Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1920-05-27
Washington Letter
Land Banks Sound.

Banking and Currency states the be-
lief that the Federal land banks are
financially sound and may be tided ov-
or the lean period until the Supreme
Court decides whether or not farm
loan bonds are entitled to tax exenlp-
ton. "The resources of the Federal
lard banks" states Mr. Platt, "amoun
ted on March 81 TO 1858, 1904, 432 and
they had mortgage loans outstanding
amounting to $334,787,816, on which
S3.622,81o had been paid. Delin-
quent payments amounted to only
$l24 ,04G. The land banks had bor-
rcwed SIC, $4,000 in anticipation of
the next bond sale on March 81. The
L. s Treasury now holds under au-
thorization Of the act Of June 80,
1918, about ~Sf36. 100000 in Federal
farm loan bonds. The joint stock
land banks should be allowed to IL
cuidate and the Federal loan banks
should be allowed tostake over their
assets and assume their liabilities"
70 aid the farmers and to relieve the
joint stock banks who are unable to
sell bonds pending the final decision
Of the Supreme Court, the House
Banking and Currency Committee has
favorably reported ar amendment to-
the Farm Loan act that would per-
nit any joint stock land bank to go
into voluntary liquidation if it is un-
able to obtain funds necessary to con-
tinue loans.
Saved Six Hundred Millions For the
Coming Year.
The sundry civil appropriation bill
passed the House of Representatives
carrying $60S,00O,000 less than the
amount requested in Administration
estimates. The total is $423, 00o 900
which is $320,o00,00O less than the
amount appropriated for the present
year. Two-t thirds Of the total of all
appropriations are expenditures made
necessary by the war and inclnde
compensation to former service men
and their dependents.
Rebuilding Vital Service.
In an endeavor to pull the rail
roads out of the mire into which they
were plunged by Government control
during the present administration, the
Senate Committee on Interstate Com
merce has agreed to plan to extend
the time limit from five to fifteen
years for repayment by the railroads
of the S30C,0OO,OO0 revolving furd.
The proposal will be drafted as an
amendment to the transportation ace.
A request from railroad executives for
$500, 000, 600 more was refused by the
committee. Senator Albert 3 Cum
Minis, of Iowa pointed out that the
Government already holds &1,100,-
100000 in railroad securities.
Farm Labor Still Source
Secretary of Agriculture Meredith
says farm labor is as scarce now as
when 2,00G,0G0 men were in the army
Yet, when Congress responded to the
request Of the farmers for the repeal
of the mis-called daylight saving
law, President Wilson vetoed the ~.
and would have further embarrassed
tho Producers of food in ther efforts
g set their crol har,. sted. Fer
t,nately, Congress hste"tl to the
formers and passed the iii over the
Presidents veto.
Strikes Must Fail.
Even in France, whereth Bolshevik
Virus has taken such hold that men
parade thru the streets with knives
in their teeth, as it has been found i'm
possible to stage really effective
railroad strike. Reports from Paris
describe the attempted strike as a ''di-
sastrous failure and report that
eighty per cent of the strikers have
returned to work and the rest are
threatened with DISMISSAL if they dc
! not do likewise The experience in
France, as in the United States,
proves that the public will not rive
its support to movement that threa
ems starvation to all alike, and WITH
out popular support it is foredoomei
to failure.
Some Comparisons.
The governor of Nebraska gets an
annual salary of $4,000 The execr-
tives of four other States get $4,000
Yet we are told that. every track
walker must receive at least $500 to
cradle him to maintain his family
"in health and reasonable comfort"
Feed America First.
Reports from all parts of the coun-
| try tell of the greatly decreased acre
age that is to be planted this season.
In Alabama, flo, instance, 1t is said
! that million acres ordinarily cult