The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1928-05-23

II loans TO cOOperatlVeS do
not take care Of a surplus, then
the Federal farm board may
operate with the equalization
fee, but it can not start opera
tions with any commodity until
the commodity council ap-
proves.
In his veto message accompany
ing the bill to Congress, the Pres
ident pointed out six objections to
the measure:
It's attempted price fixing policy.
The tax characteristics of the
equalization fee.
The widespread bureaucracy
which it would set up.
Its encouragement to prof1teering
and wasteful distribution by mid
dlemen.
It's stimulation of over production.
Its aid to foreign agriculture
competitors.
measure dis
In referring to farm products usr-
pluses, the President said: "The re-
curing problem of surpluses in
farm products long has been a sun'
ject of deep concern to the entire
nation, and any economically
sound, workable solution OF It
would command not only the ap-
proval, but the profund gratitude,
of our people.
"The objective indeed, although 1t
purports to provide farm relief by
lessening the cares of our greatest
industry, it not only fails to ac-
complish that purpose, but actually
heaps even higher its burdens Of
political control of distribution cos,S
and of foreign competition.
"It embodies a formidable array
of perils for agriculture which are
all the more menacing because of
their being obscured in a maze Of
ponderously futile bureaucratic
paraphernalia.
"ViciOus Devices" Renewed
I'm fact, in spite of the inclusion
in this measure of some construct
i've steps proposed by the Admins
tration, it renews most of the more
vicious devices which appeared in
the bill vetoed last year.
price -Fixing-This measure is as
cruelty deceptive in its design as
governmental price-fixing legisla-
ton and involves quite as unmis-
takably the impossible step of at
tempted governmental control of
buying and selling of agricultural
products to political agencies as any
of the other so-called surplus con-
troll bills.
TN fact, in certain respects it is
much broader and more fragrant in
it's scope The heights to which
price-hxing might be promised are
freed from the limitations fixed in
previous measures.
No Doubt of Intentions
"The bill carefully avoids any di-
rect allusion to such price-fiXing
functions, but there can be no doubt
about its inntentions and author
izations to the Federal farm board
in this respect.
There is apparently no change
in tie import of the bill in the
resolution to impose upon the farm
and upon the consumers of farm
produce a regime of futile, delu-
sive experiments with price fixing,
with indirect Governmental buying
and selling, and with g nationwide
system of regulatory policing, in
tolerable espionage, and tax COL
lection on vast scale.
"These provisions would disap-
point the farmer by naively imply
ing that the law of supply and de-
mand thus can be distorted legis-
latively in his favor Economic his
tory is filled with the evidences of
the ghastly futility of such at
tempts. Fiat prices match the folly
OF fiat money.
This document is much altered
from its previous form, but in sub
stance, particularly as to it's evident
ultimate affect of tending to delude
the farmer with a fantastic promise
of unworkable governmental price
regulation, is still as repugnant as
ever to the spirit of our institutions
kantt4 FNO1ifiao1 aud oOs,av.ao,.ofaI