Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1922-08-11
NELSON SPEAKS ON
NATIONAL TOPICS
Representative From This Dis
trict Tells of Work Done at
National Capital


from the porch of the Baker hotel in
this city Friday evening.
The substance of the speech was as
follows:
There is no question in the mind of
any thinking American citizen today
that we are passing through some OF
the most strenuous, difficult, and try
ing times in the history of man. AS
/ result of one of the most wicked,
terrible and desperate struggles of hui
man annals brought on by greed and
| lust for power, regardless of the rights
of humanity, regardless Of what the
future might bring, there has been sad
died upon the world and upon America,
great tax burdens. One of the great
economic questions of the day is the
reduction and retrenchment of expen-
ditures in local, state and national
government. The great extravaganza
of the World war must be halted if we
are to be able to meet the situation.
The distribution of tax burdens must
| be equitable and the ones who are best
able to pay the tax burdens must pay
| them. We must check expenditures.
The program of reduction must be CO.
operative and co-eXtensive, and the
taxpayers of the country must be Civ
en- a chance to catch up.
I am not here to advocate that we
must do away with all the things that
make up the betterments Of life. I
would not advocate that. But we
must inaugurate sane program Of
economy. When the great de1ation
came l stood in the committee on bank
ing and currency, and insisted that
the Federal Reserve Board debate
gradually. The trouble was that de-
fation came too rapidly. From three
billions of Federal Reserve currency
we Immediately dropped in less than
a year to 900 millions of dollars. The
first effect of this rapid deflation hit
| the farmers and the tillers of the soil
the foundation, if you please, of our
economic structure. 1t is always true
that the foundation is the one upon
which the strain must come when the
superstructure begins to fall. y
If you will scan my record, you will
find that I have tried by voice and
vote to stand for the best interest of
the farmer, the laborer, and the aver
age citizen. I introduced one of the
first bills for the alienation of the
farmer I introduced a bill to provide
! for a revolving fund, in order that the
/ Federal land banks may have sufficient
money to loan to the farmers in their
time of need. For almost two years
! the Federal Farm Loan Board could
not loan a penny because it was held
! by an injunction instituted by the
! American Bankers Association to test
the validity of the law. Then, when
the supreme court held the law cOnsti-
tutiOnal, the board began to function,
and with the assistance and help pro-
vided for in my bill, it was able to
meet to some extent at least, the ire
mendOus demand of the farmers for
money. In urging the passage of my
BILL l pointed out that if you make the
farmer prosperous the laboring man
will find work, and the wheels of in
dustry will be kept going. Immedi-
ately after the passage of my bill it
was possible for the Federal land
banks to loan a million dollars a day
to the farmers.
Easier Farm Loans
Of course there are still many farm
ers who cannot get loans. 1t is i'm
possible even for the great machinery
of the government, within one year, to
loan all the money demanded. But,
it gradually can be done. But the
great effect of the bill was that the
government loaned the money first at
6 per cent, and now at 512 per cent,
which, of course, compelled the loan
agencies to follow suit wherever pos
sible, and thus they could not charge
the s per cent which they did before
Then | supported the bill to extend
the War Finance Corporation. This
helped the farmers especially in the
cattle districts of the west. | want to
say to you that we must have pa
tience The awful condition that this
country faced, as a consequence of the
great tragedy cannot he adjusted in
a year or two. 1t takes time, and it
takes patience to work it out. But
it is going to be done, and 1 believe
lie must be done il we are to succeed
and to prosper as a nation. 1 have
always held as paramount any work
to assist the farmer, and there was
formed in the senate and in the house
what is known as the Farm Bloc" "
1t has been my privilege to work with
this Bloc, and have letters from Sen
ator Kenyon, a Progressive of Iowa,
who was head of the bloc and from
Congressman Dickinson, Progressive
Congressman from Iowa, who is head
of the farm bloc in the House thank
ing me for my work in this bloc. /
would like to read them to you, but I
cannot take the time At the time this
farm bloc was organized, there came
a howl from the eastern members.