.
HEAVY PENALTIES
PROVIDED IN BILL.
The measure would accomplish this"
he added, by imposing a prOhibitive tax
Of 10 per cent on all contracts for fu-
ture delivery, except when made By farm
ers, dealers or manufacturers who are
buying and selling for actual delivery"
4 penalty equal to 80 per cent Of the
tax levied, and IN addition a fine not ex-
ceeding SO 600. or Imprisonment for not
more than one year, is provided in the
bill for violators of its provisions.
The bnl undertakes to preserve the
legitimate hedge but cuts out all gam
bling and manipulation" Capper said "A
memorandum must be kept OF all trans
actions, and report must be made by both
buyer and seller TO the collector OF in
ternal revenue"
Capper said he expected the bill to
have the support Of all grain and cot
ton dealers. millers and spinners who,
be added, ARE anxious to stop gambling
in farm products" and would have the
opposition Of commission houses. brokers'.
hrroEa+cTo-, ,,o-Tvoe -v.or,r.e.--