Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1931-12-03

done before. Let us make up our
minds to bring this about.
Proposal Could be Put Over.
The Minnesota congressional dele
cation could, if they knew how, put
over in Congress, Olson's plan for the
refinancing of Minnesota Rural Credits
bonds to the extent of $37,OOO,OOO by
the federal government, if they want
ed to try it.
| Senator Shipstead has set an eX-
ample for them to follow. He has
introduced a bill under the terms of
which he asks Congress to authorize
a $500, 100000 bond issue for the pur-
pose of improving inland waterways.
Shipstead is, in this matter, primarily
interested in completing the nine foot
channel on the upper Mississippi,
but he could not put this proposition
over standing by itself, so he formed
combination with senators and con-
gressmen from other states, similarly
interested, and he has made this mat
| ter, mot nearly as worthy as Cover
nor Olson's proposaD a national issue.
Shipstead is very likely to put his
| proposition over in the next Congress.
Aggressiveness, Courage Needed.
Our Minnesota congressional dele
| cation could proceed on the same plan
of strategy as followed by Shipstead.
| terested in easing the debt load of
the farmers than there are of men in
terested in waterway legislation.
There are so many ways of forming
combinations and making deals in
Congress. 1t is safe to say, that if
would put over a little matter like
getting $37,OOO,OOO for such a worthy
object as he has in mind. Or he would
put a lot of men there ION the spot"
Minnesota congressman helped to
vote more than $1O,OOO,O00 for the
purchase of the Cape Cod canal from
bankrupt, private corporation, main
ly to help some bankrupt spectators
ON their feet again. There is little
use for the Cape Cod canal and it
is being operated at a constant loss,
which over a certain period of time
will be bigger than the loss in operat-
ing the Minnesota Rural Credits
Bureau. So there is no force to the
argument that some of our congress
men used, that the Rural Credits
Bureau of Minnesota must come to
Congress with clean bill of health.
of 10 a
Corporation was one of fraud and
speculation.
1t would seem that a congressional
delegation and Congress that voted
such large sum of money to take
over for the government such bank
not hesitate to take hand to ease
the debt load of bankrupt, but honest
farmers.
Business Would be Saved Also.
Banks, insurance companies and
private individuals who hold farm
mortgages have taken tremendous
losses on such securities, and they
are in for heavier losses still if some
thing is not done that is worth while
to refinance farm. loans. The sooner
liquidation and refinancing of such
loans are undertaken the smaller the
losses to holders of farm mortgages
will be, for the sooner land will be-
gin to rise in value. A second mort
gage on farm is now valueless and
the big insurance companies are often
willing to sell farms that they have
acquired for half of the face value
! of the mortgage, or less, and even at
such bargains new deal can not be
financed.
Consequently, such an undertaking
will not only help the farmers but
will recreate capital that will i'm
mediately find its way into every art
cry of BUSINESS and industry; bust
ness will likely be the greatest gamer.
The cost of this plan will be in
finitisimal compared with the price
we, as nation, have already paid
for sacrificing the farmers or the
price that we yet may have to pay for
"fddling while Rome is burning"
Right up to the recent, feeble rise
in the price of wheat practically every
economic authority and the majority
of our newspapers have told us, for a
year or more, that the present eco
nomic tragedy has it's main root in
the farm crisis. Immediately upon
the small rise in the price of wheat
Just one farm product-President
Hoover announced that we had
turned the corner" and the news
papers hailed the return of prosperity.
While the farmers had, as yet, not
sold a bushel of wheat at the ad-