Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-06-08
BURSUM STATES
NECESSITY FOR
STOCK AID BILL
Promises To Keep Urging
Relief In Cooperation With
Other Western Senators
From Affected States.

Senator Holm ., Bursum has
sent to Judge r. p. Barnes a letter
setting forth the reasons behind
his proposed hill for the relief of
the livestock industry, particularly
in the matter of loans. The follow
ing paragraphs outline the senator $
attitude:
"With reference to my bill SEEK
ing to obtain relief for the stock
men, the matter as | view it IS
this: Most of the cattle men and
sheep men have outstanding ohlt-
cations based upon much higher
values and which obligations in
many instances are being called for
payment on account of the shrink
age in values. 1t would be impos-
sible to liquidate without great sac
rifice and, in many cases, it would
absolutely render bankrupt those
so called upon. However if given
time and opportunity, the stock
grower win pay out 100 cents on
the dollar.
"The sum and substance is sim
ply this, that the person who was
raising wool at a cost of so cents
per pound and lambs Mt IL cents
a pound must now buy back at the
rate of ! 5 to 20 cents a pound for
wool and possibly or s cents for
lambs, and the same ratio in a diff
ferent degree will apply to the
breeding stock, so that it is neces-
sary in order to liquidate to pay
back Approximately three times tn"
amount of wool, nearly double the
number of lambs and more than
double the number Of breeding
stock, whether it be sheep or COWS.
1t is apparent that this liquidation
cannot be brought about during any
one single season, but requires con
siderable extension of time in order
to liquidate without causing whole
sale bankruptcy.
THE local banks are not in po-
sition to guarantee for a long Pc
riod on account of the unstable
financial conditions and the un-
certainty of deposits from which to
draw; therefore the vital necessity
is the recognition of the principle
that extended loans for as much
as two years at least to stock men
and as much as twelve months to
farmers are the means which will
stabilize credit and permit the
grower to liquidate out of the pro-
ceeds of his increase and still con-
time to maintain his line of bust
ness.
II am very much in hope that
something of this kind will be
done within the very near future.
1t may not be done by the adop-
ton of my bill, but it will be done
in some way, either through legis-
lation or by the treasury depart
ment. Secretary of the Treasury
Mellon has publicly recognized the
necessity of this aid and has so
stated in an interview, AS to the
details how we will proceed to OBJ
tain the funds necessary, that Is n
which must be agreed
upon. There are several ways by
which it might be done This has
been a bone of contention between
the treasury department and the
federal reserve officers and other
bankers.
81 have been constantly urging
this relief, both with members of
the banking and currency commit |
tee of the senate and the treasury
and also had a con-
ference with the president along /
these lines. and will continue to do !
SO in cooperation with other west |
ern senators whose constituents !
are in a like condition as we are in |
New Mexico, and will push this
matter until we get results