The Aberdeen weekly. [volume] (Aberdeen, Miss.) 1878-1933, 1921-07-29
CONGRESSMAN RAhKIN'S
ELUCIDATING SPEECH
Exposes Governmental Favor
isms f1urtfuI to Farmers

1t was the farmers vote princi
pally that elected John E. Rankin
to represent the First Congressiona
district in Congress. Just how vel
he is discharging his obligation t
this element of his constituency il
exemplified in the speech which ht
delivered in the House on June %
and which sought to increase th,
amount available for loan to farm
ers under a Federal farm loar
amendment that was pending, from
s25 100000 to s5O.OOO,OOO.
Aside from the service which the
speech rendered the farmers of the
country, it exposes why it is so diff.
ficult for agricultural people to OBJ.
tain equal consideration with the
mOneyed interests of the country
in legislation affording equal relief
through channels of government.
The producing population give sta
BILE foundation to the government.
and when legislation favors capital
as against the wealth producers, the
general prosperity is impaired and
the people become dissatisfied and
unhappy.
But read the speech. which fol-
lows, and form your on conclu-
sions:
Mr.. Rankin. Mr.. Chairman, this
amendment proposes to raise the
amount to be made available to
the farmers of the country under
this measure from $25. 100000 to
$50, ,OO0,0 900, and for that reason
shall heartily support it. In fact,
| should be very glad to see the
amount increased $500, 900, 900; for
if something is not done to give the
farmers of this country an oppor-
tunity to secure adequate loans on
their farms at low rate of interest,
| do not see how they are going to
be able to stem the tide of adversi-
ty with which they are now battling.
Increasing this amount will not
cost the government a dollar; but,
on the other hand, il will enable it
to realize 81 per cent interest on
the amount loaned, whereas it is
now deposited with the national
banks of Wall Street and elsewhere
at only 2 per cent, Therefore the
government would be getting 81 |
per cent more interest on the
amount loaned to the farmers than
it is realizing on that money today. |
Besides, it would be secured by
first mortgages on farm lands-the
very best security under the shining
sun.
This is one of the few measures
that have come before this Con-
gress for the benefit of the farming
people of the nation, and vet.
strange to cay, some men are yig-
Orously opposing it. | can not un-
derstand their attitudes, unless it
is because they are more interested
in the fortunes of those financial
profteers who always prosper on
the adversely of the farmers than
they are in the welfare of the farm
ers themselves.
You are not giving the farmer
anything by increasing the amount
proposed in this bill; you are not
even giving him a square deal.
much less contributing to his finan-
cial welfare. You are merely taking
the amount authorized herein out
of the banks, where it is now de.
posted at 2 per cent. and loaning
it to the farmers at So per cent.
thereby increasing the governments
income on the $4,000. 900 pro.
vided for by this amendment by
81. 100000 a year.
But | will tell you where the op-
position to this movement is coming
from; it is coming from the big
financial interests of this country.
and they are using every pressure
possible on the present administra-
ton to keep the government from
coming to the aid of the agricuItu-
raj classes, so that they may be
able to put their own money out at
usury at the farmers expense.
The big insurance companies. the
loan corporations, the mortgage
companies are now placing long
time loans throughout the country
at or s per cent interest, and
even more, where they used to